Author
Payment systems expert and technology executive
Arif Ünal is a technology executive with more than 20 years of experience in banking, fintech and payment systems. He writes about card payments (issuing and acquiring), POS, ATM, e-money, FAST and Turkish payments regulation (BRSA and CBRT). He has held senior roles at Finagotech and managed payment systems and digital banking teams at Emlak Katılım, Vakıf Katılım and Türkiye Finans. He holds a B.Sc. in Industrial Engineering from Istanbul University and an M.Sc. in Management Information Systems from Marmara University.
976 articles
Payment Systems
The Banking Regulation and Supervision Agency (BRSA) had prepared a draft communiqué on the remote identity verification methods banks can use. According to the communiqué published in today's Official Gazette, the practice enters into force on May 1.
Payment Institutions & E-Money
According to ÖDED, its members are institutions that have applied for or received a license as a payment institution and/or electronic money institution under Law No. 6493. The member list by field of activity is on its website.
Security
Forgery in card payments means transactions made with card details without the cardholder's knowledge, or purchases with counterfeit or stolen cards. Merchants cannot eliminate fraud and chargeback risk, but they should aim to reduce it to reasonable levels.
ATM
During an ATM withdrawal, once all checks are complete and the decision to give the money is made, the cash becomes ready to be presented. The distinction matters for whether notes go to the retract or reject bin.
ATM
It's a term used in ATM systems within payment systems. In ATM transactions, cash in question is placed into a separate compartment for review, called the reject bin. Retract is the customer's holding bin; reject is the ATM's reject bin.
Online & Authorization
In payment systems, the term transaction refers to the operations performed. Each transaction has its own distinct characteristics. For example, a Sale made from a POS differs from a Sale Cancellation or a Cash Withdrawal made from an ATM.
E-commerce
Amazon PayCode is a payment option that lets customers pay for Amazon orders in cash: after checkout they receive a code and pay at a participating Western Union agent location.
Payment Systems
There are standards that keep payment systems running smoothly and reliably. One of these is ISO 20022. So what is ISO 20022, and why was it created? It is an international, XML-based financial messaging standard developed in 2009.
Online & Authorization
Account-to-account (A2A) payments can be described as making a payment by transferring money from one bank account to another. Though similar to wire transfer/EFT, combining the transfer with the payment creates a seamless experience.
Payment Institutions & E-Money
The Law defines e-money as monetary value issued in exchange for funds accepted by the issuer, stored electronically, used for payment transactions and accepted as a payment instrument by persons other than the issuer. This post explains e-money institutions and the services they may provide.
Mobile Payments
New developments emerge every day in payment systems and digital payments. The Economic Reforms Action Plan, published by the Ministry of Treasury and Finance, includes several items of close interest to fintechs, such as TROY, BKM representation, digital banking licensing and CBRT access.
Payment Institutions & E-Money
Digitalization is showing itself first in banking and payment systems. The BRSA has announced it will begin issuing digital (branchless) bank licenses, opening the way for new digital banks in Turkey under an amendment to Banking Law No. 5411.