‘Open Banking’ System Officially Launched in Turkey

The Central Bank of the Republic of Turkey, which has been on the agenda in recent months, Open Banking system announced that it was officially launched. Banks in Turkey have now started to provide services through the Open Banking Gateway (GECIT) infrastructure developed by the Interbank Card Center, which enables Open Banking transactions.

According to the information shared by the CBRT, the new system will allow financial service users to manage their accounts with different payment service providers from a single access point. However, payment orders are safe, efficient, effective, low-cost and creation of innovative business models opportunity will be given.

GATE was developed with BKM resources:

The CBRT announced that the GEGIT system, which was put into service, was developed by BKM entirely with in-house human and technical resources. New system, As Payment Services Data Sharing Services (ÖHVPS) infrastructure positioned.

The ÖHVPS API Standard was also made publicly available:

The Central Bank has issued the ÖHVSP API Principles and Rules (API Standard) document, which sets the technical and operational requirements for ÖHVPS. publicly shared.

So how will the new system reflect on us customers?

Interactive Credit Founding Partner Mustafa Gümüş, who made a statement on the first day of the Open Banking system’s announcement, explained the benefits of the new system with an example as follows:

“Currently, we have reached 500 thousand users with the Interactive Credit Report on the commercial side. We will start issuing Rental Reports from March 1st. We will give the consumer a Trust Point between zero and 1,000 by calculating your creditworthiness by determining the income status from your invoices, expenses, location information by looking at the expenditures with the permissions we have received.

If your score is high, for example, you will be able to buy some products with a zero maturity of 12 months. When renting a house, you will pay less deposit and less rent. Likewise, the landlord will be able to calculate his tenant, and even the father of the girl, the creditworthiness of the groom. When Open Banking fully enters our lives, we will see services far beyond these services.”