A new era has begun in money transfer! The Central Bank has activated the FAST system.
The Central Bank announced that the instant retail payment application FAST was put into use. With the system, overtime limits are eliminated in EFTs, 24/7 money transfers can be made. With FAST, the Easy Addressing System, which enables electronic payments to be initiated with a phone number, e-mail address and TR ID number instead of IBAN, has also been activated.
The Central Bank of the Republic of Turkey (CBRT) that a new generation of 7/24 instant retail payment applications developed in-house fund of instant and continuous Transfer (FAST) System, after the completion of ongoing pilot testing with banks, were opened for use as of today.
With the system, overtime limit is eliminated in EFTs, 24/7 money transfer is possible.
According to the statement made by the CBRT with FAST System, registered in the electronic payment system Republic of Turkey Identity Number (identification information of accounts), phone number and Easy Addressing System, which enables easy and practical way to start the e-mail address was presented to the user.
LIMIT NOW 50 TL
The FAST System was started with a 50 TL limit at the first stage in order to closely monitor its widespread use. This limit will be gradually increased according to the prevalence of usage, up to 1000 TL.