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ARTICLE · 03 DECEMBER 2019

Open Sesame! : Turkey Changed Payment Services Legislation To Catch Up On EU's Open Banking Rules

Balcioglu Selçuk Eymirlioglu Ardiyok Keki Attorney Partnership
Balcioglu Selçuk Eymirlioglu Ardiyok Keki Attorney Partnership
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Turkey recently amended the Law on Payment and Securities Settlement Systems, Payment Services and Electronic Money Institutions (Payment Services Law), in a way to harmonize national legislation ...

TurkeyFinance and Banking
Sahin Ardiyok
Sahin Ardiyok
Ramiz Arslan
Ramiz Arslan
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Turkey recently amended the Law on Payment and Securities Settlement Systems, Payment Services and Electronic Money Institutions (Payment Services Law), in a way to harmonize national legislation on payment services with EU's Payment Services Directive 2 (PSD2). The recent change introduced open banking services such as payment initiation service and account information service. Fintech players who want to provide payment services will be benefiting from rules that are lifting the barriers in front of account data. The amendments also concern marketplaces, due to narrowing commercial agent exemption. We summarized the notable changes below.

Regulator of payment services

The regulatory powers which were previously exercised by the Banking Regulation and Supervision Agency (BRSA) are now transferred to the Central Bank of the Republic of Turkey (Central Bank). The Central Bank will be regulating the payment service providers along with system operators.

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