Open banking means opening up data in the financial system, in compliance with the established regulations, to access by third-party service providers through standard Application Programming Interfaces (APIs) and with the explicit consent of the customer. In this way, third-party service providers can offer users faster, lower-cost transactions with a high-quality user experience through the innovative financial services they develop in a competitive environment, while financial institutions can offer their core services to users more widely, and in the way best suited to customer needs, through third-party service providers. As a type of open banking application covering a wide range of banking and financial services, two core services defined for the payments area, which falls within the authority and responsibility of the CBRT, were added to the first paragraph of Article 12 of the Law on Payment and Securities Settlement Systems, Payment Services and Electronic Money Institutions No. 6493 (the Law), as amended by the Law Amending the Law on Payment and Securities Settlement Systems, Payment Services and Electronic Money Institutions and Certain Other Laws No. 7192 dated 12 November 2019: • Payment Initiation Service: A payment initiation service offered, at the request of the payment service user, in relation to a payment account held at another payment service provider [clause (f)], • Account Information Service: A service of presenting, on online platforms and subject to the consent of the payment service user, consolidated information on one or more payment accounts held by the payment service user with payment service providers [clause (g)]. These two services, called Payment Services Data Sharing Services (OHVPS), define open banking services in the payments area in a manner consistent with the second version of the European Union Payment Services Directive (Payment Services Directive 2, PSD2). In addition, the “Regulation on Payment Services and Electronic Money Issuance and Payment Service Providers” (Regulation) and the “Communiqué on Information Systems of Payment and Electronic Money Institutions and Data Sharing Services of Payment Service Providers in the Field of Payment Services” (Communiqué), prepared by the CBRT within the framework of the amendments made to Law No. 6493 by Law No. 7192, entered into force upon publication in the Official Gazette dated 1 December 2021 and numbered 31676, and these regulations set out the framework for the key aspects of OHVPS. This guide aims to provide a guiding document for all stakeholders on the two new payment services, covering the following topics: – Whether certain business models frequently encountered in the payments area require an operating license in terms of payment initiation and account information services, – The licensing and technical certification process. In this context, it is considered that applications to be submitted to the CBRT can be evaluated and concluded by the parties in a more sound manner. The assessments in the guide outline a framework on general matters, and final assessments will be made by the CBRT, following a formal application, according to the characteristics of the business models and within the scope of Law No. 6493 and the relevant secondary regulations.
You can access the details of the guide at the link below.
