Kuveyt Türk completed all the preparations for the FAST and Easy Addressing System launched by Central Bank of Turkey as the new payment system. As of today, Kuveyt Türk customers can transfer money instantly and free of charge, 24 hours a day, 7 days a week, with the Easy Address, which they can assign with their smartphone phone number, Turkish ID number, tax identification number, passport and e-mail data.
Turkey's leading participation finance institution, Kuveyt Türk took part among the pilot finance institutions to implement the FAST (Instant and Continuous Fund Transfer) system and Easy Addressing System introduced by Central Bank of Turkey for the banking customers. As of January 8, 2021 when all the preparations have been completed, Kuveyt Türk customers are now able to make money transfers instantly and free of charge, 24 hours a day, 7 days a week, using their mobile phone number, Turkish ID number, tax identification number, passport and e-mail data without the need for an IBAN number.
24/7 instant money transfer through Easy Address
The Easy Addressing System assignments used in the FAST system can be made over the Kuveyt Turk Internet Branch or Mobile. With FAST, money can be transferred using IBAN details as well as instant money can be sent via the Easy Addressing System without using IBAN. In case the Easy Addressing System is used, information such as e-mail, mobile phone, Turkish ID number, tax identification number must first be matched with the account. After matching, it is possible to send money instantly to the account of a customer by using the details such as smartphone number, e-mail, etc. In the new system, money transfers can easily be made in Turkey 24 hours a day, 7 days a week.
“We have launched it swiftly”
Mr. Mehmet Oral, Executive Vice President in Charge of Retail Banking at Kuveyt Türk said, “A new era has just started in money transfers with FAST, which enables money transfer within the country on a 24/7 basis. As Kuveyt Türk, we were among the pilot organizations to test it. We worked intensively on the system and in a short time, in line with the instructions of the CBT, we offered the application to our employees and then to our customers. As a financial institution that offers innovative applications such as Send Money to Mobile, Send / Receive Money with QR Code to its customers thanks to our strong technological infrastructure, we have rapidly implemented this app supplied by CBT. Now, anyone can transfer money through the Easy Addressing System in a much shorter time with information such as mobile phone, e-mail or Turkish ID number in addition to IBAN number. In the digital transformation, we will continue to provide an experience that facilitates the financial transactions of our customers without compromising the approach "our route is digital, our focus is human".
FAST and Easy Addresssing System make the life easier
Thanks to the system, which started as pilot in last December, individuals and companies can transfer money between accounts in different banks on a 24/7 basis. The money sent in the new system reaches the recipient's account in no time from the start of the payment process. The parties making the money transfer are informed by the bank about the result of the transaction. It is sufficient for individuals and companies to have an account in any bank participating in the FAST System for money transfer. With the FAST System, transfer can be made via IBAN, as well as the Easy Addressing System, which enables customers to start using information such as mobile phone number, Turkish ID number or e-mail address instead of IBAN.