Pursuant to the Law no. 6493 on Payment and Securities Settlement Systems, Payment Services and Electronic Money Institutions dated 27 June 2013, the payment services refer to:
- All the transactions required for the operation of the payment account, including the services that allow deposits to and withdrawals from the payment account,
- A direct debit transaction, including one-off transactions, a payment transaction via a payment card or similar instrument, and a money transfer, including a standing order, involving the transfer of fund from the payment account of the payment service user before the payment service provider,
- Issuance or acceptance of a payment instrument,
- Remittance,
- A payment transaction in which the consent of the payer for the payment to be provided by means of an IT or electronic communication device and the payment is made to an IT or electronic communication operator that acts only as an intermediary between the payment service user and the supplier of goods or services,
- Corresponding services that enable billing,
- A payment order initiation service offered at the request of a payment service user in relation to a payment account before another payment service provider,
- The service of making available on online platforms consolidated information on one or more payment accounts of the payment service user with payment service providers, provided that the consent of the payment service user has been obtained,
- Other transactions and services in the field of payments that reach a level to be determined by the CBRT in terms of total size or sphere of influence.
Payment institutions and electronic money institutions may provide payment services within the scope of the operating license issued by the CBRT.
New Payment Services
The concept of open banking aims to enable customers (consumers) of banks and financial institutions to access basic financial services in a competitive environment with the highest quality and most affordable prices. Developments in "Open API" technology make it technologically possible to achieve this objective.In Turkey, customers who are individuals and legal entities have a general approach of working with more than one bank. In order for viewing the accounts that are already held by them and issuing payment orders, it is necessary to log in to the application of each bank and/or financial institution and issue such instructions separately. This means keeping a large number of user codes and passwords, leading to operational problems for users. Therefore, there is a need for monitoring accounts before the different banks and financial institutions through a single application and issuing the payment orders.
The regulation aims to enable Account Information Service Providers (AISP) and Payment Initiation Service Providers (PISP) to offer this opportunity to their customers. Eventually, consumers will be provided with the opportunity to choose the Payment Initiation Service Provider or Account Information Service Provider that provides the best and most convenient service to them, and they will be able to view all their accounts and trigger payments through this service provider. This will increase competition among service providers, improve service quality and reduce service fees.
Payment institutions, electronic money institutions and banks wishing to serve as AISP or PISP are required to complete their system development in accordance with the standards set by the Interbank Credit Center (BKM) and integrate with BKM. In this manner, system participants will not be under the obligation to integrate with each other separately, and a service provider that completes its integration with the BKM will automatically integrate with all participants in the system.
It is planned drawing TRY accounts to be included in the scope of the application initially, and other types and currencies are planned to be included in the scope in the future.
Users are required to authorize their selected AISP or PISP separately for their accounts before each account service provider. This authorization cannot not be provided for a certain period of time, but for each payment order separately. However, no authorization query will be made again for account viewings to be realized within this period. Payment order issuance and authorization transactions will be carried out through an interface to be opened from the application of the AISP or PISP.
