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ARTICLE · 15 JANUARY 2016

Turkey To Relax Rules For Payment Services And e-Money

Esin Attorney Partnership
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On December 26, 2015, the Banking Regulation and Supervision Agency (the "BRSA") amended the Regulation on Payment Services, Electronic Money Issuance, Payment Institutions and Electronic Money Institutions, relaxing certain requirements foreseen for companies providing payment services and e-money issuance ("Institutions").

TurkeyFinance and Banking
Muhsin Keskin
Muhsin Keskin
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Recent development

On December 26, 2015, the Banking Regulation and Supervision Agency (the "BRSA") amended the Regulation on Payment Services, Electronic Money Issuance, Payment Institutions and Electronic Money Institutions, relaxing certain requirements foreseen for companies providing payment services and e-money issuance ("Institutions").

What the BRSA did

  • Institutions are no longer obligated to appoint a deputy general manager.
  • Non-recurring payment transactions are no longer required to be realized through an agreement, receipt or similar document that includes the payment service user's confirmation would be sufficient for non-recurring transactions. This document (in the form of an agreement, receipt or similar document) must be generated for a specific payment transaction and a copy must be provided to the payment service user.

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