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Open Banking
Under the communiqué, service model banking does not require a separate BRSA license, but the service bank must notify the BRSA in writing before signing a contract with an interface developer.
Open Banking
Digital banking is talked about more every day, and with the BRSA's support in defining its scope, it is about to enter our lives. A 'digital bank' is a credit institution that provides banking services mainly through electronic channels rather than physical branches.
Payment Systems
Official Gazette No. 32332 dated 07.10.2023 published the amending Regulation and Communiqué covering digital wallets, e-money, share transfers, cloud outsourcing, remote identity verification and card system choice.
Open Banking
Embedded Finance means integrating financial products and services into non-financial platforms, experiences or business processes. In other words, services offered by financial institutions become part of the product or service flows of non-financial organizations.
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.
ATM
Banks generally prefer to handle their own ATM software and operations. Some banks have third-party firms develop the software while handling operational processes themselves, so each bank ends up doing separate work for both.
Merchant & POS
The batch number is kept on the POS, incremented by 1 at each end of day, used to transfer transactions to the merchant account and for reconciliation. It's tracked on both the POS and the bank's system.
Payment Institutions & E-Money
The Central Bank (CBRT) approved the Crowdfunding System Activity of the Central Registry Agency (MKK) as one of its other activities. Here is the Official Gazette decision and what Article 17 of the regulation says.
Payment Systems
When we hear “payment systems”, card transactions at POS terminals or ATMs usually come to mind. Let's look together at the payment systems recognized by the Central Bank.
Clearing
In payment systems, a transaction made at a merchant or ATM with a card issued by a different bank becomes subject to clearing. Netting offsets each participant's receivables and payables from these transactions into a single balance.
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...
FAST
Yes. The FAST system was first launched with the participation of banks in Türkiye, and integration has been completed with 21 banks. Non-bank institutions meeting the criteria, such as payment and e-money institutions, will also be able to join.