Central Bank's FAST decision: New features activated

The Central Bank has expanded the scope of its service by adding new features to the FAST Request to Pay Layer Service. This service, which has been used by individual users since 2024, has now been made accessible to corporate users as well.

With the update, the FAST Request to Pay Service can be used for business-to-business payments, and it will also allow businesses to easily initiate payment requests for transactions with individual users.

In a statement from the Central Bank, it was reported that new functions such as "partial payment," "early payment," and "payment deferral" for corporate users have been added to the service. These features were made available as of January 18, 2025.

WILL PROVIDE CONVENIENCE IN PAYMENTS

The following information was provided in the statement:

"The FAST Request to Pay Layer Service will bring new conveniences to users with its diversified functions and areas of use, while creating added value at many points in the payments ecosystem.

In the FAST System, which offers 24/7 instant and secure money transfer, the number of participants consisting of banks and payment and electronic money institutions rose to 42 in 2024. The transaction volume of the FAST System, which is used as an alternative payment method to cash and cards to meet the needs of the payments ecosystem, has been observed to average 13.8 million per day in December 2024 since the day it was put into production.

The FAST System enables users to make their payments easily, securely, and quickly through layered services. Innovative technologies where layer services work together aim to encourage competition and innovation in the field of payments and the emergence of new business models."

News Source: 12punto