Why Bancomat will use Sia
What does the memorandum of understanding between Bancomat and Sia provide for the development of a new technological hub for withdrawal and payment services. All the details
Bancomat, the consortium that owns the Bancomat and PagoBancomat brands, has signed a memorandum of understanding with Sia, a subsidiary of CDP Equity that develops technologies for the banking and financial sector.
The objective of the agreement, the press release reads, is the creation of a new "supply chain" for Bancomat, PagoBancomat and Bancomat Pay withdrawal and payment systems (the digital service launched in 2019), which will be modernized and enabled to also international use.
A NEW TECHNOLOGICAL HUB
The entire ATM circuit will be reorganized according to a centralized model which, according to the consortium, will guarantee better governance. Sia will therefore develop a new technological hub for ATMs, which will then take care of management: it will be operational by 31 December 2024 and will be put at the service of banks, processors and all operators in the supply chain.
The hub, says Bancomat, “will allow to push further on innovation also thanks to a reduced time-to-market “.
THE NEWCO FOR PROCESSING MANAGEMENT
The memorandum between Bancomat and Sia also provides for the establishment of a NewCo, or a new company, dedicated to the management of transaction processing activities via Bancomat, PagoBancomat and Bancomat Pay.
Details are scarce: Bancomat and Sia let it be known that more specific offers will be offered in the agreements that will be signed by the end of the year. The NewCo is known to operate "in competition with other processors".
ZOLLO'S COMMENT (CEO BANCOMAT)
Alessandro Zollo, CEO of Bancomat, said that the memorandum of understanding with Sia is in continuity with the innovation path started by the Business Plan [2020-2024, ed ] and confirms the leading role that Bancomat SpA has and intends continue to have in the evolution of the payments sector
digital ".
"The new go-to-market strategy, which the market imposes today", he declared, "will position us as the epicenter of the country's digital revolution".
THE ATM PLANS
Bancomat is already a leader in the debit card payments market in Italy, having a share of approximately 80%. The company – as we wrote in Start Magazine – is thinking of a capital increase without however this entailing a growth in the number of shareholders: there are 125, and the most important are Intesa Sanapaolo (24.2%, Unicredit (18.9%)) , Banco Bpm (7.6%), Mps (7.5%), Bnl-Bnp (5%).
In the ATM plans there is also the possibility of having withdrawals from ATMs directly in public establishments. The company is involved in an investigation by the Antitrust Authority on the new project for card withdrawal from ATMs, the main novelty of which lies in the elimination of interchange fees.
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This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/innovazione/bancomat-sia-hub-sistema-pagamento/ on Wed, 23 Jun 2021 13:40:48 +0000.