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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.
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.
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.
Laws & Regulations
A payment institution is a legal entity that provides payment services for electronic payments through the infrastructure it offers. This article covers the Turkish regulatory framework, licensing, safeguarding, supervision, penalties and taxation.
Credit Card
This communiqué sets the rules for managing information systems used in bank card and credit card transactions. Card scheme operators, issuers, acquirers, merchants and outsourced service providers are all within its scope.
Laws & Regulations
No. There is an exemption for technical service providers that offer IT support for the provision of payment services. However, they have responsibilities under the Communiqué on outsourcing and information security.
Security
The first transaction made after a customer's card data is stored with a merchant is called the First Credential-On-File transaction. BKM expects it to be flagged with the value "C" in switch message field DE48.PDS86, and BRSA draft rules govern how card data may be stored.
Laws & Regulations
It is the regulation that sets out the procedures and principles for banks procuring support services, that is, outsourcing. Some services such as catering, legal counsel and advertising are outside its scope.
Laws & Regulations
This communiqué regulates the procedures and principles for the information systems used in running payment and securities settlement systems, from information security to business continuity.
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.