The purpose of this Regulation is to set the procedures and principles for the operating licenses and activities of the system operators of payment and securities settlement systems.
This Regulation covers the procedures and principles for payment and securities settlement systems relating to the operating license, system contracts and rules, persons responsible for management, operating principles, collateral, credit and guarantee mechanisms, own funds, notification obligations, share acquisitions and transfers, information systems, business continuity plans, backup centers and backup systems, and other matters.
The details of the regulation can be found at the link below:
Who is a system operator?
The institution that sets up and operates a payment system is called the system operator. Examples in Türkiye include EFT, FAST and the clearing systems operated by BKM. Since these systems settle thousands of transactions daily, uninterrupted operation is critical.
The Regulation addresses topics such as the system's rules, participation requirements, risk management and business continuity. This way, a problem at one participant does not spread to the entire system.
Banks and payment institutions are obliged to comply with these rules when participating in these systems.
