Jiffy launched in Italy in October 2014, and works by linking a phone number to the IBAN code of an account. This allows users to select a recipient from their personal contacts, choose the amount, write a text message (optional) and press “send”. Currently, the service is used by 50 financial institutions.
The Jiffy app is based on the SEPA Credit Transfer, and is designed to work on Android, Apple iOS and Windows Phones. Users will need to be a customer of one of the banks signed up to the service, both on the sending and the receiving end.
Thirteen Italian banking groups support Jiffy, covering an estimated 80 % of domestic bank accounts in Italy.
The move is part of SIA’s plan to roll out money transfer via mobile phone to 400 million European current account holders.
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