Turkey is expected to act in accordance with the new legislative trend and adapt it to PSD2.
Turkey
is expected to act in accordance with the new legislative trend and adapt it to
PSD2.
The Turkish Amendment will enter into force on 1 January 2020. It transfers the BDDK’s (Turkish Banking Regulation and Supervision Agency) powers to the TCMB (Turkish Central Banks), which includes the authorization and supervision of payment and electronic money services providers.Accordingly, the TCMB will also be authorized to set the maximum amount of fees or commission rates in which payment service institutions may charge their customers.
The Amendment extends the list of payment services to include “payment initiation services” and “account information services,” which were introduced by the PSD2.
However, unlike the PSD2, banks would not be legally required to offer third-party providers access to their customers’ accounts via open application programming interfaces (APIs), at least until the TCMB issues its secondary legislation on data sharing practices, although a number of Turkish banks already publish their APIs to promote third party developers.
Taking into account the rise of Fintech companies in Turkey in recent years, this Amendment is expected to boost the number of Fintech companies, open up a wide range of value added services, and enhance cooperation between banks and Fintech companies.
The Turkish Amendment will enter into force on 1 January 2020. It transfers the BDDK’s (Turkish Banking Regulation and Supervision Agency) powers to the TCMB (Turkish Central Banks), which includes the authorization and supervision of payment and electronic money services providers.Accordingly, the TCMB will also be authorized to set the maximum amount of fees or commission rates in which payment service institutions may charge their customers.
The Amendment extends the list of payment services to include “payment initiation services” and “account information services,” which were introduced by the PSD2.
However, unlike the PSD2, banks would not be legally required to offer third-party providers access to their customers’ accounts via open application programming interfaces (APIs), at least until the TCMB issues its secondary legislation on data sharing practices, although a number of Turkish banks already publish their APIs to promote third party developers.
Taking into account the rise of Fintech companies in Turkey in recent years, this Amendment is expected to boost the number of Fintech companies, open up a wide range of value added services, and enhance cooperation between banks and Fintech companies.
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