Summa Service

Summa Service was founded on the initiative of Studio Maurizio Godoli - chartered accountants, auditors and lawyers - - providing your business with answers related to financial, tax-related administrative and corporate law on a national and international scale.

Summa Service is registered in the new "Albo Unico" of financial brokers (ex-art. 106 T.U.B.) and obtained the Servicer authorization by the Bank of Italy in February 2017.

Summa Service is an Independent Servicer not connected in any way to direct investors in the performing market. Its corporate structure guarantees the maximum level of transparency when handling tasks.


SUMMA SERVICE operates as "Master Service" and is able to provide services in the field of securitisation operations (ex Law 130/1999)

1. Vehicle Companies and
Corporate Servicer

SUMMA SERVICE can assist newly-established vehicle companies (SPV) or provide support for the incorporation of vehicle companies. It is able to carry out any matter related to administration, bookkeeping, taxes and statutory audit.

2. Vehicle Companies Directors

Pursuant the Banking Act, Independent Directors are available to be appointed in Board Directors Vehicle Companies.

3. Calculation Agent

Summa Service provides weekly, monthly, quarterly and semi-annual Payment Reports pursuant to the settlement of securities and other operational contracts and is responsible for determining how much is owed to investors and to other creditors of the issuer.

4. Servicing

As appointee for the collection of receivables, cash services and payments, Summa Service is responsible for the verification of conformity with the Securitisation in accordance with Law 130/1999 and with its Prospectus.

5. Representative of the

As bondholders’s trustee, SUMMA SERVICE carefully looks after the bonds holder interests in the operation context.

6. Monitoring and reporting

Summa Service monitors and drafts the reporting relative to the portfolio and to the verification of the business plan or possible reviews of the operation models.

7. Regulatory activities

Summa Service lays out reports or communications to the Authorities that are related to securitisation vehicles, in accordance with the current regulations:

  • Central Risks Database
  • Unified Database
  • Register of transactions and financial relation
  • PEC


SPV Year operation Type Assets
Horizon SPV Srl 2017 Non Performing Loans/Commercial Receivables
SB Capital Srl Serie 1 2017 Non Performing Loans
SB Capital Srl Serie 2 2018 Non Performing Loans
SB Capital Srl Serie 3 2018 NPL/ Commercial Receivables
SB Capital Srl Serie 4 2019 NPL/ Commercial Receivables
SB Capital Srl Serie 5 2019 NPL/ Commercial Receivables
FAW2 SPV Srl 2017 NPL/ Commercial Receivables
SPV Project 1612 Srl 2017 PA Credits
Chrysos SEC SPV Srl 2017 Non Performing Loans
Sierra One SPV Srl 2018 PA Credits
Europa Finanza 2018 SPV Srl 2018 Non Performing Loans
Elios SPV Srl 2018 PA Credits
Levante SPV Srl 2018 PA Credits
Helios SPV Arl 2018 Non Performing Loans
SPV Project 1705 Srl 2018 PA Creditis
ABS Action Enterprice SPV Srl 2018 Commercial Receivables
Vega SPV Srl 2018 PA Creditis
Primula SPV Srl Serie 1 2018 Non Performing Loans
Primula SPV Srl Serie 2 2018 Non Performing Loans
Primula SPV Srl Serie 3 2019 NPL/ Commercial Receivables
Primula SPV Srl Serie 4 2018 NPL/ Commercial Receivables
Primula SPV Srl Serie 5 2018 Commercial Receivables
Scy Space SPV Srl 2018 Commercial Receivables
Axactor Capital Italy Srl 2018 Non Performing Loans
Kobe SPV Srl 2018 Stichting provider
Iris SPV Srl 2019 PA Creditis
Ippocrate SPV Srl Serie 1 2019 PA Credits
Ippocrate SPV Srl Serie 2 2019 PA Credits
Ippocrate SPV Srl Serie 3 2019 Non Performing Loans
Ippocrate SPV Srl Serie 4 2019 PA Credits
Ippocrate SPV Srl Serie 5 2019 PA Credits
Dragon SPV Srl 2019 PA Credits
Ortogono SPV Serie 1 2019 Commercial Receivables
Ortogono SPV Serie 2 2019 Non Performing Loans
Socrate SPV Srl 2019 Commercial Receivables
SPV Project 1513 Srl 2019 PA Credits
SCI YIELD HC SPV Srl 2019 PA Credits
Signal Morello SPV Srl 2019 PA Credits
Dragon Due SPV Srl 2019 PA Credits
Red Black Alternative Investment SPV Srl 2019 Commercial Receivables


An important milestone for our company: 50 years of corporate and tax business consultancy, in addition to the latest Summa Service in the field of securitization and credit activities; a long history full of goals and satisfaction.

The current regulations

Comma number 2 of the law on securitisation defines the Servicer as "entity authorised for the collection of receivables, cash services and payments" this entity is also responsible to verify whether an operation is compliant with the Law 130/99 and with the Prospectus.

The primary legislation does not establish nor pinpoint master servicer, primary servicer and special servicer roles. However, daily routine has allowed identifying a term base acquired during the operational procedure.

Primary Servicer:

when the servicing activity is handled by only one individual; in this case, a sub-servicer is not appointed. The primary servicer has, therefore, the duty to carry out operative functions and to serve as guarantor and controller as determined by the supervisory regulations.

In particular, the primary servicer:

- it is directly involved in the activity of managing portfolio loans, since they have a direct contact with the assigned debtors.

- It directly monitors the portfolio of receivables and loans and all planned deadlines: straightforwardly produces reports for the issuer and the investors.

Master servicer:

the Master servicer is in charge of monitoring and guaranteeing/controlling the correct operational functioning since this activity cannot be delegated. However, compared to the Primary Servicer, a third party individual (the sub-servicer) is responsible for the collection of receivables.
In particular, the primary servicer: monitors the activities of the sub-servicer, who is in charge of collecting the receivables (receivables and deadlines) and the administration of receivables, and also for verifying the quality of the supplied information: is responsible for drafting reports for the issuer and the investors (Computation agent).

Special Servicer:

a special servicer is a servicer or sub-servicer carries out special operational tasks as well, such as credit collection activities. Therefore, with this meaning in master servicer structures, a sub-servicer can be qualified as a special servicer as well.
It is also possible to identify the following roles as connected to the servicing activities.

Organisational structure

Summa Service - Board of Directors has been charged with a strategic supervision role.

The Board of Directors, is made of 5 members: the President (Federica Godoli), the CEO (Luciano L. Godoli), who is also responsible for the business/development, human resources and commercial areas and two non-executive Directors for 2nd and 3rd level control functions.

Commercial, Operations, Administration and Finance functions report directly to the CEO (Luciano L. Godoli) who is also responsible for the commercial function on an interim basis.

System for internal controls

In accordance with the supervisory authority of financial intermediaries, Part III, Chapter 1, Section III, comma 1 (draft of July 2014), Summa Service is supported by an efficient internal controls system.

The Board of Directors ensures that the internal controls system functions correctly, wholly and adequately, the Statutory Auditors evaluates the efficiency of the internal controls system and the control of operating risks, while the CEO has management functions.

The Internal Audit has the responsibility to guarantee the functionality and efficacy of the entire internal controls system.

Second Level Control functions have the responsibility of presiding upon controls related to precise risk factors while ensuring independence from business functions.

Productive, commercial, administrative and support functions are responsible for performing line controls (1st level) that are meant to ensure the correct carrying out of the operations.


In recepimento del Regolamento UE n. 575/2013 (Capital RequirementsRegulation, c.d. CRR) e della Direttiva 2013/36/UE (Capital Requirements Directive, c.d. CRD IV), la Circolare della Banca d Italia n.288 del 03 aprile 2015 (Disposizioni di vigilanza per gli intermediari finanziari) estende agli intermediari finanziari come Summa Service il regime di vigilanza caratterizzato da requisiti prudenziali comparabili per robustezza a quelli delle banche (Titolo IV, Capitolo 14, sezione 3).  Leggi relazione ICAAP completa.

Board of directors

Federica Godoli - President of the Board of Directors

Federica Godoli has worked as chartered accountant and auditor since 1995 and she is registered in the Business Advisors register at Bologna Court. She has a consolidated experience in corporate consultancy, international taxation, Statutory auditor for manufacturing companies, and she is an expert designated by the Court for the assessment of companies in accordance with Italian civil code. In the past, she worked for ERNST & YOUNG (Milan Headquarters) where she dealt with international taxation and administration advice, mostly for International groups.

Luciano Leonello Godoli - CEO

Luciano Leonello Godoli has been working as chartered accountant and auditor since 1994 and he is registered in the Business Advisors register at Bologna Court. He has worked mainly in the fields of corporate consultancy, insolvency procedures as official receiver in bankruptcy procedures, statutory auditor for financial and manufacturing companies. He also acquired relevant experience during his activity at the Financial Engineering Office of CITIBANK N.A. Headquarters in Milan and at Coopers and Lybrand (London Headquarters).

Giovanni Grieco - Director

Giovanni Grieco is an independent internal member charged with the activities of Risk Management, Compliance and AML. He has a degree in Economics and Banking and is a Statutory Auditor.
He worked as CFO of listed companies and financial intermediaries registered ex art.106 T.U.B. He has also been CFO and Director of SPV companies operating in the securitisations field.
He worked as Internal Auditor and Corporate Consultant.

Request more information

Master Servicer registration number 135
Banca d’Italia register of Financial Intermediaries ex art 106 T.U.B.

Via Guido Reni, 2/2 (Bologna)
Tel. +39 051 0013277 - fax +39 0510822978- P.IVA 03552151205

Via San Raffaele, 1 (Milano)
Tel. +39 02 76004057 fax +39 02 84544521