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Payment Institutions & E-Money
A company that collects online payments through its own virtual POS and pays merchants on agreed dates is providing a payment service, and it needs a license from the Board unless an exemption applies.
Security
In payment systems, personalized security credentials are information such as the PIN, card/account/e-money details, expiry date and security code (CVV) that identify the payment instrument and its user.
Laws & Regulations
Law No. 7192 amends certain articles of Law No. 6493 on Payment and Securities Settlement Systems, Payment Services and Electronic Money Institutions. Announced on 22 November 2019, it entered into force on 01.01.2020.
Payment Institutions & E-Money
The Central Bank (CBRT) approved the Crowdfunding System Activity of the Central Registry Agency (MKK) as one of its other activities. Here is the Official Gazette decision and what Article 17 of the regulation says.
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.
Payment Systems
BKM, short for Interbank Card Center, is a legal entity established in 1990 with contributions from 13 public and private Turkish banks to provide clearing and settlement for cards.
Payment Systems
Know Your Customer, in short, means identifying your customer. The process by which institutions identify their customers and determine their suitability for a business relationship and the risks they may pose is called KYC.
Merchant & POS
Below are the definitions of the cornerstone terms of payment systems, as established by the Banks Association of Turkey (TBB): debit card, credit card, merchant, cardholder, and more.