The Servicer is the entity appointed to service the portfolio, collect the receivables, provide cash and payment services and monitor the compliance of the securitisation transaction with applicable laws and the prospectus. In particular the Servicer usually provides the following main services:
- monitoring the compliance of the securitisation transaction with applicable laws and the prospectus;
- preparing or verifying the servicing and the investors reports;
- verifying the activities performed by any delegates; namely, special servicers, sub-servicers, calculation agent and other outsourcers;
- reporting to the Bank of Italy and other regulators;
- collecting the information relating to the collections and reconciling the bank accounts;
- reporting to the automated interbank risk service(“Centrale dei Rischi”).