BANCOMAT signs MoU with SIA to boost payments transformation in Italy

By Megha Bhattacharya

BANCOMAT has signed a Memorandum of Understanding with SIA to create a new supply chain for BANCOMAT, PagoBANCOMAT and BANCOMAT Pay payment and cash withdrawal systems. This agreement reinforces a nearly 40-year partnership that includes, in 2018, the launch of the new BANCOMAT Pay digital payment service.

CEO of BANCOMAT S.p.A., Alessandro Zollo, commented on the initiative: “The signing of this Memorandum of Understanding is consistent with the path of innovation started up by the Business Plan and confirms the leading role that BANCOMAT S.p.A. has and intends to continue to have in the evolution of the digital payments sector. The development of new cutting-edge technologies will benefit the entire economic-financial system and the now necessary new go-to-market strategy will put us at the heart of the country’s digital revolution.”

The cornerstones of the Memorandum of Understanding are the development by SIA of a new technology HUB for BANCOMAT S.p.A., which will be operational by 31 December 2023 at the service of processors, banks and all the operators in the supply chain; the incorporation of a NewCo dedicated to the management of the processing activities of BANCOMAT, PagoBANCOMAT and BANCOMAT Pay and intended to operate in competition with the other processors. The terms of the MoU will be subsequently set out and better specified in the Agreements to be signed by the parties by 31 December 2021.

Federico Lovadina, Chairman of SIA, made the following remarks on the initiative: “With this digital transformation project, SIA reinforces its commitment to supporting the modernization of payment systems, which are becoming more and more crucial for the current and future development of the Countrywide System. This is further evidence of how Italy is playing an increasingly central role in the fintech sector and driving innovation in electronic payment services, also in initiatives currently underway at European level.