Italian cooperative bank Gruppo Veneto Banca and its subsidiary Banca Apulia have introduced Jiffy, a new person to person (P2P) payments service.

Developed by payment processor SIA, the new digital payment system will allow users to send or receive cash in real time with the contacts stored on their smartphone.

For Gruppo Veneto Banca customers, the service is available on the BankUp Mobile Banking App in smartphones with iOS, Android and Windows Phone operating systems.

To make transactions, users simply need to select the payee in the smartphone, enter the amount, and then click to send.

Veneto Banca head of market department Oreste Felice Invernizzi said: “By offering the new Jiffy service to its customers our Group confirms its place among the most technologically advanced banks in the domestic arena. We have been investing for some time in reassessing and updating our entire retail offering, with a focus on digital services which allow us to offer new opportunities and increasingly competitive services.”

SIA Innovation Lab head Nicolò Romani said: “With Veneto Banca, Jiffy reaches even further, confirming its status as a system solution, available to over 80% of domestic current accounts, and interoperable within the eurozone.

“We will continue investing in Jiffy and expanding the possibilities for its use: indeed, in addition to sending and receiving cash in real time between individuals, it is also already possible to make payments in certain stores and soon to Public Administration bodies and for e-commerce purchases.”