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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.
General
The Intellectual Capital Development Association, a high-value-added association that brings together experienced organizational managers to build knowledge communities and spread intellectual capital throughout society, is now live with a new website.
Mobile Payments
New developments emerge every day in payment systems and digital payments. The Economic Reforms Action Plan, published by the Ministry of Treasury and Finance, includes several items of close interest to fintechs, such as TROY, BKM representation, digital banking licensing and CBRT access.
FAST
Yes. The FAST system was first launched with the participation of banks in Türkiye, and integration has been completed with 21 banks. Non-bank institutions meeting the criteria, such as payment and e-money institutions, will also be able to join.
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.
E-commerce
Consumer-to-Consumer (C2C) is a business model in which consumers trade with each other, usually online. This post explains how C2C works, gives examples from Turkiye, and describes the types of C2C businesses.
Merchant & POS
According to the Central Bank, the maximum commission rates banks may charge merchants are based on a reference rate: the latest two-week weighted average interest rate on 32–45 day Turkish lira deposits.
Payment Institutions & E-Money
Open banking means sharing customers' financial information with a third-party fintech company so that a range of banking and financial services can be offered to them. It works through API integrations. This post covers its status in Turkey and the new BRSA regulation.
Payment Systems
Fintech, short for financial technologies, is a term for companies that bring together finance and technology to provide easy and fast financial services, growing rapidly worldwide.
Open Banking
EPSM is a non-profit trade association that represents its members' interests and enables the exchange of news, information and opinions about the European payments market.
Open Banking
The Open Banking Implementation Entity (OBIE) is a body set up by the UK's CMA to design and implement Open Banking, developing standards for APIs, security and the wider ecosystem together with other stakeholders.
Laws & Regulations
A payment institution is a legal entity that provides payment services for electronic payments through the infrastructure it offers. This article covers the Turkish regulatory framework, licensing, safeguarding, supervision, penalties and taxation.