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The Central Bank (MB) announced that a new payment system called FAST (Instant and Continuous Transfer of Funds) has been developed and money transfers (EFT) can now be made between different bank accounts in seconds, at any day and time.
The description of MB is as follows:
“The Central Bank has completed its preparations to put into service a new payment system. With this new system called FAST (Instant and Continuous Transfer of Funds), our citizens will be able to make money transfers between their accounts at different banks in seconds, 7 days 24 hours.shoot.
The FAST System is scheduled to enter service as a pilot application as of December 18, 2020 and gradually open for use by citizens. The system aims to generalize in a short time to include all financial institutions.
With the FAST System, the Easy Addressing System will also be available to our citizens, which allows payments to be initiated more easily using information such as phone number, identification number or email address.
Therefore, an important step will be completed in the BC’s efforts to develop the infrastructure of our country’s retail payment systems to support innovative financial technologies and business methods.
These developments, which will strengthen the basic infrastructure in the field of payments, are seen as making a significant contribution to the goal of the digital economy by making innovative financial technologies an indispensable part of life.. “
İşbank launches pilot on December 18
Turkey Business Bank, the Central Bank of Turkey from December 18, 2020 of the pilot will start in the fast instant payment system ‘Easy steering’announced that it will allow its customers to make money transfers easily using information such as mobile phone number, email or identity number instead of the long IBAN.
Money transfers of up to 1000 TL can be made via İşCep and Internet Branch.
İşbank Deputy General Manager Şahismail Şimşek said: “Now, whoever wishes can transfer money to our clients who define information such as mobile phone, email or identification number to their account, through the Instant and Continuous Funds Transfer structure, using this easy information registered in the system Easy Address instead of IBAN “.
