CBRT announces: New era in FAST
The Central Bank of the Republic of Turkey (CBRT) has issued a press release regarding the Instant and Continuous Transfer of Funds (FAST). According to the statement, the "FAST Request to Pay Layer Service," which allows a creditor to request a FAST payment from a debtor, has been launched.
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The Central Bank of the Republic of Turkey (CBRT) has issued a press release regarding the Instant and Continuous Transfer of Funds (FAST).
PAYMENT WILL BE INITIATED BY THE CREDITOR
According to the statement, the "FAST Request to Pay Layer Service" has been launched. Accordingly, it provides a communication and approval mechanism between two parties to allow the creditor to initiate the payment, thereby enabling the money transfer to begin.
It is anticipated that the Request to Pay Layer Service will create added value in many areas of the payment ecosystem in future phases, including e-commerce payments, e-mandate payments, and corporate bill payments.