The FAST system will bring significant convenience and speed to our lives when it comes to payments and money transfers.
So what advantages will the FAST system have?
The advantages of the FAST Payment System for citizens and businesses:
- Since account numbers can be matched with phone numbers, Turkish ID numbers or email addresses in the FAST system, users will be able to send payments through banks' mobile/internet apps to the phone number, ID number or email address registered in the system, instead of the IBAN and name of the business or person they want to send money to.
- With the Easy Addressing System (KOLAS) infrastructure, people will be able to match their account numbers with their phone numbers, ID numbers or email addresses through their banks within a short time.
- Banks will be able to set lower per-transaction amounts and daily total transfer limits for their customers based on their risk profiles. The main reasons for starting with a low amount limit are to help banks manage liquidity outside working hours and to monitor fraud attempts. Increasing the per-transaction limit, initially 1,000 TL, is being considered for later periods.
