The Central Bank of the Republic of Turkey (CBRT) announced the activation of the FAST (Instant and Continuous Transfer of Funds) Payment Request Layer Service, enabling creditors to request FAST payments from debtors.
According to the CBRT statement, the layer service, initially introduced for person-to-person payments, facilitates the initiation of payment between two parties by providing communication and approval mechanisms initiated by the creditor.
The Payment Request Layer Service is designed to work alongside various business models, in addition to person-to-person payments.
In the future, the service is expected to add value to the payment ecosystem in various areas, including e-commerce payments, e-instruction payments, and corporate invoice payments.
The statement highlighted that the participant count of the FAST System, which provides instant and secure money transfer 24/7, reached 36 in 2023. The increasing transaction volume of the FAST System has been observed, averaging 11 million transactions per day in January.
The announcement stated, “Since the first day of production of the FAST System, which is used as an alternative payment method to cash and cards, along with its layer services, it is aimed to stimulate competition and innovation in the payment sector, open the way for new business models, and serve as a transparent, secure, and fast payment method, making it easy for users to manage their financial situations and facilitate their daily lives.”
The CBRT expects that the innovative technologies provided by the FAST System’s layer services will encourage competition and innovation in the payment sector, fostering new business models while offering users a transparent, secure, and fast payment method for managing their financial situations and simplifying their daily lives.
source: aa.com.tr / prepared by Melisa Beğiç