24.01.2025 13:21
The Central Bank of the Republic of Turkey has updated the FAST Payment Request Layer Service for corporate users by adding new features. Starting from 2024, businesses will also be able to benefit from the service alongside individual users.
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The Central Bank of the Republic of Turkey (CBRT) announced that the FAST Payment Request Layer Service has been updated to be usable by corporate users as well, thanks to the newly added features.
PAYMENT REQUEST APPLICATION IS GOING LIVE
In the announcement made by the CBRT, it was reported that the new features of the FAST Payment Request Layer Service, which is based on the principle that the creditor requests payment from the debtor before the payment, and the debtor responds to this request, have been activated. The announcement stated that the service, which individual users have been using since 2024, has been updated to be usable by corporate users as well, thanks to the newly added features, and it was expressed that "Thus, this layer service will be usable for both inter-business payments and will enable businesses to initiate 'payment request' requests in transactions they conduct with individual users."
PAYMENT DEFERRAL HAS COME INTO EFFECT
The announcement also noted that the layer service has activated the functions of "partial payment" and "early payment" for all payment types, and "payment deferral" for payment types initiated by corporate users, with the new features being available from January 18, 2025.
PROVIDING A SAFE AND FAST PAYMENT METHOD
The announcement indicated that the FAST Payment Request Layer Service brings new conveniences to users with its diversified functions and usage areas, while also creating added value at many points in the payments ecosystem, stating that "In the FAST system, which offers 24/7 instant and secure money transfer opportunities, the number of participants consisting of banks and payment and electronic money institutions has increased to 42 in 2024."
The announcement stated that the FAST system, which is used as an alternative payment method to cash and cards to meet the needs of the payments ecosystem, has seen an increasing transaction volume since its production day, with an average of 13.8 million lira per day recorded in December 2024, and it was noted: The FAST system enables users to make their payments easily, securely, and quickly with layered services. The innovative technologies that work together with layered services aim to promote competition and innovation in the payments field, leading to the emergence of new business models.
BILLS CAN BE SENT THROUGH PAYMENT REQUEST
On the other hand, according to an example transaction regarding the new features of the Payment Request Layer Service, a company will be able to send the bills of its customers or subscribers with a "Payment Request." Customers will check the information regarding the bill payment through the notification received via their mobile applications and will be able to respond to the "Payment Request." Thus, the payment transaction will be automatically completed via FAST on the specified date.
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