Payment Systems
What Is “Ödeme İste” (Request to Pay)?
The Ödeme İste (Request to Pay) System is a value-added service aiming to improve the customer experience in FAST, Türkiye's instant and continuous funds transfer system.
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"instant payments"
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Laws & Regulations
The Central Bank of the Republic of Türkiye (CBRT) Announces the Launch of Open Banking Services
The CBRT announced that it has launched open banking services in payments, a component of the digital economy roadmap of its liraization strategy, through BKM's Open Banking Gateway (GEÇİT).
Payment Systems
What Is ISO 20022?
There are standards that keep payment systems running smoothly and reliably. One of these is ISO 20022. So what is ISO 20022, and why was it created? It is an international, XML-based financial messaging standard developed in 2009.
FAST
FAST Limit Raised to 2,000 TL
The FAST limit, which was decided on 4 August 2021 to be raised to 2,000 TL, has been raised to 2,000 TL as of today. Instant payment volumes are expected to grow further as EFT volumes decline.
Laws & Regulations
FAST Limit Being Raised to 2,000 TL
The upper limit for FAST transactions, raised to 1,000 TL on 29 January 2021, was increased to 2,000 TL on 4 August 2021, and payment and e-money institutions began applying to join the system.
FAST
What Are the Transaction Time Criteria in the FAST System?
In the FAST system, an end-to-end money transfer between participants is targeted to complete in 2–3 seconds on average. Transactions that are not completed within 25 seconds are automatically cancelled.
Contactless
What is a TR Karekod Transaction?
A TR Karekod transaction is a payment carried out using a QR code generated according to the procedures and principles in the regulation on the generation and use of the TR Karekod in payment services.
Merchant & POS
What Is a POS (Point of Sale)?
Virtual or electronic authorization devices connected to a bank, used by merchants to accept card payments. The term comes from the English phrase Point of Sale. Covers POS types by communication method, their advantages, who can use one, and the transactions a POS can perform.
Payment Institutions & E-Money
What Is the VUK 507 Communique?
VUK 507 is the common name of Tax Procedure Law General Communique Serial No. 507, published in the Official Gazette on 1/6/2019 on the Secure Mobile Payment and Electronic Document Management System. It sets the rules for sales, collection and electronic document applications.
Credit Card
Do I Pay an Extra Fee If I Exceed My Credit Card Limit?
If you exceed your limit by no more than 20% and close it in the next statement period, no more than twice a calendar year, only contractual interest is charged on the excess amount. You pay no additional fee.
Merchant & POS
What Is Secure Mobile Payment?
The Secure Mobile Payment System is a system permitted by the Ministry, operated under the Revenue Administration (GIB) Communiqué, for sales, payment and collection transactions and the electronic creation, transmission and retention of the related financial documents.
FAST
What is the Easy Addressing System (KOLAS)?
The Easy Addressing System (KOLAS) is one of the layered services of FAST, the Central Bank's instant funds transfer system, developed and operated by BKM. It lets users send money via phone number or email instead of an IBAN.