Vipps’ market dominance reduces these challenges, but this assumes that all market participants will be connected to the system. This assumption may be too strict. Other payment service providers and payment solutions will also wish to enter the market on equal terms. The alias registers are important here. An alias register links account numbers to telephone numbers and other ways that identify account holders. Today, separate registers are compiled in each solution. In my opinion, there are clear advantages to having a central register that is used by all banks and other service providers in the Norwegian payment market. This should be part of a common infrastructure and not be part of private closed systems where ownership can change. A common register facilitates interoperability and high register quality. The greater the level of activity is, the more up-to-date the information is. We would also then avoid contradictory information in the various registers, which can arise, for example, when customers do not update their information everywhere at the same time. Insufficient register information may be a barrier to competition. An alias register shares similarities with a public good that should be organised as common infrastructure and be available to all service providers, for a price, if necessary. Service providers should compete on other aspects of the services they offer. I look forward to seeing initiatives from Finance Norway and Bits in this respect. It is often most appropriate for the industry to arrive at satisfactory solutions on its own.

In addition, detailed EU guidelines must be in place before PSD2 can have its intended effect. PSD2 takes account of two new types of payment services: payment initiation and account information services. Payment initiation permits third parties (in addition to customers and customers’ banks) to initiate payments from customers’ accounts. A third party may, for example, be a company that offers a payment application for smart phones. Account information means that third parties gain access to customer account information and can provide customers with aggregated online information for multiple payment accounts. This change separates ownership of the account systems from the provision of payment services. This is intended to facilitate innovation and competition for customer services, on top of the account infrastructure. Payment initiation and account information may be offered as independent services or as part of a wider array of services. Platform-based service providers in particular will likely explore the possibilities for offering payment services bundled with other services. PSD2 will, in principle, promote a more efficient payment system. At the same time, we must be prepared for the possibility that an altered market structure and technological innovation may lead to new vulnerabilities and risks. This may necessitate further regulations. Norges Bank will consider measures if they are required. The aim must be the continued existence of a robust and efficient payment system. 1/5  BIS central bankers' speeches  The payment market is characterised by network effects and platform competition.