The official site of Italy's central bank

Payment instruments

A major objective, as regards payment instruments, is to strengthen users' confidence in non-cash instruments by upgrading their efficiency and reliability, which are assessed "end-to-end", from the originator of the payment to the beneficiary, and in keeping with sector standards.

In line with the SEPA project, the Oversight function pays special attention to promoting the development of innovative instruments and circuits that can best exploit the potential of information technology and thereby further the modernization of payment services to citizens, firms and government entities.

The cross-border dimension of services and the value added from the use of technology, however, represent not only an opportunity but also a potential risk. Accordingly, the Oversight function works to promote technical and organizational arrangements that offer satisfactory safeguards against the risks, especially operational risks, to payment circuits and instruments.

Given these relevant matters of interest, this section provides documentation on the development of payment instruments in Italy and Europe, with special regard to questions of innovation and the related prospects for reducing the use of cash and paper-based payment instruments.