The Central Bank of the Republic of Turkey ("CBRT") launched its open banking services by publishing a Press Release ("Press Release") on 1st of December, 2022. In its Press Release, CBRT referred to open banking services as a crucial part of the digital economy roadmap of strengthening Turkish Lira and extending its scope of use.
In this regard, CBRT has announced development of the "GATE" infrastructure, which allows users manage their accounts with various payment service providers from a single access point and place payment orders. Moreover, GATE enables the facilitation of the development of secure, effective, efficient, low-cost, and innovative business models.
The Law on Payment and Securities Settlement Systems, Payment Services and Electronic Money Institutions numbered 6493 ("Law No. 6493") has introduced payment initiation services and account information services.
Open banking services in the payments industry are defined by these two services, referred to as Data Sharing Services in the fields of Payment Services ("Data Sharing Services").
It is important to note that the scope of open banking services under Law No. 6493 is different from open banking in the Regulation on the Information System of Banks and Electronic Banking Services.
Additionally, according to CBRT's Press Release, the Data Sharing Services, along with the Digital Turkish Lira Collaboration Platform announced by CBRT last year, will significantly benefit Turkey's economy in the context of its digitalization goals.
Currently six banks operating in Turkey, have already started to serve as account information service providers through the GATE by successfully completing their tests and technical certification requirements.
We believe that the number of account information service providers will increase in 2023.
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