Banks must remove barriers to basic payment accounts
Banca d'Italia has issued supervisory expectations requiring payment service providers to eliminate obstacles restricting consumer access to basic payment accounts. Institutions must align internal processes, IT systems, and staff conduct with regulatory standards by November 30, 2026.
Removing friction from the counter
Banca d'Italia expects payment service providers to guarantee full access to basic accounts for all legally resident EU consumers, including refugees, asylum seekers, and individuals without a fixed address.
Generic personal assessments or blanket anti-money laundering risk categories cannot justify automatic rejection.
Providers must update IT applications to process non-standard documentation, such as temporary tax identification codes or pending residence permit applications.
Furthermore, institutions must actively offer basic accounts to vulnerable consumers, train front-line staff on service standards, and enable fee-free switching for eligible existing customers.
Internal audit functions must report all unresolved deficiencies by November 30, 2026.
Systemic failures in consumer inclusion
Supervisory monitoring revealed that basic payment account adoption in Italy lags significantly behind European Union averages due to widespread commercial and operational hurdles.
Banca d'Italia identified multiple systemic failures, including institutions omitting basic accounts from product catalogs, staff improperly steering clients toward costlier alternatives, and unjustified refusals for non-residents or vulnerable applicants.
Complaints further highlighted opaque rejection notices and IT barriers that rejected valid non-standard identity documents.
Clear directive, uncertain enforcement
The guidance rightly targets structural tactics used by banks to exclude low-margin, vulnerable clients.
However, relying on internal audit self-assessments risks underestimating widespread non-compliance across branches.
Without explicit monetary penalties for steering clients to costlier products, operational progress will lag.
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