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Payment Systems
An amendment was made to the communiqué on the information systems of payment and e-money institutions and data sharing services, setting 31/3/2025 as the deadline for other payment service providers' obligations.
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.
Laws & Regulations
No. A payment institution is a legal entity authorized by the Board to provide payment services. “Payment service provider” is a broader concept covering banks, electronic money institutions and payment institutions together.
Laws & Regulations
Payment and electronic money institutions must set up internal control and risk management units, each with at least one dedicated employee. The same person cannot carry out both functions.
Laws & Regulations
This communiqué regulates how payment and electronic money institutions manage their information systems, how authorized independent auditors audit them, and the data sharing services of payment service providers.
FAST
New banks are added to the Easy Address system every day. Here is the list of banks that supported the Easy Address System at the time, and where to find the current list.
Merchant & POS
The Regulation on the Non-Use of Crypto Assets in Payments, published in the Official Gazette on 16 April and effective from 30 April, looks set to seriously affect cryptocurrency developments in Turkey. Here are its key points and the full text.
Payment Systems
This Guide links business models frequently encountered in the payments field to the payment services listed in Law No. 6493 on Payment and Securities Settlement Systems, Payment Services and Electronic Money Institutions, and aims at uniformity in practice.
Laws & Regulations
BKM (Interbank Card Center) membership is available in 3 statuses: bank, institution or HSK. This post explains the eligibility criteria for each status, the 12-month certification requirement and the BKM fee principles.
Laws & Regulations
The upper limit for FAST transactions, raised to 1,000 TL on 29 January 2021, was increased to 2,000 TL on 4 August 2021, and payment and e-money institutions began applying to join the system.
Payment Institutions & E-Money
Applications for electronic money and payment institution licenses have risen sharply with technology and digitalization, and obtaining the operating license can be the most tiring part. Here is where to find the application form.
Payment Systems
Under the regulation published on 25 September 2020 in Official Gazette No. 31255, institutions that sign merchant agreements must now be able to track transactions at the sub-merchant level.