Turkey launches Open Banking infrastructure
Ellie Duncan | News
01 Dec 2022
Turkey’s central bank has introduced an Open Banking infrastructure, with participating banks able to start providing services through the Open Banking Gateway (GEÇİT) effective today, 1 December 2022.
The Central Bank of the Republic of Türkiye (CBRT) said the launch of Open Banking in the area of payments services is “considered an essential component of the digital economy roadmap of the Liraization Strategy”.
The Digital Turkish Lira Collaboration Platform was unveiled by the CBRT in September 2021, with the aim of ensuring that lira payments remain the “most practical, pragmatic, cheapest and most inclusive means of payment”, in line with the country’s digitalization goals.
Turkey’s new Open Banking Gateway has been developed by the Interbank Card Center (ICC) and allows third parties to provide Open Banking transactions.
The CBRT and ICC collaborated, in line with regulation, to determine the Data Sharing in the Field of Payment Services (DSSP) implementation strategy, taking into account “best global practices”, while considering “the particular conditions and special needs of Türkiye”.
The result is a shared platform, GEÇİT, integrating all stakeholders to enable low-cost, efficient and effective data sharing in the field of payment services.
As of today, six banks, as account servicing payment service providers, have successfully completed their tests and technical certifications and started to provide services through GEÇİT, the central bank confirmed.
