FAST is the money transfer system that enables 24/7 money transfers, announced by the Central Bank of the Republic of Türkiye (CBRT) in its press release No. 2020-67 dated 12 November 2020.
So will FAST only make 24/7 money transfers possible?
In addition to continuous money transfers, new features will also enter our lives.
- Citizens will be able to transfer money between their accounts at different banks within seconds, 7 days a week, 24 hours a day.
- The FAST System is planned to go live as a pilot from 18.12.2020 and to be opened to citizens gradually, with the goal of expanding it to cover all financial institutions within a short time.
- Together with the FAST System, the Easy Addressing System, which makes it easier to initiate payments using information such as a phone number, ID number or email address, will also be made available to citizens.
Since the FAST system will increase the circulation of money and make 24/7 financial transactions possible, it will not only make our lives easier but also increase financial freedom.
The press release can be accessed below.
https://www.tcmb.gov.tr/wps/wcm/connect/TR/TCMB+TR/Main+Menu/Duyurular/Basin/2020/DUY2020-67
