Payment service providers will be able to compete for customers supported by an efficient and secure system. Banks save considerable sums because an extensive network of branches is no longer necessary. The infrastructure is a collective good that benefits everyone. 1/5  BIS central bankers' speeches  It has long been our experience that industry operators come together and agree good solutions in partnership with Norges Bank. But developments in technology and market structure, where payment services are increasingly becoming a competitive arena, may hinder the emergence of good common solutions. We run the risk that progress will slow and the payment system will become fragmented because the common infrastructure is eroding. We must now consider whether Norges Bank should take action to counter this fragmentation. Future users of payment services will hardly be satisfied with payment transactions that take several hours or days to complete. The infrastructure for real-time payments is therefore critical. In 2016, Norges Bank took the initiative on a joint project with the banking industry to put in place an improved real-time payment platform. In spring, Norwegian banks declined the invitation to participate in the P27 project. The soon-to-be-launched Straks 2.0 instant payment platform is an improvement, but not a permanent solution for real-time payments in Norway. Among other things, it is not sufficiently well-suited to business users. The question is how we proceed from here. It has proved to be a challenge to drum up support for carrying out the necessary modernisation of the infrastructure owned by industry bodies.
24 Supervisory issues associated with benchmark transition: Report to the G20, July 9, 2020. 25 BCBS, Basel Framework frequently asked questions, June 2020. 26 Federal Financial Institutions Examination Council Joint Statement on Managing the LIBOR Transition. 27 OCIE, Risk Alert: Examination Initiative: LIBOR Transition Preparedness, June 18, 2020.  https://www.newyorkfed.org/newsevents/speeches/2020/hel200929  6/6