spotlight: mobile payments


IBS Journal September 2015


Instant mobile payments: in a Jiffy


Jiffy, an Italy-based initiative for instant mobile payments, is about to go into full production with 13 participating banks, and already harbours pan-European aspirations.


Jiffy is a person-to-person (P2P) payment solution underpinned by technology from Italy-based software house, SIA. The offering is fully based on the SEPA


Credit Transfers (SCT) standards, so can suc- cessfully operate anywhere in Europe, says SIA’s chief executive, Massimo Arrighetti. ‘Jiffy is the only pan-European offering


using SEPA,’ he states. SIA has been pitching the offering to banks in the Netherlands and Belgium, and has also done a presenta- tion to all European central banks attend- ing a gathering in Basel. ‘The feedback has been very positive’ and the potential is vast, Arrighetti believes. One banking group – Unicredit – is already taking Jiffy across the border, with plans to roll the offering across its Europe-wide network. The beauty of Jiffy is that large banks


in Europe can leverage their existing SEPA infrastructures to join the scheme, he explains. ‘All it takes is a few hundred thou- sand Euros and a couple of months work.’ Jiffy was introduced to the Italian mar- ket last autumn, at which point nine banks committed to it. The first bank, UBI Ban- ca, piloted the service in November 2014, went into full production in February 2015 and ran it exclusively until June. It was then joined by Intesa Sanpaolo and shortly afterwards another eight banks connect- ed to Jiffy. Arrighetti says that by the end of summer, 13 banks will be live with Jiffy. This means that the service will be available to 85 per cent of current account users in Italy (according to SIA’s statistics, around 40 mil- lion people in Italy use digital channels for banking).


44 © IBS Intelligence 2015 www.ibsintelligence.com


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