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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.
Laws & Regulations
Digitalization is changing how banks onboard customers. This post covers digital identity, verification methods, what the Turkish ID card offers, and Article 43 of the Regulation on Information Systems of Banks and Electronic Banking Services on remote identity verification and open banking.
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.
Merchant & POS
The BRSA announced it would allow 4 credit card installments for crafted gold jewelry, but not for coins or bullion. Since a jeweler sells both, how will the rule actually be enforced?
Payment Systems
The CBRT reset the minimum equity amounts for payment and e-money institutions: 10 million TL for bill payment institutions, 20 million TL for other payment institutions and 55 million TL for e-money institutions.
Payment Systems
This MASAK General Communiqué sets out the simplified customer due diligence measures that obliged parties must follow under the regulation on preventing money laundering and terrorist financing.
Laws & Regulations
This guide, aligned with the TR QR Code regulation and its annex, describes the workflows for FAST payments using merchant-presented and person-to-person QR codes and defines the related TR QR Code data organization.
Payment Institutions & E-Money
The BRSA is the Banking Regulation and Supervision Agency, an autonomous agency that protects savers' rights, ensures banks operate soundly and securely, and contributes to the long-term growth and stability of Turkey's economy.
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.
Credit Card
With its announcement dated 09.06.2022, the BRSA changed how the credit card minimum payment is calculated: 20 percent of the period debt below a 25,000 lira limit and 40 percent above it. This post covers what banks should do and the likely market impact.
Payment Systems
The Central Bank has published a guide setting out the detailed technical principles and rules for using TR Karekod in card payment transactions, based on the TR Karekod Regulation and the TR Karekod Principles and Rules.
Open Banking
First, it is useful to briefly recall the concepts of Banking as a Service and Open Banking. Banking as a Service (BaaS) lets interface developers connect directly to service banks' systems via APIs and open banking services to run banking transactions for customers...