P2P Payments: over 300,000 Users for “jiffy”

Milan - 18 March 2016

Since the start of 2016, a further 4 Italian banks have joined the service

developed by SIA to send and receive money in real time using a Smartphone.

A total of 23 bank groups have now joined

The average value of a single transaction is €44

50% of the operations are for less than €25

Jiffy is the leading instant payments service in the eurozone

Jiffy, the service developed by SIA to send and receive money in real time via Smartphone, has surpassed 300,000 registered users. The average value of a single transaction is €44 and around 50% of the transfers are for sums under €25.      

23 bank groups, of which 4 since the beginning of 2016, have subscribed to SIA’s “Person to Person” (P2P) payments service since its launch on the Italian market.

At present, Jiffy is available to the current account holders of BNL, Banca Popolare di Milano, Cariparma, Carispezia, 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 through Banca Popolare di Sondrio, Cassa Centrale Banca, Gruppo Poste Italiane, Raiffeisen, Veneto Banca and Volksbank Banca Popolare.

Once all the banks are active, the service will therefore be accessible by over 32 million Italian current accounts, equal to around 80% of the total.

Compliant with the recommendations of the European Retail Payment Board (ERPB) and now ready to be integrated with the pan-European instant payments infrastructure which will be created by EBA Clearing by the end of 2017, today Jiffy is the leading P2P payments service in the eurozone with the highest number of participating banks.

Since it is based on SEPA credit transfer, it is open to all banks operating in the Single Euro Payments Area, potentially utilizable by over 400 million European current account holders.

Thanks to Jiffy, to transfer funds users need only select a receiver from the personal contacts on their Smartphone, enter the amount, a text message if required, and with a click the money is immediately sent and can be used by the beneficiary straight away. 

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