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Open Banking
Embedded Finance means integrating financial products and services into non-financial platforms, experiences or business processes. In other words, services offered by financial institutions become part of the product or service flows of non-financial organizations.
Credit Card
KKB was established, under banking law, to enable the exchange of all kinds of information and documents among at least five banks, and it also shares credit information about customers. The Credit Bureau of Turkey also serves deposit banks, participation banks, financial institutions, and more.
Payment Systems
With the CBRT's regulation on payment services, electronic money issuance and payment service providers, the minimum equity amounts for bill payment, payment and electronic money institutions were raised.
Payment Systems
Let's start by defining e-money. In general terms, e-money is a monetary value stored on a secure technological device (such as a computer disk). E-money is a concept defined under Turkish law through legislation enacted by the BRSA (BDDK).
Payment Systems
As FAST usage keeps growing, new CBRT regulations are accelerating it further. Payment and e-money institutions will join FAST directly in 2023, and FAST Merchant Payments using the TR-QR Code will go live in the first quarter of 2023.
Laws & Regulations
This guide sets out the procedures and principles for reporting suspicious transactions for obliged parties other than the groups individually listed in the AML regulation, such as banks and insurers.
Open Banking
The Global Fintech Hubs Federation is a global federation bringing together more than 20 FinTech organizations worldwide, including FinTech Istanbul. Its duties include fostering unity for the ecosystem and sharing knowledge and experience.
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.
Payment Institutions & E-Money
Digitalization is showing itself first in banking and payment systems. The BRSA has announced it will begin issuing digital (branchless) bank licenses, opening the way for new digital banks in Turkey under an amendment to Banking Law No. 5411.
Payment Systems
Payment and electronic money institutions have had a big impact on the development of payment systems. A sector research report prepared by the Ministry of Treasury and Finance helps explain this ecosystem.
Chargeback
Chargeback reason codes vary by card scheme. The Amex chargeback reason codes and their descriptions are listed below: American Express Chargeback Reason Codes A01 The charge you submitted did not receive a valid authorization approval code for the amount...