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Payment System Institutions
The European Payments Initiative (EPI), formerly known as PEPSI, is an ECB-backed payment integration initiative aiming to build a pan-European payment system and interbank network to rival Mastercard and Visa. Its founding members include BBVA, BNP Paribas, CaixaBank, Commerzbank and others.
Payment Institutions & E-Money
No. As of the license application date, the internal control and risk management units must already be set up, with their staff, job descriptions, powers and responsibilities defined.
Payment Institutions & E-Money
A prepaid card usable only at goods and service providers inside a single holiday village is considered to be used within a limited network and outside the scope of the Law, provided certain conditions are met.
Payment Systems
Global technology companies' interest in payment systems keeps growing every day. According to reports, Apple has begun planning work on infrastructure to accept installment payments with Apple Card, letting users pay in monthly installments.
Laws & Regulations
Yes. A payment or electronic money institution may outsource its information systems, provided it complies with Articles 11 and 16 of the Information Systems Communiqué and Article 13 of the Regulation.
Laws & Regulations
A prepaid card used only in brand X's stores is considered to be used “only within a limited network of service providers”, and therefore outside the scope of the Law under Article 18(5). Each business model must still be assessed separately.
Laws & Regulations
A prepaid card used only for transport is considered to be used “only to purchase a limited range of services” and therefore outside the scope of the Law under Article 18(5). Each business model must still be assessed separately.
Laws & Regulations
No. Under Law No. 6493, a payment system is a structure completely different from a payment institution and requires CBRT permission. Using such a name without permission can lead to criminal penalties.
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
No. Companies whose shareholders are foreign individuals or legal entities can also apply for an operating license, provided documents on foreign shareholders are submitted in line with Article 61 of the Regulation.
Payment Systems
All payment and electronic money institutions operating in Türkiye fall under the relevant regulation. A license from a foreign authority is not enough; a foreign institution must obtain a license from the Central Bank.
Credit Card
SAFE, short for System to Avoid Fraud Effectively, refers to fraud records created by issuing banks. Fraud records sent in the Mastercard clearing format fall under the SAFE category.