Regulators must do more to help sell the benefits of the Single Euro Payments Area initiative, which aims to harmonise standards for domestic and cross-border euro payments but has failed to gain traction, according to an industry banking association.

Speaking at Sibos in Amsterdam, Hansjörg Nymphius, chairman of the Euro Banking Association, said: "The European Commission should engage in a public awareness campaign similar to that of the introduction of euro notes and coins. Everybody knew it was going to happen, it was a big thing."