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Payment Institutions & E-Money
The duties of the Payment Systems and Financial Technologies Department, set up within the CBRT Head Office, have been defined, along with the directorates it consists of.
Laws & Regulations
This communiqué regulates the procedures and principles for the information systems used in running payment and securities settlement systems, from information security to business continuity.
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.
Payment Institutions & E-Money
The Law provides for judicial fines and prison sentences for people who act as a payment or electronic money institution without the required licenses, and for those who use names suggesting they do.
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.
Laws & Regulations
In Türkiye, collecting payments requires a payment institution license and issuing e-money requires an e-money institution license. Article 28 of Law No. 6493 sets prison terms and fines for operating without one.
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.
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.
Laws & Regulations
Under Article 13 of Law No. 6493, payment services can be provided by banks, electronic money institutions, payment institutions and PTT. Anyone else is prohibited from offering them.
Payment System Institutions
BKM (Interbank Card Center) works through several committees: Security, Operations and Technology, Market Development, Business Development, Chargeback Rules and Arbitration, ATM Sharing, plus arbitration committees. This post outlines each one's duties.
Merchant & POS
Today, as credit cards shift from physical to virtual use, a similar move has come from the POS side. We have begun to see mobile phones used as POS devices becoming a serious rival to physical POS terminals.
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.