In parallel with the growing use of the FAST System every day, new regulations from the CBRT are giving FAST usage even more momentum.
The way for e-money institutions to be included in FAST was opened in 2021 with the permission to create IBANs.
From 2023, e-money institutions whose infrastructure is ready will be able to join the FAST system.
In addition;
Preparations for FAST Merchant Payments, which will allow the FAST System to be used as a complement to existing payment methods in shopping, have been completed. FAST Merchant Payments, which offer instant account-to-account payment by scanning the TR-QR Code displayed on the screens of mobile applications and POS devices, will make life easier for all our citizens. Innovative applications supporting FAST Merchant Payments and person-to-person payments will start to be used from the first quarter of 2023.
You can find the announcement released by the CBRT below.
| The Instant and Continuous Transfer of Funds (FAST) System, which was designed and developed by the Central Bank of the Republic of Turkiye (CBRT) with its own human capital using open-source software and put into operation in 2021, has 24 member banks.In 2023, payment institutions and e-money institutions will also participate directly in the FAST System.The necessary preparations for FAST Merchant Payments have been completed, and they will start to be used in the first quarter of 2023. |
The FAST System, the new-generation 24/7/365 instant payment system operated by the CBRT and opened for use on 8 January 2021, meets the need for instant money transfers and payments at every moment of the day and is used more widely with each passing day. In the FAST System, an average of 6.4 million payments worth TRY 7.9 billion per day are made instantly between accounts.
The number of users registered in the Easy Addressing System, which makes our lives easier by allowing us to use the Turkish Republic Identification Number (TCKN), phone number and e-mail address instead of an IBAN in fund transfers and payments, has reached 19 million.
Within the scope of the lira-ization strategy, in order to increase the scope and inclusiveness of the FAST System, which is an important element of the digital economy roadmap, payment institutions and e-money institutions that meet the requirements will participate directly in the FAST System in 2023. This development is expected to support greater competition and innovation in payments and to contribute to the provision of new, value-added services.
In addition, preparations for FAST Merchant Payments, which will allow the FAST System to be used as a complement to existing payment methods in shopping, have been completed. FAST Merchant Payments, which offer instant account-to-account payment by scanning the TR-QR Code displayed on the screens of mobile applications and POS devices, will make life easier for all our citizens. Innovative applications supporting FAST Merchant Payments and person-to-person payments will start to be used from the first quarter of 2023.
This is announced for the information of the public.
https://www.tcmb.gov.tr/wps/wcm/connect/TR/TCMB+TR/Main+Menu/Duyurular/Basin/2022/DUY2022-53
