Press Release on CBRT Instant Payment System

The Central Bank of the Republic of Turkey (CBRT) has introduced a new retail payment system that name is Instant and Continuous Transfer of Funds (FAST). Thanks to system, fund holders could transfer money between their accounts at different banks on a 24/7 basis.  

The FAST System operated on 18 December 2020 as a pilot run and aim is to cover all financial institutions. Apart from The FAST System, The Easy Addressing System that enables to initiate payments more easily by using data such as telephone numbers, ID numbers, or e-mail addresses, will also be made available for use by all fund holders. 

The CBRT will be completing a step in its endeavors to develop the country’s retail payment systems infrastructure in a way to support innovative financial technologies and methods of executing and handling payments. These developments will make innovative financial technologies an indispensable part of daily life and provide major contributions to the target of a full-fledged digital economy.

Resource: TCMB (CBRT)