Business

The limit for the Instant 24/7 money Transfer (FAST) for banks has been increased ₺2 thousand

The Central Bank announced that it will increase the transaction upper limit to 2 thousand liras in the Instant and Continuous Transfer of Funds (FAST) System.

In the statement made by the Central Bank of the Republic of Turkey (CBRT), it was stated that the upper limit of the FAST System transaction will be increased, and applications for participation in the FAST System of Payment and Electronic Money Institutions have begun to be received.

In the statement, it was emphasized that in FAST, the new generation, 24/7, instant payment system developed by the Bank’s internal resources and put into use as of January 8, 2021, an average of 2 million instant payments per day were made in less than a second between customer accounts.

“The number of users registered in the Easy Addressing System has reached 11.3 million, enabling easy and fast initiation of payments with the Republic of Turkey Identity Number (TCKN), phone number and e-mail address. The transaction amount limit, which is currently ₺1,000, will be increased to ₺2 thousand on August 4, 2021, taking into account the smooth functioning and widespread use of the system. In the coming period, it is aimed to increase the amount limit even more.

On the other hand, the technical preparations and regulations required for banks as well as Payment and Electronic Money Institutions within the scope of Law No. 6493 to join the FAST System have been implemented, and participation requests have begun to be received. Organizations that meet the technical and operational conditions required for participation in the system and are successful in the tests will be able to participate in the FAST System. It is considered that these developments will pave the way for competition and innovation in financial technologies, making these technologies an indispensable part of life and making very important contributions towards the goal of digital economy.”

Source: AA / Translated by Irem Yildiz

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