“Payment Service Agent” shall be intended as the subject listed in the relevant Special Section of the Register of Credit Intermediaries which promotes and concludes agreements for the provision of payment services, upon direct mandate from intermediaries.

The contracts that may be concluded and promoted by the Payment Service Agents are related to the provision of payment services as defined in Article 1(1)(b) and Article 2(2) of Legislative Decree n. 11 dated 27 January 2010.
Payment Service Agents may perform their activities also upon mandates issued by more than one intermediary (i.e. “multi-mandated”).

The intermediary issuing the mandate (i.e. the “principal intermediary”) is jointly and severally liable for damage caused to clients by Payment Service Agents and their employees in the course of their business, also whereby such damage results from liability ascertained under criminal law. In the case of multi-mandated agent, the principal intermediary shall be liable for the damage caused by the activities carried out on its behalf.

Performing as Payment Service Agents is subject to enrollment in the Special Section of the Register as established by Article 128-quater(2) of Italy’s Consolidated Law on Banking, as long as the requirements set by law are duly met.



Payment Service Agents may, in addition, engage in other business activities as long as they guarantee organisational and accounting separation of such activities from payment services.

Insurance agency and financial promotion activities are furthermore compatible with the payment services activity and, as such, may be exercised by Payment Service Agents without prejudice to their respective obligations in terms of enrollment in the relevant Lists/Registers (Article 17(4-bis) of Legislative Decree n. 141/2010). Conversely, credit intermediation, insurance or reinsurance mediation and/or financial advice may not be performed.

Payment Service Agents are precluded from any form of activity related to the granting of credit, also whereby connected to the mandated payment services.



For the exercise of collection of funds on behalf of subjects entitled to the provision of payment services, enrollment in the List/Register of Payment Service Agents is not required, provided that such activity is conducted on the basis of a contract of outsourcing which shall predetermine the terms and conditions for implementation, be purely material and in no case provide for control over disposal.

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