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ARTICLE · 26 FEBRUARY 2021

Instant And Continuous Transfer Of Funds (ICTF) System Brought Into Service For Citizens!

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On 08.01.2021, Central Bank of Turkey ("CBT") made a press announcement regarding the new generation 24/7 instant retail payment application, Instant and Continuous Transfer of Funds ("ICTF") system.

TurkeyFinance and Banking
SRP Legal
SRP Legal
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On 08.01.2021, Central Bank of Turkey ("CBT") made a press announcement regarding the new generation 24/7 instant retail payment application, Instant and Continuous Transfer of Funds ("ICTF") system. The system has been proceeded as of 08.01.2021.

With the ICTF System, the Easy Addressing System that allows electronic payment systems to be used in a practical and easy way through using Turkish Republic Identity Number, telephone number and e-mail address has also been opened to use.

Although a 50 Turkish Liras (TL) limit has been initially set in the system, the limit will gradually increase up to a 1000 TL limit.

Unlike EFT, the greatest convenience brought by the ICTF system is that the process can be completed every hour of the day and every day of the week in a maximum of 25 seconds, and a notification shall be sent to the receiver and the sender. It is stated that if the process takes longer than the specified period, the process shall be canceled.

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