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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.
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.
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.
Credit Card
KKB (Credit Registration Bureau) is a private company established in 1995 under Banking Law No. 5411 with nine bank shareholders, sharing credit information among member institutions.
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.
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.
Laws & Regulations
This guide sets out the procedures and principles for reporting suspicious transactions for obliged parties other than the groups individually listed in the AML regulation, such as banks and insurers.
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.
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.
Merchant & POS
There are many players in the POS and OKC (Payment Recording Device) market in Turkey. Some of these companies are foreign, while others are domestic. Let's get to know these companies: Ingenico, Verifone, Interpay (PAX), and more.
Merchant & POS
When signing a merchant agreement, merchants declare their line of business, which banks record as an MCC (Merchant Category Code). A merchant may only sell products or services within the line of business declared to its bank.
Credit Card
Grab, one of Southeast Asia's ride-hailing companies with a strong interest in finance, has introduced the GrabPay Card. Like the Apple Card, the physical card carries no card number, name or expiry date.