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The Central Bank of the Republic of Turkey (CBRT) has launched Open Banking services, an important component of the digital economy roadmap of the liraization strategy.
Central Bank of Turkey launches Open Banking
The Digital Turkish Lira Collaboration Platform was unveiled by the CBRT in September 2021, with the aim of ensuring that lira payments remain the “most practical, pragmatic, cheapest and most inclusive means of payment”, in line with the country’s digitalization goals.
In the statement made by the CBRT, it said that the standard for Open Banking transactions developed by the Interbank Card Center (BKM) has started to serve interested parties through the ‘Open Banking Gateway’ (GECIT) infrastructure.
In the statement, it says, six banks had successfully completed their tests and technical certifications and started to serve as account service providers through ‘GECIT’.
The CBRT and ICC, Turkey’s Interbank Card Center, collaborated, in line with regulation, to determine the Data Sharing in the Field of Payment Services (DSSP) implementation strategy, taking into account “best global practices”, while considering “the particular conditions and special needs of Türkiye”.
In the statement made by CBRT, services in the field of payments include Instant and Continuous Transfer of Funds System (FAST) that allows 24/7/365 instant money transfer, TR QR Code, IBAN numbers, which are the national QR code standard of the country .
With the Easy Addressing System, which allows FAST payments to be made with a phone number, ID number or e-mail address, and the Digital Turkish Lira Cooperation Platform announced by the CBRT on September 15, 2021, it has made a very big step in contributing to the country’s economy in line with its digitalization goals.
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