Request to Pay is a system that lets users request payment from the people who owe them money, through a banking application. Thanks to the Request to Pay system, both payers and payees can complete their transactions in a few simple steps on a mobile application.
The Central Bank of the Republic of Turkey (CBRT) announced that it has expanded the scope of the FAST Request to Pay Overlay Service so that corporate users can also benefit from this service.
The FAST Request to Pay Overlay Service, used by individual users since 2024, has been made available for businesses as well.
According to the CBRT’s statement, thanks to the new features, payments between businesses will become easier, and businesses will also be able to initiate a “request to pay” in their transactions with individual users. These arrangements will bring flexibility and speed to payment processes.
What are the newly added functions of Request to Pay?
The newly added features are;
- options such as “partial payment” and “early payment” were added for all payment types
- a “payment postponement” function was also activated specifically for corporate users.
The fact that the FAST system offers 24/7 instant and secure money transfers adds significant value to the payment ecosystem, enabling payments to be made quickly, instantly and securely.
How many participants are there in the FAST system at present?
As of 2024, the number of FAST participants, made up of banks and payment and e-money institutions, has reached 42.
Transaction volumes continue to grow rapidly. According to December 2024 data, the daily transaction volume reached 13.8 million TL, demonstrating the success of the system.
The FAST system is positioned as an alternative payment method to cash and cards. Innovative technologies in which overlay services work together aim to encourage competition and innovation in payments and give rise to new business models.
The diversifying functions of the Request to Pay Overlay Service will make businesses’ daily operations considerably easier. For example, a company will be able to send its customers’ invoices with a “request to pay”. Customers who see this request in their mobile applications will be able to check the invoice details and approve the “request to pay”, and the payment will be made automatically via FAST on the specified date. This system offers a major advantage, especially for subscription services or transactions that require regular payments.
The CBRT’s statement emphasized that the FAST Request to Pay Overlay Service offers an important solution not only for individual users but also for businesses. The conveniences the system provides speed up payment processes and also increase reliability. The new features contribute to businesses’ digital transformation and open the way for more competitive and innovative business models.
