Hurriyet.com.tr Economy Service
Created on June 5, 2024 at 09:04
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The Central Bank issued a press release on the FAST Secure Payment Transaction Layer service: The FAST Secure Payment Transaction Layer service has been activated for payment transactions that require authorization.
The central bank’s statement is as follows:
The “FAST Secure Payment Transaction Layer Service”, which provides a controlled environment for payment transactions that require authorization and registration, became available from May 31, 2024. The service can be used in various business models that require guarantees from the transacting parties, mainly in the buying and selling of used cars.
The intermediary service “Secure Payment Transaction” built on the FAST system provides guarantees to the transacting parties by depositing the amount of the remittance, which requires approval and registration by a certified institution, with a FAST participating institution until the procedure is completed. With this service, the sending user is guaranteed that the fee will not be transferred to the other party until the approval and registration procedure is completed, and the receiving user is guaranteed that the fee will be transferred to the other party. Once the approval/registration process is completed, you can access the account. FAST Secure Payment Transactions can be used within the transaction limit of 2 million TL in the first stage.
The secure payment transaction layer service, like the other layer services of the FAST system, is expected to see rapid adoption.
