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Jiffy, which means 'moment', is the system for transfer money in real time that you use as WhatsApp from your mobile. An App associates the IBAN code of the current account with the telephone number of your contacts and allows you to send and receive wire transfers with the European SEPA standard via smartphone and tablet.
Jiffy was presented by SIA, European leader in technological services dedicated to banks and financial institutions, on the occasion of SIA EXPO 2014 in Milan. It is the first payment WhatsApp in Europe and heralds a revolution in money transfers for payments of small amounts (the bill paid at the restaurant, the fee for the gift to a friend, pocket money ...) in person to person mode.
How does Jiffy work? Clearly you need to have a current account in a bank that joins the service, or alternatively have a prepaid card from one of those banks. Then you register through the home banking of the institution providing the mobile number to be used for transfer money. The system associates the IBAN code of your account with the telephone number and enables you to download the Jiffy app where you type your credentials.
The convenience of Jiffy is that it works just like WhatsApp or similar: you view the personal address book of your smartphone, select the recipient, enter the amount, any text message and complete the operation by clicking send. If the recipient is also registered a Jiffy (you can understand this from an icon next to the number as for WhatsApp) the money sent will be credited by real time transfer to your current account. If you are not registered yet, you will receive an invitation to register in order to receive the sum.
Which smartphones can be used? The system Jiffy for transfer money it already works on Android, iOS and Windows 8 operating systems. It will soon be available for BlackBerry too.
Which banks join the service? At launch, Jiffy it was adopted by UBI Banca with a test phase in the branches of the city of Bergamo; UBI will shortly extend the service to all Group banks. SIA announced that on the waiting list there are eight other credit institutions (including IntesaSanpaolo ed) which together represent a market share of approximately 60% of current accounts in Italy.
Are there any commissions to pay?We are not unbalanced on this for the moment, the information we have does not allow it. If you are interested, please inquire at your bank.