The multibillion-euro benefits of moving to a pan-European banking system in which payments across national borders are handled as conveniently as domestic transactions, will only accrue if banks, retailers and consumers embrace the project quickly and comprehensively, it was claimed on Monday.

As part of the formal launch of the Single Euro Payments Area (SEPA), the European Commission released a study by Capgemini in which the consultancy calculated that the cumulative gain in just 16 EU countries over a six-year period could potentially reach €123bn, if all parties speedily supported common standards and systems.