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.
The system does not apply only to person-to-person transfers but may also be used for commercial payments.
With the ICTF system, transactions may also be made with the Easy Address defined by the customer besides the IBAN number.
The transactions to be made using the system in question shall be made from the ICTF section of the mobile or internet branches of banks or payment institutions.
ICTF may only be used for TL transfers and may only be performed through drawing account transactions. If the transfer does not meet the criteria, the transaction shall not be canceled but shall be regarded as a normal EFT.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.