Central Bank announces: New era begins for FAST payments

The Central Bank of the Republic of Turkey (CBRT) has published a press release regarding the Instant and Continuous Transfer of Funds (FAST) Secure Payment Transaction Layer Service.

Accordingly, the FAST Secure Payment Transaction Layer Service has been launched for payment transactions requiring approval. The limit for this application has been set at 2 million TL in the first phase.

According to the statement made by the CBRT, the service will primarily be used for second-hand vehicle purchase and sale transactions, as well as other business models.

The statement from the Central Bank is as follows:

"The FAST Secure Payment Transaction Layer Service, which will provide a controlled environment for payment transactions requiring approval/registration, was opened for use as of May 31, 2024. The service will be available for use primarily in second-hand vehicle purchase and sale transactions, as well as in other business models where there is a need to provide assurance to the parties involved in the transaction.

The Secure Payment Transaction, which is an intermediary service built on the FAST System, provides assurance to the parties involved in the transaction by holding the amount at a FAST participant institution until the processes are completed for money transfers to be made for transactions requiring approval/registration by authorized institutions.

With this service, it is guaranteed to the user sending the payment that the amount will not be transferred to the other party until the approval/registration process is completed, and to the user receiving the payment that the amount will be credited to their account once the approval/registration process takes place. The FAST Secure Payment Transaction will be available for use within a transaction limit of 2 million TL in the first phase.

It is anticipated that the Secure Payment Transaction Layer Service will spread rapidly, just like other layer services of the FAST System."