Electronic ERA Starts For Checks And Promissory Notes

Recent Developments

The Ministry of Trade of the Republic of Turkey introduced the Draft Law on Electronic Checks and Promissory Notes (the "Draft Law") proposing the use of electronic checks and promissory notes. The Draft Law is expected to enter into force on January 1, 2020.

What's New?

• If the Draft Law enters into force, checks and promissory notes can be issued, endorsed and paid electronically. For these transactions, besides the systems within banks, an Electronic Checks and Promissory Notes System (Elektronik Çek ve Bono Sistemi ("ÇEBİS")) will be established to enable interaction between banks' systems.  

Electronic Checks

• Different from regular checks, electronic checks must bear (i) the expression "electronic check"; (ii) the start date for electronic submission; and (iii) the account owner's secure electronic signature or identity register generated by electronic identity verification.