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Payment System Institutions
These are credit institutions providing financing to individuals and companies for purchasing goods and services. Financing companies specialize mainly in vehicle loans, offering fast and flexible point-of-sale solutions distinct from banks.
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.
Laws & Regulations
The Regulation amending the Regulation on Program of Compliance with Obligations of Anti-Money Laundering and Combating the Financing of Terrorism has been published. It introduces financial group compliance rules, a deputy compliance officer and wider scope.
Payment Systems
MASAK has published a report on the money laundering and terrorist financing risks of obliged parties that are not financial institutions under Law No. 5549.
Laws & Regulations
Law No. 5549 introduced legal rules to prevent money laundering and terrorist financing, defined obligations, and expanded MASAK's remit to cover the fight against terrorist financing as well as money laundering.
Payment Systems
Fintech, short for financial technologies, is a term for companies that bring together finance and technology to provide easy and fast financial services, growing rapidly worldwide.
Credit Card
KKB was established, under banking law, to enable the exchange of all kinds of information and documents among at least five banks, and it also shares credit information about customers. The Credit Bureau of Turkey also serves deposit banks, participation banks, financial institutions, and more.
Payment Systems
This MASAK General Communiqué sets out the simplified customer due diligence measures that obliged parties must follow under the regulation on preventing money laundering and terrorist financing.
Laws & Regulations
The Equity-Based Crowdfunding Communiqué entered into force with its publication in the Official Gazette on 03.10.2019 and explains how money is raised from the public through crowdfunding platforms in exchange for shares. What are crowdfunding and equity-based crowdfunding?
Payment Systems
Know Your Customer, in short, means identifying your customer. The process by which institutions identify their customers and determine their suitability for a business relationship and the risks they may pose is called KYC.
Closed-Loop Payments
Is Alipay a payment system, or a digital economy? In the previous post we discussed how Starbucks shows that payment systems can evolve into a different structure. At first the goal was to make payment easier for the customer. As the system grew, loyalty programs...
Credit Card
Major Industry Identifier (MII) is the first digit of a credit card number, representing the category of the institution that issued the card. The MII values and their corresponding categories are listed below.