Search
272 articles found
Payment System Institutions
BKM (Interbank Card Center) was founded in 1990 to clear and reconcile credit and debit card payments. This post covers its public collection solutions: contactless transport in Konya, SGK premium payments and e-Government gateway fees.
HSM & Security
ZWK stands for Zone Working Key. It encrypts the PIN so that it can travel securely between different financial institutions, such as the acquiring bank and the issuing bank.
Laws & Regulations
It is the regulation that sets out the procedures and principles for banks procuring support services, that is, outsourcing. Some services such as catering, legal counsel and advertising are outside its scope.
EMV
BIC stands for Bank Identifier Code. It is the universal bank identification code used for automated processing in banking and related financial environments, identifying banks as specified by the ISO 9362 standard.
HSM & Security
LMK stands for Local Master Key. The Local Master Key (LMK) is the HSM's master key, and all other keys used by the institution are secured under this key. As transaction volume increases, banks often use multiple HSMs to reduce the load on each device.
Security
Before 3D Secure 2.0, let's explain what 3D Secure is. 3D Secure is a two-layer payment authentication system that protects both the cardholder and the merchant in online payments. First released by Visa in 1999, it was later adopted by other card schemes…
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.
Debit Card
The main difference between embossed debit cards and standard debit cards is that the card number, cardholder name, and expiration date are printed in raised, embossed format rather than flat.
Payment Systems
In payment systems, an “appeal” is the process of objecting to the outcome of a transaction dispute. It is usually discussed alongside chargebacks, but it plays a critical role in interbank dispute resolution, when a party asks the card scheme to re-evaluate a concluded decision.
Online & Authorization
You press the pay button and the screen says the transaction failed. Behind that failure are checks on your balance and transaction security. This post explains how funds confirmation APIs work, where they apply, and the situation in Turkey's open banking.
Payment Systems
Open banking means sharing financial data with third parties securely, and Payment Services Data Sharing Services (OHVPS) are the two core payment services under it. This post explains both and where to find the participant list on the BKM website.
Merchant & POS
With advances in technology, mobile phones can now be used for many functions besides calls and internet access. One such innovation is the ability to use smartphones or tablets as POS devices.