Where I live (Central Europe) it doesn't seem to be possible to make a transaction between two bank accounts of two different banks that is outside their office hours. This also applies to online banking apps.
If I place a transaction request (to pay a bill for example, a SEPA "order", to be precise) after 15:30 or before 08:00 (both 24h format), the transaction is realized at some time during the bank's official open hours (next work day after 08:00). This also automatically excludes weekends and public holidays (can issue payments but they are realized the next work day). You can however do this between two accounts of the same bank (an internal transaction).
It seems a bit unusual considering (from an end user perspective) that I can pay with a service such as Paypal at any time I please, yet my own bank is not capable of such a thing, unless the recipient is a client of the same bank.
Why is this the case? Is this the usual practice in the rest of Europe? What about the rest of the world? I know that local banks are part of a larger system. Is this a limitation of an underlying system such as TARGET2?