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Laws & Regulations
BSMV stands for Banking and Insurance Transaction Tax, levied on banking and insurance transactions. This post explains how it applies to payment institutions and e-money institutions under Expense Taxes General Communiqué No. 91, with an example.
Payment Systems
All payment and electronic money institutions operating in Türkiye fall under the relevant regulation. A license from a foreign authority is not enough; a foreign institution must obtain a license from the Central Bank.
Payment Institutions & E-Money
No. Virtual currency is a digital representation of value not issued by any central bank, credit institution or e-money institution. Electronic money is defined in Turkish law and is tied to an electronic money institution.
Laws & Regulations
Law No. 5549 introduced legal rules to prevent money laundering and terrorist financing, defined obligations, and expanded MASAK's remit to cover the fight against terrorist financing as well as money laundering.
Payment Systems
Strong Customer Authentication (SCA) is a security requirement introduced under the EU's Payment Services Directive 2 (PSD2) to increase security and reduce fraud in online payment transactions. SCA requires two of three independent authentication factors.
Open Banking
NextGenPSD2 is the set of API standards launched by the Berlin Group in 2017, now involving more than 1,700 banks from 20 countries. This post explains what the framework offers to banks, fintechs and third-party providers under PSD2.
Open Banking
EPSM is a non-profit trade association that represents its members' interests and enables the exchange of news, information and opinions about the European payments market.
Prepaid Cards
Prepaid cards are among the most popular cards right now, and their use keeps growing. A prepaid card is not linked to a bank account, has no credit limit like a credit card, and can be used up to the amount loaded onto it.
Credit Card
Germany-based Deutsche Bank is launching a new credit card in Spain with a dynamic CVV code that changes every four hours, to make online shopping more secure. Deutsche Bank partnered with Mastercard and Idemia for the new card, launched under the Tarjeta Calma brand.
From My Readers
A reader asked why ATMs can't warn customers that a not-on-us withdrawal is using their overdraft. The short answer: BKM currently works only with the available limit, and banks include the overdraft in it.
Merchant & POS
From simplified-method taxpayers to companies keeping balance sheet books, a wide range of taxpayer groups can benefit from the Secure Mobile Payment System. Here is the list and the businesses it suits.
Laws & Regulations
No. A payment institution is a legal entity authorized by the Board to provide payment services. “Payment service provider” is a broader concept covering banks, electronic money institutions and payment institutions together.