Recent Developments
The Draft Law on Payment and Securities Settlement Systems, Payment Services and Electronic Money Institutions (the “Payment Services and Electronic Money Law“) and Amendments to Certain Laws (the “Draft Law“) was submitted to the Presidency of the Grand National Assembly of Turkey on October 17, 2019 and proposes to reform payment services and open banking in Turkey.
What’s New?
Conclusion
In accordance with the Draft Law, important steps will be taken in payment services and open banking.
The Draft Law is the second and most important step in terms of regulating open banking in Turkey. The BRSA had taken the first step by introducing the Draft IT Systems Regulation to public review in 2018.
The Draft Law is expected to enter into force as of January 1, 2020. The institutions currently providing the foregoing open banking services and not authorized as a payment service provider will need to apply to the CBRT to obtain such authorization within one year of the entry into force of the Draft Law.