In the press release No. 2020-67 dated 12 November 2020 of the Central Bank of the Republic of Türkiye (CBRT), it is stated that preparations have been completed to launch a new payment system called FAST (Instant and Continuous Transfer of Funds), and that:
- Citizens will be able to transfer money between their accounts at different banks within seconds, 7 days a week, 24 hours a day,
- The FAST System is planned to go live as a pilot from 18.12.2020 and to be opened to citizens gradually, with the goal of expanding it to cover all financial institutions within a short time,
- Together with the FAST System, the Easy Addressing System, which makes it easier to initiate payments using information such as a phone number, ID number or email address, will also be made available to citizens.
The press release can be accessed below.
https://www.tcmb.gov.tr/wps/wcm/connect/TR/TCMB+TR/Main+Menu/Duyurular/Basin/2020/DUY2020-67
Why the announcement matters
The announcement can be considered the official start of the transition to 24/7 instant payments in Türkiye. During the pilot period, the system worked with a limited number of banks and users, and the number of participants was then increased gradually.
This approach made it possible to catch potential technical problems on a small scale. In the following years, limits and participants expanded.
This post is a record of the system's launch period; for current information, see the Central Bank's FAST page.
