Milan, 27^th October 2008 - "The transformation of the European payments system is a complex process that cannot be stopped" - stated Renzo Vanetti, SIA-SSB's CEO during the third edition of the International Payments Summit "DO YOU SEPA?", organized by the SIA-SSB Group and held today at Palazzo Mezzanotte in Piazza Affari, Milan. "In the present market crisis scenario, we are seeing a change in thinking regarding the concept of financial innovation, increasingly focused on the traditional core business which is payment systems. This turbulent situation is revealing the essential solidity of wholesale payments, the sector that has received the largest investments in infrastructure innovation - we need only think, for example, of the RTGS and Target2 systems. Attention must now be directed further to the retail sector of payments systems, as it will be helped by the SEPA (Single Euro Payments Area) and the PSD (Payment Service Directive) which define its development framework".

"SEPA and PSD open up significant opportunities for all the stakeholders that cannot be overlooked - continues Vanetti - In fact, on one hand SEPA will bring greater efficiency thanks to the implementation of real automation of processes and of common standards. On the other, the PSD - through the harmonization of the regulatory framework - will allow for the creation of a free and wider marketplace, with the arrival of "payment institutions", also non-financial, which will operate competitively on the European payments system".

"The adoption of new technology solutions and the creation of new services and business models represent an opportunity to contribute to a rapid solution of this system crisis - concluded Vanetti - It is of fundamental importance though that this takes place according to a complete and integrated vision, where each initiative is part of a strategic plan of overall change. The market must therefore be ready for this change, but cannot operate alone: as a further guarantee, the authorities must act as the catalyst in this transformation".