The FAST (Fonların Anlık ve Sürekli Transferi — Instant and Continuous Transfer of Funds) system is Turkey's sovereign real-time payment infrastructure, operated directly by the Central Bank of the Republic of Turkey (CBRT). Unlike many countries where clearing houses operate payment systems, FAST settles directly in central bank money, providing maximum payment finality and systemic security. The system enables instant money transfers between accounts at different banks 24 hours a day, 365 days a year.
The Interbank Card Center (BKM) provides overlay services including QR code payments and proxy addressing (payment by phone number or national ID rather than IBAN). Turkey mandated open banking access through BKM for all banks and payment institutions by March 2025, creating a regulatory framework that enables fintech innovation while maintaining sovereign control over financial infrastructure.
Turkey's payment infrastructure modernization reflects a broader digital sovereignty agenda — the CBRT is also exploring a digital Turkish lira (CBDC), which would further strengthen sovereign control over the payment ecosystem. In a region where dollarization pressures and cryptocurrency adoption challenge monetary sovereignty, robust indigenous payment infrastructure provides a foundation for financial system resilience.