CBRT Launches New FAST Service for Secure Payments in Second-Hand Car Sales

New Service Introduced with a Transaction Limit of ₺2 Million

The Central Bank of the Republic of Turkiye (CBRT) has introduced the FAST Secure Payment Layer Service, initially applied to second-hand car sales transactions. This new payment system imposes a transaction limit of ₺2 million in its first phase.

Secure Payments with FAST: Enhancing Trust in High-Value Transactions

The Central Bank of the Republic of Turkiye has announced the launch of the FAST Secure Payment Layer Service for transactions requiring approval or registration. According to the CBRT’s website, the service, which became available on May 31, aims to provide assurance to parties involved in transactions, starting with second-hand vehicle sales.

The Secure Payment Layer Service, built on the FAST System, offers an intermediary service where the transaction amount is held by a FAST participant institution until the process is completed, ensuring security for both parties. This means the sender’s payment will not be transferred to the receiver until the approval/registration process is finalized, guaranteeing the receiver that the amount will be credited once the process is completed.

With an initial transaction limit of ₺2 million, the FAST Secure Payment Layer Service is expected to rapidly gain popularity, similar to other services within the FAST System.

Source: / Prepared by Irem Yildiz

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