What really astounds me is that somehow the receiving bank actually knows instantly when a refund is on it's way.

I have a Revolut bank account and recently I went to a shop to return an item. Less than ten seconds after the cashier issued the refund I got a notification from Revolut: a refund is on it's way.

Of course the money was not there instantly but the amount was already listed in the transactions (greyed out until the money is actually there)

I never had this with any other banking app and always had to check regularly if the money has arrived.

I love Revolut for this and many other features that other banks simply won't put into their apps.