SIA's PI4Pay to Become Payment Institution
Pi4Pay, a new SIA Group company, will be among the first operators in the Italian market to obtain authorisation from the Bank of Italy to become a payment institution (PI). It will be operative as of 1 July 2011.
These new non-bank entities represent one of the main new features introduced by the Payment Services Directive (PSD), which came into force in Italy on 1 March 2010 with the aim of enhancing efficiency and competition in this segment of the financial market following the start up of the single euro payments area (SEPA).
Established in March 2009, Pi4Pay offers citizens and businesses multichannel collection and payment services for utility bills and postal payment slips, as well as for pre-paid card reloading (for example Postepay) and public transport tickets. AS a result of its status as a PI, Pi4Pay is now able to consolidate its market position as a ‘payments facilitator’, concentrating on its technology gateway the information and financial transactions flow, thus avoiding the creation of countless ‘end-to-end’ links between creditors and banks.