There are many benefits still to be reaped from better payment systems in Europe, but both regulators and banks need to make greater efforts if these are to be realised, Benoît Cœuré, a member of the executive board of the European Central Bank (ECB), said yesterday.

At a conference hosted by the ECB, Cœuré said "a big step forward" had been made with integrating credit transfers and direct debits, but progress on harmonising card payments was "slower".

"To ensure a level playing field, national