Economy

Turkish C.Bank set to launch new retail payment system

New system to allow fund holders to transfer money between accounts at different banks within seconds, 24/7

Aysu Bicer   | 12.11.2020
Turkish C.Bank set to launch new retail payment system

ANKARA 

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.

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.

The bank said these developments, which will strengthen the basic payment infrastructure, will expedite efforts to transition to a full-fledged digital economy in Turkey.

Anadolu Agency website contains only a portion of the news stories offered to subscribers in the AA News Broadcasting System (HAS), and in summarized form. Please contact us for subscription options.