Thanks to this new application, based on SEPA Credit Transfer, SIA launches for the first time in Europe a service available to all banks operating in the Single Euro Payments Area, potentially utilizable by over 400 million European current account holders.
With Jiffy, it is possible to transfer sums of money to beneficiaries identified by their phone number and the availability of the funds is immediate. In fact, the debit and credit are made directly on a current account through a "real time" credit transfer carried out via home banking in a totally secure manner.
Jiffy is available for smartphones using Android, iOS and Windows Phone operating systems and is distinguished by its speed and user-friendliness. The new digital payment system developed by SIA can be used in a wide variety of situations, for example to pay our share to a friend who has picked up the check at a restaurant, to contribute to a collection for a gift, to send money to a relative or someone studying away from home, to give pocket money to children, and so on.
HOW IT WORKS
First of all, the user needs to be the holder of a current account at a bank subscribing to the service. They need to register on the bank’s home bankingportal, providing their cell phone number that will be used to send/receive money. The system links the IBAN code of the account to the phone number. Following this, the user downloads the Jiffy app and enters the system access credentials and the service works exactly like WhatsApp or other similar services: after opening the personal contacts list on the smartphone (users already enabled for the service are marked with a specific icon), the user selects the beneficiary, enters the amount, perhaps also a text message, and clicks to complete the ‘send’ operation.
The service also provides the option to invite users not yet registered to so do, so that they may receive money.
UBI Banca was the first bank in Italy to adopt this new method of transferring funds between its customers. Following a test phase in the city of Bergamo, it will shortly be extended to all the banks in the Group. Other major Italian banks have also subscribed to SIA’s P2P service, representing a market share of approximately 60% of all domestic current accounts.