The Italian pension entity, Istituto Nazionale Previdenza Sociale (INPS), sent public notices to all Italian financial institutions requesting their participation in a bid for executing pension payments to 409,000 Italian pensioners in 134 countries. Paolo Raffone, ICBPI pension payment project manager and Angela Lupi, First Line Bank manager, looked to J.P. Morgan Treasury Services. "We chose J.P. Morgan because of their US footprint, as they had many branches. We wanted our project to be with a very solid institution" said Mr. Raffone.
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