SIA/GFT launch Jiffy P2P payment service in Germany

Regulation treasurers

The Jiffy person-to-person (P2P) instant payment service, which is used by 13 banking groups and around 50 banks in Italy, is launching in Germany.

Jiffy is a collaboration between Italian payment services provider SIA SpA and Germany’s GFT Technologies SE. The two group have now joined forces on the sales front in Germany and are currently demonstrating the service in Frankfurt as part of Euro Finance Week.

“There are still no signs of a P2P payment service which can be easily used throughout Germany,” the two groups commented. “In 2013, SIA developed Jiffy together with GFT, the IT specialist for the financial industry.

“The system associates the phone number to the international bank account number [IBAN] code of the account and enables the user – as with WhatsApp – to select a receiver from the personal contacts on the smartphone. After entering the amount and a text message (if required), easily click to complete the send operation.”

SIA and GFT add that the P2P service is compliant with the European Retail Payment Board (ERPB) recommendations on instant payments. Based on single euro payments area (SEPA) credit transfer (SCT), Jiffy is opened to all banks operating in the SEPA zone and potentially useable by over 400m European current account holders.

“So, it can be introduced with a limited effort, leveraging on the existent banking infrastructure,” they add. “Jiffy is available for smartphones using Android, iOS and Windows Phone operating systems and is distinguished by its speed and user-friendliness.”

Cristina Astore, Head of SIA North West Europe, commented: “Jiffy has the potential to replace cash transactions among private individuals and is continuously evolving to support new models as for example payments to small businesses like plumbers or house painters.

“Starting from last week, Italians can also use this innovative tool to make donations to charities such as the Italian Association for Cancer Research. Jiffy is compliant with the law concerning charitable donations, which enables donors to benefit from tax deduction.”

Bernd Kohl, executive director of GFT Germany, added: “Every bank can customise Jiffy in order to attract new customers or strengthen the loyalty of their existing clients. Driving sales together in Germany is the next important step.”

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