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Mind the gap: Digitisation and payment systems

Author

Listed:
  • Buğday, Ahmet

    (Director of Information Technology, Central Bank of the Republic of Turkey, Turkey)

  • Deniz, Ozan

    (Director of Payment Systems and Financial Technologies, Central Bank of the Republic of Turkey, Turkey)

  • Öztaner, Serdar Murat

    (Deputy Executive Director, Payment Systems and Financial Technologies at Central Bank of the Republic of Turkey, Turkey)

  • Şener, Emrah

    (Deputy Governor, Central Bank of the Republic of Turkey, Turkey)

Abstract

This paper provides a practical toolkit for central banks looking to develop their own instant (retail) payment system (IPS). Noting how the organisational and operational structures of such systems differ significantly across jurisdictions, mostly depending on the style of coordination between the system operator, service providers and the central bank in question, the paper identifies three key parameters to facilitate the successful launching of an IPS: the ownership/operational model, incentives for fast adoption, and technology. The paper discusses how the Central Bank of the Republic of Turkey optimised these parameters in 2021 while developing a new in-house IPS, known as FAST.

Suggested Citation

  • Buğday, Ahmet & Deniz, Ozan & Öztaner, Serdar Murat & Şener, Emrah, 2021. "Mind the gap: Digitisation and payment systems," Journal of Payments Strategy & Systems, Henry Stewart Publications, vol. 15(4), pages 360-366, December.
    • Handle: RePEc:aza:jpss00:y:2021:v:15:i:4:p:360-366
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    More about this item

    Keywords

    digitisation; instant payment system; central bank role in payments;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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