We want to apply for an operating license to operate as a payment institution. Can we set the institution's trade name as XXX Ödeme Sistemleri A.Ş. (XXX Payment Systems Inc.)?
No. Under Law No. 6493, a payment system refers to a structure completely different from a payment institution: it provides the infrastructure required for clearing and settlement operations carried out to execute fund transfers arising from transfer orders between three or more participants, and it has common rules. Payment systems can operate only with permission from the Central Bank of the Republic of Türkiye. The second paragraph of Article 28 of the Law provides for criminal penalties for persons who, without obtaining the permissions required under the Law, use words and expressions in their trade names, any documents, announcements and advertisements, or public statements that create the impression that they operate like a system operator. Accordingly, the company to be established must have a trade name suited to the activities it will carry out, such as “XXX Ödeme A.Ş.” (Payment Inc.), “XXX Ödeme Hizmetleri A.Ş.” (Payment Services Inc.) or “XXX Elektronik Para A.Ş.” (Electronic Money Inc.).
