Yes, they can. The FAST system was initially launched with the participation of banks in Türkiye that wanted to take part in the system. Integration has currently been completed with 21 banks.
While the number of banks operating in the system is expected to increase in the coming periods, non-bank institutions that meet the criteria to be set for the system will also be able to join. The first non-bank systems that come to mind are payment institutions and electronic money institutions.
Why is non-bank participation important?
If payment institutions and electronic money institutions can offer instant money transfers to their users, people who do not have a bank account or who use a different wallet can also benefit from FAST. This increases access to the payment system and improves competition.
To participate, the institution must meet technical and operational standards and establish risk management and reconciliation processes. The Central Bank evaluates this participation based on criteria.
For details, the current FAST participation rules should be reviewed.
