Payment systems consist of the instruments, processes and rules that enable the transfer of funds or securities between their participants.
For a structure to qualify as a payment system or securities settlement system, it must basically meet the following conditions:
• It must have at least 3 participants
• It must provide the infrastructure that enables funds/securities to circulate electronically
• It must have common rules
The smooth operation of payment systems is critically important for the stability of the financial system, for central banks' monetary policy implementation and for economic development. Because any problem originating in the system may spread to other parts of the financial system, the importance of payment systems increases.
Because of their importance for financial stability, operating payment systems and carrying out their oversight and regulation in line with international standards are among the core duties of all central banks.
In Turkey, regulation and oversight activities in the field of payment systems are governed by Law No. 6493 on Payment and Securities Settlement Systems, Payment Services and E-Money Institutions, dated 20/6/2013, and by the following secondary regulations issued under that Law.
