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Laws & Regulations
Payment systems are the instruments, processes and rules that enable the transfer of funds or securities between participants. This post explains the conditions a structure must meet to qualify as a payment system and the Turkish regulations that govern them.
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.
Closed-Loop Payments
Why does a coffee chain build its own loyalty program, and why does a payment app keep adding services? This post looks at how loyalty, data, and new services drive the growth of closed-loop payment systems, and at the financial layers behind that growth.
Payment Systems
When we hear “payment systems”, card transactions at POS terminals or ATMs usually come to mind. Let's look together at the payment systems recognized by the Central Bank.
Payment System Institutions
According to the CBRT's official website, the Central Bank of the Republic of Turkey has become the controlling shareholder of the Interbank Card Center (BKM), using the authority granted by Law No. 7192.
Laws & Regulations
Turkey is rapidly implementing the items in the 11th Development Plan for a fintech ecosystem with equal opportunity. Under the approved law amendment, some BRSA powers over payment services and e-money companies were transferred to the CBRT, making it the single authority in payments.
Payment Systems
The Hidden Side of the Payments World. The words a person working in the payment systems industry hears most over a career are probably Visa, Mastercard, POS, debit card, virtual POS, acquiring and card issuing. Frankly, my own career did not unfold very differently from that journey...
Payment Systems
Takasbank (Istanbul Settlement and Custody Bank) exists to increase the competitiveness of Turkey's markets by providing clearing and custody services, financial services, and other economic activities under the relevant legislation.
ATM
ISO 4217, also known as the currency code standard, defines the three-letter abbreviations assigned to currencies. The ISO 4217 code list is used extensively in banking and business. In some countries, exchange offices rely on these codes alone.
Merchant & POS
Partial authorization lets an issuer approve part of the requested amount when the card lacks the full balance, with the rest paid another way. This post covers the technical, receipt, clearing, reconciliation, merchant and certification requirements for acquirers.
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
Open banking opens financial data, under the regulations and with the customer's explicit consent, to third-party service providers through standard APIs. The CBRT has published a guide on payment initiation and account information services, covering licensing and technical certification.