2.4.5. Legislative Developments Regarding the Payment Systems

In 2008 National Program for Turkey, the CBRT was charged with preparing the Draft Law on Payment Systems and Services and Electronic Money Institutions with an aim to contribute to the harmonization of the legislative infrastructure of the payment systems and services in Turkey with international standards and the Acquis Communitaire. To achieve this purpose, a workshop on "Draft Law on Payment Systems" was organized by the CBRT on 5-6 October 2012 in Abant-Bolu, in which representatives from the public and private sector participated.

Some changes were introduced for implementing "the Communique on the International Bank Account Number (IBAN)" issued by the CBRT in December 2012. The utilization ratio of the IBAN in money transfers via the Electronic Fund Transfer (EFT) became approximately 99 percent in sender accounts and 79 percent in receiver accounts by the end of 2012.