SIA, the Italian payment processor, has launched a new service called Jiffy that allows users to make real time transfers across the European Union using a smartphone app.
The service, which complies with all SEPA regulations, links the Iban number of the user’s bank account to their phone number in order to make SEPA credit transfers. Both the sender and the recipient need to be signed up to the service to make a transaction, which they can then do by simply clicking on the beneficiary’s name and entering an amount.
“It’s a question of technology, but it’s more a question of culture, to be able to fully get the benefits out of this new way of doing things,” commented CEO Massimo Arrighetti.
Being SEPA compliant, the system can be made available to over 400 current account holders across the Eurozone. SIA says that it has already been picked up by major Italian banks that encompass 60% of the country’s accounts. UBI Banca is set to introduce the service across its entire network after successfully piloting the scheme in Bergamo.
“For us, it’s a key priority to go abroad,” said Nicola Cordone, senior vice president of SIA.
Whitepapers
Related reading
5 ways blockchain can change the cross-border payments landscape
Cross-border payments is a changing sector of the industry, driven by customers demanding little to no friction and encountering multiple steps, intermediaries ... read more
The SME technology revolution | video
The UK is home to 5.4m micro SMEs that have fewer than nine employees, according to the House of Commons library. They ... read more
JP Morgan blockchain network showcases banks’ DLT progress
JP Morgan’s expansion of its blockchain-based interbank payments project signals that major banks are stealing a march on disruptors and startups by ... read more
Security a priority for EU’s INATBA blockchain taskforce
The European Commission’s new blockchain initiative, the International Association for Trusted Blockchain Applications (INATBA), should focus on quashing extant security concerns around ... read more