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SEFER YUKSEL
The Central Bank of the Republic of Turkey (CBRT) has announced the completion of the preparation of a new payment system. With the system called FAST (Continuous Instant Fund Transfer), citizens are expected to transfer money between their accounts at different banks 24/7. With the FAST System, which is scheduled to enter service as a pilot application from December 18, 2020 and gradually open to use by citizens, the separation of remittances and EFT in money transfers will also disappear.
PAYMENT BY EMAIL AND PHONE NUMBER WITHOUT IBAN
With the FAST system, payments can be made around the clock using information such as phone number, identity number, or email address without an Iban number. The system in question will be used not only for person-to-person payments but also for business payments. In the Central Bank statement, it was highlighted that the Easy Address System, which will provide these opportunities, will also be available to citizens. So what is the Easy Addressing System? In the system, the bank’s customer compares their mobile phone, TR ID number, passport number, or email information with the bank’s Ian number for once. The person who will send money to that person with the FAST system can also send money to their phone number or email address from any bank.
’11 BANKS WILL START IN THE PILOT PERIOD ‘
Major bankers, who reported to Bloomberg HT, said the FAST system will be tested first with 11 banks. Stating that there will be a limit of 1,000 TL on transfers during the pilot period, the bankers stated that both the limit and the number of banks will be gradually increased. After a certain point, it was stated that e-money organizations will also be included in the system. Bankers point out that FAST should not only be seen as a money transfer, but also a very important advance in terms of diversity of payment methods.
In the Central Bank statement: “In this way, an important step will be completed in the CBRT’s efforts to develop the infrastructure of our country’s retail payment systems in a way that supports financial technologies and innovative business methods. It is assessed that you will make a very important contribution in line with the goal of the digital economy by making it part of it.
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