Legal AlertThe Central Bank of the Republic of Türkiye Published the Press Release on the Participation of Payment and Electronic Money Institutions in the FAST System.

27 December 2022

Press Release dated 26.12.2022 and numbered 2022-53 on the participation of payment and electronic money institutions in the FAST System (“Press Release”) has been published on the website of the Central Bank of the Republic of Türkiye(“CBRT”).

According to the Press Release, the Instant and Continuous Transfer of Funds (“FAST”) System, which was designed and developed by the CBRT and made operational in 2021, is currently being used by 24 participating banks.

The CBRT also announced that payment and electronic money institutions will also be allowed to directly participate in the FAST system in 2023 and it was also emphasized that 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.

Lastly, it has been announced that the preparations for FAST Merchant Payments, which provide 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, has been completed and will be launched in the first quarter of 2023.

You may reach the full Turkish text of the related press release via the link below: