Turkish Central Bank set to launch new retail payment system
12:58, 12/11/2020, ThursdayU: Update: 13:01, 12/11/2020, Thursday
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A logo of Turkey's Central Bank is pictured
New system to allow fund holders to transfer money between accounts at different banks within seconds, 24/7
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.