A New System in Money Transfer: FAST

PRODUCT DEVELOPMENT 12.03.2021, 23:42
A New System in Money Transfer: FAST

The Instant and Continuous Transfer of Funds (FAST) is a new transfer method launched on January 8. With Fast, we can transfer money between accounts in different banks within seconds 24/7. Fast will also be used in money transfers without IBANs. Citizens will be able to transfer money between accounts of different banks within seconds. The transferred funds will be available in the recipient's account as soon as the payment transaction is initiated, and the parties will be informed about the result of the transaction by the banks. Instead of IBAN, Fast matches mobile phone, e-mail, identity number, and passport number information with IBAN, and mobile phone, e-mail, and tax identification number information for legal customers. Bank customers can perform the Fast transaction under the menu of money transfers from the Internet and mobile branches. Fast transactions are instant, so the amount is instantly transferred to the account of the other bank customer. The Fast system is expected to contribute to achieving less use of cash money and digitalisation of the economy.

What Does FAST Do?

With the Fast system, an easy addressing system (Kolas) that enables payments to be initiated using information such as phone number, identity number, or e-mail address, instead of IBAN will be put into use. Fast participants will be able to match their customer mobile phone numbers, e-mail addresses, or credentials and their accounts from which they want to receive payment with IBAN through Kolas. So, the sender will be able to make their payment easily and fast without the need to enter the recipient's bank, account number, and name. It will also be possible to make payments between individuals and commercial enterprises with a data matrix. Allowing easy and quick payment between individuals and businesses, the Fast system will play an important role in the transition to a society with less cash use and the digitalisation of the economy. Fast is not only a new money transfer tool but also a new payment method.

What Can I Do with the FAST System?

You can transfer money and make your payments in seconds 24/7. Users are informed about the result of their transactions. With the easy addressing system, Kolas, you can match your phone number, e-mail address, or identity card information with bank accounts. You can make payments with a data matrix to individuals or commercial enterprises.

What Are the Features of FAST?

This system of instant money transfer will offer you the following features:

You will be able to transfer your money 24/7

Make payments in seconds

Inform users of the result of the transaction

With the easy addressing system, Kolas, you will be able to match your phone number, e-mail address, or identity card information with bank accounts

You will be able to make payments with a data matrix to individuals or commercial enterprises

What Is Easy Addressing System (KOLAS)?

Easy addressing is a system in which money can be transferred without the need for an IBAN or account information. With this system, users can practically transfer money by defining their frequently used personal information such as mobile phone number, identity number, or tax identification number and sharing them with the sender.

How Do I Make Payments with the FAST System?

The user needs only to have an account in a bank in order to make payments through the Fast system. You should also register your phone number in the easy addressing system through our bank and match it with your bank account in order to receive the money to your phone number. Businesses, on the other hand, will be able to make instant payments using the data matrix at their workplaces. With this system, the transferred fund, which is available 24/7 between different businesses and accounts in different banks, will be sent into the buyer's account within seconds after the payment transaction, and the parties of the transaction will be informed by the banks. With the Fast transactions, individuals and businesses can make their payments. And it is also aimed that individual payments and payments for shopping with Turkish data matrix and payment request will be more widespread through kolas. The Fast system supports the Turkish data matrix.

How Is FAST Different From EFT?

In the EFT system, money transfers between accounts in banks take place within seconds, but banks do not have a time commitment to make the money available to the recipient's account. So, it may take a longer time for the payments to be sent into the account. In Fast, on the other hand, banks perform the transfer and inform users within seconds. The EFT system only operates during business hours. Fast operates 24/7. There is no obligation to notify the recipient and the sender in the EFT transaction, but the Fast system has a notification obligation.

FAST Transaction Limit

The limit of this new transfer application, launched by the Central Bank of the Republic of Turkey on January 8, started with TRY 50. Then, it increased to TRY 250 on January 14, to TRY 500 on January 21, and to TRY 1,000 on January 28. The main reasons for starting with a low limit are to assist banks in their out-of-hours liquidity management and monitor fraud attempts. The transaction limit is expected to be increased over time. The Fast system will make significant contributions by taking digital economies to the next level with its new value-added features such as increasing transaction limits to higher levels and requesting payments with data matrix payments in the near term.

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