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Nerener provided the following answers to the AA reporter’s questions regarding the Central Bank’s process of becoming a partner in BKM, the future of the payment system and BKM’s activities in the new period.
QUESTION: “Why was the Central Bank authorized to become a shareholder with the amendment of law number 6493 in November 2019?”
ANSWER: “Ensuring that the payment systems in our country work without interruption” is one of the Central Bank’s main duties. In this sense, our bank is both the founder and the operator of the Electronic Funds Transfer (EFT) system, which is the most important payment system in our country. In November 2019, the Payment and Securities Agreement Although the Central Bank has become the only authorized institution in the field of payments, our functions and responsibilities in this area have increased as the Central Bank has become the only authorized institution in the field of payments. Operators of “systemically important” systems that have the potential to adversely affect economic activity, namely, have the authority to become shareholders. “
QUESTION: “What kind of participation are you talking about at BKM, can you explain a little?”
ANSWER: “BKM is a corporation established to provide services in the field of card payments. BKM is highly involved in matters such as management and verification services for card payments in our country, carrying out compensation and reconciliation between issuers and institutions that accept card transactions, establishing connections with foreign organizations of the card system. In addition, some rules applied by institutions operating in the field of card payments are also determined by BKM. With the decision made, the Central Bank became a shareholder of BKM, a systemic systems operator, buying the majority shares. Additional roles and responsibilities will be assigned to BKM regarding development problems determined by our bank in the field of payments. He will continue to be its representatives “
“WE WANT TO BE A SAMPLE MODEL WORLDWIDE IN THE PAYMENT SYSTEM”
QUESTION: “Will BKM, of which you will be a shareholder, be profit oriented?”
ANSWER: “BKM will definitely not be a for-profit organization. The decision made here is to strengthen compliance with payment systems and financial technologies and direct their transformation. The objective of this initiative is the responsibility of our bank to operate the payment systems I pay in an inclusive, uninterrupted, effective and efficient way. ” can be fulfilled. “
QUESTION: “What changes should we expect in BKM’s activities after the Central Bank becomes a shareholder?”
ANSWER: “As the Central Bank, we want to contribute to the creation of a competitive payments ecosystem, which can be a model model in payment systems worldwide, constantly improving its technology according to the requirements of the day. In the new planned structure , BKM will investigate the application areas of innovative payment methods, as well as its activities in the field of card payments. It will contribute to the development of the platform for instant retail payments, which will operate 24 hours a day and will play an active role in creating of standards needed for the payment field, such as QR code and open banking. It will be a regional and then global benchmark in the payment field by opening BKM abroad and expanding its network. We will soon share our roadmap with the public regarding the role it will take. “
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