information readily available on their mobile devices. the quest for efficiency in statistical reporting and compilation as we have seen, data - whether micro data or aggregate variables - are an essential ingredient for analysing and designing economic policies. but at the same time, reporting data are not free. this always means a burden on reporting agents. and i think that the responsibility of all of us as authorities is to minimise that burden and establish the mechanisms which ensure data collection is as efficient as possible and smooth the ensuing interactions with agents to check data quality. in a sense, collecting micro data may help reduce the reporting burden on economic agents ( such as banks, investment funds, non - financial companies, etc. ) if they are able to replace other aggregate requirements imposed by the authorities. moreover, these requirements may sometimes change over time, thus demanding a continuous and costly adaptation of the agents ’ reporting schemes, including complex it developments. but, in any case, data collection imposes short - term costs on agents. public institutions should be sensitive to their demands to establish an efficient system to collect information, avoiding overlaps and harnessing synergies. in order to tackle this issue there are already some data - sharing mechanisms in place across statistical institutions. indeed, the special relationship between ine and the banco de espana in the national accounts and balance of payments fields is a good example. yet more can probably be done both at the national and international level. on the international front there are good practices we can explore. a case in point is that in portugal, where non - financial companies have a sort of single window to report the data required by the main portuguese authorities ( tax agency, national statistical institute, mercantile register, central bank ). in particular, our neighbour has been able to build a single data platform to which every authority can subsequently resort to obtain the information they are entitled to access. i have seen that in the spanish national statistical plan ( pen ) for next year there is a reference to a project setting up a “ sistema integrado de informacion de las empresas ”, which i think is along the same lines. it could then contribute to significantly reducing firms ’ reporting burden in the future. as concerns financial information, we should also be open to more efficient financial reporting and statistical production at the banco de espana and the escb level. the banco de espana is very much committed to this goal. in fact, we already have a strategy to simplify and rationalise regulatory

their relationship with customers. they alter consumer demands, with consumers now seeking flexible, immediate and personalised interaction anywhere and at any time. they also lower the entry barriers to the business, as the extensive networks of branches to capture and retain customers that characterised traditional banking no longer seem necessary. i consider that, as regards technological innovation, it is more fitting for the moment to talk about evolution rather than revolution, and that not all technological initiatives exert the same influence on banking business and nor do they necessarily constitute projects that enter into direct competition with banks. but there are indeed technological innovations that are acting as a catalyst for firms that may come to compete with banks in specific segments. and one segment where this may have a greater impact, and specifically alter the bankcustomer relationship, is that of payment services. bank customers and technology : the payment services segment. allow me to illustrate the changes emerging in this segment with a brief reference to the new directive on payment services, known as psd2, as i previously mentioned. 4 / 8 one of the most notable aspects of this directive is that it definitively institutionalises the activity of the so - called third - party service providers, or tpp. the directive acknowledges the right of holders of a payment account to expressly authorise a third - party entity, provided it is duly authorised, to order payments on their behalf and / or to consult certain information associated with this account. in the first instance, we are talking about what are known as “ payment initiation service providers ”, while in the second case they are called “ account information service providers ”. the latter offer users the possibility of gaining consolidated knowledge of the situation of the payment accounts the users have with different entities, thereby helping them with their financial planning. conversely, payment initiation services arise as an alternative to the use of cards, for the payment of purchases made in e - commerce environments. they are consequently characterised by providing payment beneficiaries with the security that payment has been initiated correctly, acting as a spur for expediting the delivery of the good or service. with the emergence of tpp, psd2 makes it possible to dissociate administrative tasks – proper to the opening, maintenance and management of an account – from those others which generate revenues for banks thanks to the existence of those accounts. in this way the traditional role of banking as a single, or main, payment services provider is diluted. tpp are now legally authorised to gain access to banking