As of February 23, 2024, the Central Bank of the Republic of Turkey (CBRT) has updated its infrastructure to transition to a more flexible and independent architecture. This renewed structure encompasses components such as the Interbank Turkish Lira Transfer System (EFT), the Customer-to-Customer Turkish Lira Transfer System (PÖS), and the Electronic Securities Transfer System (EMKT).
The FAST (Instant and Continuous Transfer of Funds) Payment Request Layer Service has been launched as a service that allows creditors to promptly request payments from debtors. Initially designed for person-to-person payments, this service initiates money transfers by providing a communication and approval mechanism for the creditor to trigger the payment. Additionally, it is designed to be compatible with various business models and is expected to be utilized in areas such as e-commerce, e-orders, and corporate bill payments in the future.
The conditions for participation in the Workplace Registration System have been updated, new rules have been added for the Workplace Registration System Data Sharing Services, and a few textual corrections have been made.
The BKM (Card Payments) TR QR Code Technical Principles and Rules Guide has been updated to version 1.2, defining payment processes that include customer verification through real-time notification approval in cash deposit transactions via QR codes at ATMs and payment transactions carried out through Third-Party Mobile Applications.
The QR Code Referral System (KYS) Rules have been updated to version 1.2, incorporating provisions related to the process of depositing money into accounts via ATMs, allowing indirect participation by payment service providers and payment system operators located abroad, specifying additional responsibilities for the relevant participants, and detailing these matters in the KYS Reference Document issued by BKM.
With the publication of the Digital Turkish Lira Phase One Evaluation Report, a detailed assessment of the first phase of the digital Turkish Lira project conducted by the Central Bank of the Republic of Turkey (TCMB) has been presented. This report outlines the research and development activities, pilot tests, key findings, and the design of the Digital Turkish Lira system, infrastructure preparations, technological requirements, security measures, and pilot test processes related to the first phase. It emphasizes that the final decision regarding the circulation of the Digital Turkish Lira will be possible through the implementation of the relevant legislation and the acceleration of the dissemination efforts.
According to Article 7 of the "Guidelines for External Service Providers Offering Community Cloud Services to Payment and Electronic Money Institutions" under the Compliance Monitoring section, which states, "The external service provider is required to notify the Bank in detail about this situation and the nature of the service to be provided before including a new institution/organization in the shared hardware and software resources and obtain the Bank's approval," it has been communicated by the Central Bank of the Republic of Turkey (TCMB) to payment service and electronic money institutions wishing to benefit from community cloud services that they must apply for TCMB approval, including a draft external service contract and a detailed description of the services to be provided, before starting to use the service.
According to Article 7 of the "Guidelines for External Service Providers Offering Community Cloud Services to Payment and Electronic Money Institutions" under the Compliance Monitoring section, which states, "The external service provider is required to notify the Bank in detail about this situation and the nature of the service to be provided before including a new institution/organization in the shared hardware and software resources and obtain the Bank's approval," it has been communicated by the Central Bank of the Republic of Turkey (TCMB) to payment service and electronic money institutions wishing to benefit from community cloud services that they must apply for TCMB approval, including a draft external service contract and a detailed description of the services to be provided, before starting to use the service.
As of February 23, 2024, the Central Bank of the Republic of Turkey (CBRT) has updated its infrastructure to transition to a more flexible and independent architecture. This renewed structure encompasses components such as the Interbank Turkish Lira Transfer System (EFT), the Customer-to-Customer Turkish Lira Transfer System (PÖS), and the Electronic Securities Transfer System (EMKT).
The FAST (Instant and Continuous Transfer of Funds) Payment Request Layer Service has been launched as a service that allows creditors to promptly request payments from debtors. Initially designed for person-to-person payments, this service initiates money transfers by providing a communication and approval mechanism for the creditor to trigger the payment. Additionally, it is designed to be compatible with various business models and is expected to be utilized in areas such as e-commerce, e-orders, and corporate bill payments in the future.
The conditions for participation in the Workplace Registration System have been updated, new rules have been added for the Workplace Registration System Data Sharing Services, and a few textual corrections have been made.
The BKM (Card Payments) TR QR Code Technical Principles and Rules Guide has been updated to version 1.2, defining payment processes that include customer verification through real-time notification approval in cash deposit transactions via QR codes at ATMs and payment transactions carried out through Third-Party Mobile Applications.
The QR Code Referral System (KYS) Rules have been updated to version 1.2, incorporating provisions related to the process of depositing money into accounts via ATMs, allowing indirect participation by payment service providers and payment system operators located abroad, specifying additional responsibilities for the relevant participants, and detailing these matters in the KYS Reference Document issued by BKM.
With the publication of the Digital Turkish Lira Phase One Evaluation Report, a detailed assessment of the first phase of the digital Turkish Lira project conducted by the Central Bank of the Republic of Turkey (TCMB) has been presented. This report outlines the research and development activities, pilot tests, key findings, and the design of the Digital Turkish Lira system, infrastructure preparations, technological requirements, security measures, and pilot test processes related to the first phase. It emphasizes that the final decision regarding the circulation of the Digital Turkish Lira will be possible through the implementation of the relevant legislation and the acceleration of the dissemination efforts.
According to Article 7 of the "Guidelines for External Service Providers Offering Community Cloud Services to Payment and Electronic Money Institutions" under the Compliance Monitoring section, which states, "The external service provider is required to notify the Bank in detail about this situation and the nature of the service to be provided before including a new institution/organization in the shared hardware and software resources and obtain the Bank's approval," it has been communicated by the Central Bank of the Republic of Turkey (TCMB) to payment service and electronic money institutions wishing to benefit from community cloud services that they must apply for TCMB approval, including a draft external service contract and a detailed description of the services to be provided, before starting to use the service.
According to Article 7 of the "Guidelines for External Service Providers Offering Community Cloud Services to Payment and Electronic Money Institutions" under the Compliance Monitoring section, which states, "The external service provider is required to notify the Bank in detail about this situation and the nature of the service to be provided before including a new institution/organization in the shared hardware and software resources and obtain the Bank's approval," it has been communicated by the Central Bank of the Republic of Turkey (TCMB) to payment service and electronic money institutions wishing to benefit from community cloud services that they must apply for TCMB approval, including a draft external service contract and a detailed description of the services to be provided, before starting to use the service.
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