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Payment Systems
Published in the Official Gazette of 25.11.2022, six days before the Transition Period ended, an amending Regulation and Communiqué extended the transition period for some obligations of payment and e-money institutions from 01.12.2022 to 28.02.2023.
Payment Institutions & E-Money
Innovations in payment systems continue. The CBRT's Regulation on Payment Services and Electronic Money Issuance and Payment Service Providers was amended and published in the Official Gazette, with new minimum equity requirements and activity restrictions.
Clearing
YTH stands for Yurtiçi Takas Hesaplaşma (Domestic Clearing and Settlement), the general name of the clearing system managed by BKM. In the clearing system, prefix values are held in fields F32, F93, F94 and F100.
Merchant & POS
The Regulation on the Non-Use of Crypto Assets in Payments, published in the Official Gazette on 16 April and effective from 30 April, looks set to seriously affect cryptocurrency developments in Turkey. Here are its key points and the full text.
Cryptocurrency
Mining is the production of cryptocurrency through hardware and software, as well as the recording and confirmation of cryptocurrency transfers. Because block difficulty rises with each new unit, mining requires very powerful processors.
ATM
It's a term used in ATM systems within payment systems. In ATM transactions, cash in question is placed into a separate compartment for review, called the reject bin. Retract is the customer's holding bin; reject is the ATM's reject bin.
ATM
Retract is a term used in ATM systems. When cash already presented to the customer is not taken, it is diverted into a compartment called retract, as opposed to the reject compartment used for unusable banknotes.
Merchant & POS
In payment systems, an online transaction means the transaction is sent to the card or POS/ATM bank at the moment it occurs, and required checks are obtained from that system. So does every transaction happen online? Of course not. Especially with contactless...
Credit Card
Credit card fraud keeps changing form, but the aim is always to trick the cardholder into giving up card details. Fraudsters posing as delivery couriers now copy cards on modified POS devices. Here is how the scam works and how to protect yourself.
ATM
The word literally means recycled or circulating. In payment systems, it refers to physically dispensing money deposited at ATMs to customers who want to withdraw cash, adding deposits straight into the withdrawal pool.
EMV
An EMV Issuer Script is a system that lets the issuer (the institution that issues the card) update and change the parameters and values on the card chip while it remains in use, reducing fraud over the card's lifetime.
Fraud
Recently the following news story appeared in the papers. Two things stood out: the hacker was a former banker, and the device he used to clone cards. In banking fraud, insiders who know the system's weak points can build schemes customers never notice.