20 May 2018
visit www.ebaday.com

SIA claims 400K Jiffy users in Italy

13 September 2016  |  3493 views  |  1 Source: SIA

Jiffy, the service developed by SIA to send and receive money in real time from a smartphone, has topped 400,000 registered users. The average value of an individual transaction is 53 euro, while transfers under 25 euro represent 42% of the total.

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 Popolare di Milano, Cariparma, Carispezia, Cassa Centrale Banca, Che Banca!, Friuladria, Gruppo Carige, Hello bank!, Intesa Sanpaolo, Banca Mediolanum, Monte dei Paschi di Siena, Banca Popolare di Vicenza, UBI Banca, UniCredit, Webank and Widiba. Soon, Jiffy will also be available to Banca Popolare di Sondrio, Raiffeisen, Veneto Banca 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.


Following on from “Person to Person” cash transfers, Jiffy is now also available for payments in stores. Indeed the pilot phase has already started up, in the cities of Milan and Bergamo, of the “Person to Business” (P2B) project that enables customers to pay by smartphone at stores subscribing through UBI Banca.


Today Jiffy is the leading money transfer service in the euro area with the highest number of subscribing banks. 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.
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.


Thanks to Jiffy, to transfer cash users simply select the receiver from the personal contacts list on their smartphone, enter the amount, a message if desired and with a click the money is immediately sent and can instantly be used by the beneficiary.

To activate Jiffy, the user needs to register on their bank’s website and download the App provided by the bank itself. 

Comments: (1)

A Finextra member
A Finextra member | 14 September, 2016, 11:04

"Based on SEPA money transfer, Jiffy is open to all banks operating in the Single Euro Payments Area"

Is there any detail on what is required (technically, commercially etc) from the bank to join the scheme?

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Comment on this story (membership required)

Related company news


Related blogs

Create a blog about this story (membership required)
Visit iliad-solutions.com/Visit www.vasco.com/news/mobile-first

Top topics

Most viewed Most shared
Ripple moves to build ecosystem around XRPRipple moves to build ecosystem around XRP
9627 views comments | 5 tweets | 7 linkedin
IT implications and the need to pivotIT implications and the need to pivot
9461 views comments | 2 linkedin
HSBC claims blockchain breakthrough for trade financeHSBC claims blockchain breakthrough for tr...
9340 views comments | 14 tweets | 16 linkedin
Irish bank caught in social media spying stormIrish bank caught in social media spying s...
8077 views comments | 25 tweets | 16 linkedin
Former JPMorgan blockchain leads unveil new startupFormer JPMorgan blockchain leads unveil ne...
7264 views comments | 2 tweets | 2 linkedin

Featured job

Find your next job