CBRT Announces Direct Participation of Payment and Electronic Money Institutions in the FAST System

The Instant and Continuous Transfer of Funds System (“FAST”), a new generation 24/7/365 instant payment system, operated by the CBRT and launched on January 8, 2021, meets the need for instant fund transfers and payments at any time and is being widely used increasing every day.

To increase the scope and coverage of the FAST System, which is an important component of the digital economy roadmap within the context of the Central Bank of the Republic of Turkey’s (“CBRT”) Liraization Strategy, Payment and E-Money Institutions that fulfill the pre-determined requirements will be allowed to directly participate in the FAST System in 2023. This development is expected to support and improve the competition and innovation within the payments ecosystems and contribute to the provision of new and value-added services.

In addition, preparations for FAST Merchant Payments, which will enable the FAST System to be used as a complementary to existing payment tools, have also been completed. FAST Merchant Payments, which provides instant payment from account to account, via scanning the TR-QR Code displayed on the screens of mobile applications and Point of Sale (“POS”) devices, will make the day-to-day lives of citizens easier. FAST Merchant Payments and innovative applications that support person-to-person payments will be launched in the first quarter of 2023.

You can reach further information here.

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Zumbul Attorneys at Law

info@zumbul.av.tr