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Laws & Regulations
Law No. 7192 amends certain articles of Law No. 6493 on Payment and Securities Settlement Systems, Payment Services and Electronic Money Institutions. Announced on 22 November 2019, it entered into force on 01.01.2020.
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
Law No. 6493, published in Official Gazette No. 28690 on 27 June 2013, regulates the procedures and principles for payment and securities settlement systems, payment services, payment institutions and e-money institutions.
Credit Card
BKM Online is the web-based electronic system that enables communication and information sharing between BKM and its members, including documents, reports, services and work calendars, according to user permissions.
Payment Systems
BKM, short for Interbank Card Center, is a legal entity established in 1990 with contributions from 13 public and private Turkish banks to provide clearing and settlement for cards.
ISO 8583
DE 13 — Date, Local Transaction: the date on which the transaction took place at the point of transaction (ATM, POS). It is 4 digits in MMDD format.
ISO 8583
DE 10, Conversion Rate, Cardholder Billing, is an 8-digit numeric value. The first digit shows the position of the decimal point from the right, and the next 7 digits show the value.
ISO 8583
DE 95, Replacement Amounts, shows the transaction amount information in full or partial reversals. Here are its subfields and how it relates to F4.
Credit Card
In credit card transactions made through a POS, receiving approval alone is not enough for the transaction to post to the card's statement period; settlement must also take place. The settlement period, known as the open-authorization waiting time, varies by transaction type.
Clearing
In payment systems, a transaction made at a merchant or ATM with a card issued by a different bank becomes subject to clearing. Netting offsets each participant's receivables and payables from these transactions into a single balance.
Closed-Loop Payments
In the final post of the closed-loop payments series, the common question behind cards, QR payments, and prepaid balances comes into focus: who manages the customer relationship, and whose ecosystem does the customer stay in?
Payment Systems
When Does a Transit Card Become a Payment System? Millions of people in Istanbul use Istanbulkart every day. Passing through metro turnstiles, rushing to a bus or boarding a ferry at the last moment, our hand reaches almost by reflex for our card or our phone...