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Merchant & POS
The EU Payment Services Directive 2 (PSD2) is the EU's payment services law. ÖDED translated it into Turkish, creating an important handbook for anyone wanting to invest or work in this area.
Merchant & POS
PSD stands for Payment Services Directive, known as the Payment Services Law. It took effect in EU countries in 2009, and in 2015 new revisions were announced as PSD1, aiming to build an efficient, fast, secure, and competitive payment market.
Payment Systems
Digital Account Checking underpins many innovative banking and FinTech services. In most cases, it is performed by Account Information Service Providers, which supply data from customers' online bank accounts to other banks and third-party providers.
Credit Card
From the outside, Visa contactless looks simple, but once the limit is exceeded and PIN comes into play it gets deeper. Why do response codes 65 and 70 behave so differently on POS devices in different countries, such as the Netherlands and Saudi Arabia?
Payment Systems
Digitalization keeps changing the speed and shape of payments. AI-based payment agents pay on their own within user-defined limits and rules, completing transactions without the user initiating any action. This post explains how they work and what to watch for.
Payment Institutions & E-Money
On 7 October 2023, the CBRT amended the Communiqué on Information Systems of Payment and E-Money Institutions and Data Sharing Services of Payment Service Providers, first published on 1 December 2021. Links to the new text, a comparison table and a detailed summary of changes follow.
Payment Systems
Open banking opens financial data, under the regulations and with the customer's explicit consent, to third-party service providers through standard APIs. The CBRT has published a guide on payment initiation and account information services, covering licensing and technical certification.
Payment Institutions & E-Money
The first Payment Services Directive (PSD1) was adopted in 2007 to provide the legal basis for a single EU payments market. PSD2, Directive 2015/2366, replaced it to make payments safer, more integrated and more competitive.
Payment Systems
Law No. 7192 amends Law No. 6493 and brings changes on payment services, e-money and open banking, including the transfer of regulatory and supervisory powers from the BRSA to the CBRT and the addition of PSD2-style services.
Payment Institutions & E-Money
Under the Law on Payment Services and Electronic Money Institutions, the organs, duties and powers, and working principles of the Payment and Electronic Money Institutions Association of Turkey have been determined. The statute is now in force.
Payment Systems
Strong Customer Authentication (SCA) is a security requirement introduced under the EU's Payment Services Directive 2 (PSD2) to increase security and reduce fraud in online payment transactions. SCA requires two of three independent authentication factors.
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.