Directorate General for Currency Circulation and Retail Payments

The Directorate is in charge of banknote production, including note design.

It carries out R&D activities in relation to banknote security features and production processes, including other tasks of interest to the Eurosystem.

The Directorate stores the raw materials, the materials for banknote production, and also the semi-finished and finished products. It delivers the banknotes it produces to the Currency Circulation Management Directorate and, where provided for, it arranges deliveries on behalf of the ECB.

It is responsible for obtaining the accreditation from the ECB to be an authorized printing works for the production of the euro. It is responsible also for obtaining the certification of compliance with international standards for quality, protection of the environment, and workplace health and safety.

Number of employees: 271

Head:

• Eloisa Perazzolo

The Directorate monitors currency circulation, including via the Bank's branches, and implements the directives issued by the European System of Central Banks (ESCB).

It works to preserve the quality of the banknotes in circulation and to check that they are genuine. The National Analysis Centre for Italy is also part of the Directorate.

It oversees cash handlers and, in the case of service companies, it is also responsible for combating money laundering.

It holds banknotes, gold reserves and other Head Office valuables, it ensures the shipment of banknotes and coins to and from the Bank of Italy's branches and the other National Central Banks in the Eurosystem, and carries out the related cashier operations.

It administers the securities and valuables owned by the Bank and third parties as well as those held on behalf of the Bank's branches. It manages the Bank's coin collections.

The Head of the Directorate enjoys the same powers attributed, based on the nature of the activities involved, to the Heads of Branch, pursuant to the relevant internal regulations. The role of interim Head of Currency Circulation Management cannot be assumed by the Heads of the units in charge of cashier operations.

It manages and is responsible for certain processes classified as critical for the Bank's business continuity.

Number of employees: 163

Head:

• Antonio D'Isita

It performs the functions assigned to the Bank by Italian law and those deriving from its participation in the ESCB, in the field of oversight of retail payment instruments and services and related technology platforms.

It promotes the digital development of financial markets. To this end, it analyses financial and technological innovation; it coordinates the initiatives undertaken by the Bank's functions relating to FinTech; it coordinates the activities of the Bank’s innovation hubs and participates in their management; it liases with external authorities, bodies and operators to encourage the secure development of advanced technological services.

It analyses trends in currency circulation and in the use and development of non-cash payment instruments.

It encourages and coordinates the activities related to the functioning of the Italian Payments Committee.

It runs the Interbank Register of Bad Cheques and Payment Cards.

It liases with other competent Authorities in national, European and international fora to draw up and implement relevant guidelines.

Number of employees: 43

Head:

• Paola Giucca