Friday, Dec 04

Central Bank to launch new retail payment system

The bank said new developments will expedite efforts to transition to a full-fledged digital economy in Turkey.
12.11.2020 - 13:29

The Turkish Central Bank is set to launch a new retail payment system, aiming to develop the country's payment infrastructure to support innovative financial technologies.

TRANSFERING MONEY WILL BE DONE WITHIN SECONDS

The Instant and Continuous Transfer of Funds (FAST) system will be operational on Dec. 18 2020 as a pilot run before gradually being put into full service, according to a written statement by the bank on Thursday.

"FAST will allow fund holders to transfer money between their accounts at different banks within seconds on a 24/7 basis," it said.

Along with FAST, the Easy Addressing System, which facilitates payments by using information like phone or ID numbers and e-mail addresses, will also be made available for use by all fund holders.