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ATM
In a letter to banks as part of the fight against inflation, the CBRT asked them to stock small-denomination banknotes in ATMs instead of 200 TL notes. Is this a ban or a recommendation, and what are the operational consequences for ATMs and banks?
Merchant & POS
A smart cash register is a new-generation, IP-based payment recording device that integrates a cash register with a POS terminal. It combines fiscal devices and POS devices in a single unit and transmits data to the Ministry of Finance in real time.
HSM & Security
ZPK, also known as the PIN Protection Key, is a data encryption key that is distributed automatically and used to encrypt PINs. It is also referred to as the 'Working Key'. This key allows PIN information to be carried securely across the network.
EMV
The Application Block command is sent to invalidate the selected application on a card after the card has been issued. Unlike Card Block, it can be reversed.
ATM
ATMs are important transaction points that let customers handle financial transactions without visiting a bank branch. 24/7 availability matters for customer satisfaction, so banks take steps to reduce both operational and cash costs.
Payment System Institutions
These are credit institutions providing financing to individuals and companies for purchasing goods and services. Financing companies specialize mainly in vehicle loans, offering fast and flexible point-of-sale solutions distinct from banks.
FAST
The CBRT has raised the FAST transaction amount limits. As of 4 April 2024, the limit is 100 thousand TL for money transfers and 250 thousand TL for merchant payments made with the FAST-TR QR code.
Merchant & POS
In Turkey, there are 3 payment schemes we are used to seeing: MasterCard, Visa, and Troy. American Express and Diners Club are also used, though less widely. Russia's Central Bank recently said two Turkish banks are preparing to accept Mir cards.
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.
Chargeback
TRIP (Turkey's Communication Platform) is a central platform developed by BKM to fight fraud, bringing together Case Filing, Issuer and Acquirer Chargeback operations (Pre-Arbitration, Pre-Compliance, Arbitration, Compliance), and ATM deposit/payment dispute operations.
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.
Merchant & POS
Loading parameters onto a POS transfers BIN lists, key data, and refund/cancellation authorizations from the management system onto the terminal. Learn how and when it happens.