The e-payments specialist says its plan - which also includes EUR65 million investment in technology - is designed to make it one of Europe's leading players in the market by 2013.

This will see "non-strategic" business lines such as securities back office and derivatives platforms dumped as well as the "optimisation of technology platforms", especially those for card management and authorization transactions.

The firm has already offloaded a 51% stake in Kedrios, which specialises in securities processing and fund administration services, to UK business processor Xchanging over the summer.

Other moves designed to contribute to 20% (EUR65 million) in cost savings by 2013, include a reduction in the use of external consultants and a recruitment policy focusing on young graduates. However, overall headcount is expected to remain virtually unchanged at around 1500. Meanwhile, the firm will move into a new "eco-technological" headquarters in Milan next year.

A new organisational model will see the firm divided into three business divisions; financial institutions, corporate and PA, central institutions and network services.

In Italy it plans to extend its range of services for banks, consolidate its presence in the corporate and PA sectors and maintain its role for central institutions. In the rest of Europe there will be a strong focus on payment cards and new network services for banks and central institutions.

The overhaul is designed to improve return on equity from three per cent in 2010 to 16% by 2013 as well as bump revenues to EUR369 million, with a CAGR of 3.7%.

Massimo Arrighetti, CEO, SIA-SSB, says: "With this Plan, we believe we are laying the foundations to become a leading player in the European payment systems market, which for some time now has been experiencing a profound transformation and witnessing the progressive concentration of its operators.