Jiffy, the service developed by SIA to send and receive money in real time from a smartphone using the cellphone number, has topped 4.2 million users.
If the beneficiary is the holder of a current account at a bank subscribing to Jiffy, the debit and credit of funds will be immediate. Otherwise, the payment will be put on hold, but through the app it will be possible to send a message to report its presence and the steps necessary to receive it.
At present, 23 bank groups have joined the SIA “Person to Person” (P2P) payments service since it was launched on the Italian market. Jiffy is currently available to the current account holders of BNL, Banca Nuova (Gruppo BPVI), Banca Popolare di Milano, Cariparma, Carispezia, Cassa Centrale Banca, Che Banca!, Friuladria, Gruppo Carige, Hello bank!, Inbank, Intesa Sanpaolo, Banca Mediolanum, Monte dei Paschi di Siena, Banca Popolare di Vicenza, Raiffeisen , UBI Banca, UniCredit, Veneto Banca , Webank and Widiba . Soon, Jiffy will also be available to Banca Popolare di Sondrio, Sparkasse and Volksbank Banca Popolare.
Once all of these banks have signed up, the service will be available to over 32 million Italian current accounts, equal to more than 80% of the total.
Based on SEPA money transfer, Jiffy is open to all banks operating in the Single Euro Payments Area, potentially usable by over 400 million European current account holders. Compliant with the standards of the European Retail Payment Board (ERPB), it is already set up to be integrated with the pan-European instant payments infrastructure, which will be completed by EBA Clearing by 2017.
SIA’s Jiffy service was developed in collaboration with GFT, global provider of information technology solutions for financial services