On the occasion of SIA EXPO 2014, SIA presents an innovative service for “Person to Person” (P2P) payments called “Jiffy”, which via an app lets users send and receive money in real time on their smartphone to and from their phone contacts. The word “Jiffy” is a unit of measurement corresponding to the time light takes to travel one centimeter.
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.