The views expressed in this article are solely those of the author and should not be attributed to the European Payments Council.

We spoke with Eivind Gjemdal, CEO of Bits, about the organisation’s role in Norway’s payment infrastructure, the strategic challenges and opportunities in the retail and account-to-account (A2A) payments markets, and Bits’ contributions to the European Payments Council (EPC).

Could you tell us about Bits and what makes it special? 

Bits AS is the financial infrastructure company of the bank and finance industry in Norway and is owned and governed by Finance Norway. Bits must ensure a safe and efficient payment infrastructure for financial payment transactions and related information. All Norwegian banks that participate in the Norwegian clearing and settlement process (NICS – Norwegian Interbank Clearing System) are participants in Bits. In addition, there are several banks, payment service providers (PSPs), and fintech companies participating in other areas than NICS that also are participants in Bits. 

Norwegian banks have a long history of collaboration through which the country has developed a well-functioning payment infrastructure, and Bits is a key player in this context. 

Bits’ mission is to provide Norway with a world-class payment infrastructure and contribute to the digitalisation of the Norwegian society. 

What are the perceived strategic challenges and opportunities in the retail payments market, and how do you see the evolution of A2A payments across Europe?

The Norwegian payment market has a well-developed set of services, and the retail payment market is fully established. We built this thanks to our heritage of national standards, rulebooks, and schemes. 

By joining the EPC and continuing our work within the Nordic Payments Council (NPC), we have made a strategic shift to utilise more of the benefits we can derive from European standards. 

Instant payments have a good foothold in Norway, but we have the potential to expand the instant payment service to cover cross-border and cross-currency services. 

What were the key motivations behind Bits’ decision to join the EPC, and how does EPC membership support Bits’ strategic objectives?

The payment market is becoming increasingly international and the need for more international standards follows that trend. 

Norwegian society – both businesses and private individuals – travel and trade outside the country. That creates a demand for international payment services, and the EPC is a key player in that perspective. 

That said, the Norwegian payment industry has been working with the EPC for a long time in cooperation with our banks. Now that Bits is a member,  it will have more responsibility and work more directly with the EPC. This structure is similar to those in other Nordic countries. 

To which ongoing and future EPC activities does Bits expect to contribute more?

Bits has made significant contributions to EPC working groups for many years and will continue to do so. We are represented in groups focusing on the following topics: the evolution of the payment schemes; mobile cards and point of interaction; verification of payee (VOP); fraud information distribution; payment security; and legal support. We believe that our experience in these fields will be important in driving discissions. Via Nordic Financial CERT, the Norwegian banks have developed a robust CERT with established protocols and services for sharing fraud-related information, which could be particularly advantageous for the EPC.

Looking ahead, what major developments, regulatory changes, or technological challenges do you believe will most impact digital banks and payments players like Bits in the near- to medium-term?

Combating fraud is a top priority for Bits. We have established a working relationship between the finance industry and the public sector, and this cooperation has proven effective in decreasing instances of successful fraud.

The Norwegian payment industry will focus on preparedness and robustness given the challenging times we all face in 2026. We believe that global challenges, cyber threats, and a flow of new legislation will keep us occupied. The Digital Operation Resilience Act (DORA) regulation alone could keep the industry busy in 2026. Payment Services Regulation (PSR) is a major task to implement, and we also see that the Instant Payments Regulation (IPR) and VOP will set requirements for the coming development of financial infrastructure in Norway. 

Finally, we need our national infrastructure to keep meeting customer expectations while simultaneously adhering to both existing and emerging regulations. Achieving this balance always presents challenges.