The Central Bank of the Republic of Türkiye ("TCMB") has made updates to the Workplace Registration System ("İşyeri Kayıt Sistemi" or "İKS") Rules in collaboration with the Interbank Card Center ("Bankalararası Kart Merkezi" or "BKM"). These updates aim to streamline payment processes, prevent fraudulent activities, and enhance security in the field of payments. The revised rules are documented in İKS Rules Version 1.1, which has been officially released.
Key Highlights of the Updated İKS Rules:
1️) Introduction of "Workplace Registration System Data Sharing Services": This term now refers to secure data-sharing services between payment service providers ("PSPs") utilizing the infrastructure services of payment service providers facilitating payment services via BKM web services.
2) Expansion of the "Participant" Definition: Previously limited to PSPs, the definition of "Participants" has been broadened. It now includes non-PSP BKM members, opening the door for a wider range of members to participate. The prerequisite for these members to become Participants is their contribution to the facilitation of payment processes and the prevention of fraudulent activities in the payments sector, as evaluated by BKM.
3️) Reporting Obligation to BKM: BKM members identified by BKM as eligible İKS participants are now obliged to promptly inform TCMB of their status.
4) Data Sharing Regulations: Regarding data-sharing services operated by BKM within the Workplace Registration System, it is now mandatory for the infrastructure service provider, facilitating payment services, to share data with BKM member payment service providers in line with the latest Workplace Registration System Application Rules document published by BKM. Furthermore, the regulations specify that the infrastructure service provider can only request data elements mentioned in the aforementioned rules.
It's worth noting that, apart from banks and traditional payment institutions, there are also members in the BKM ecosystem consisting of non-PSPs, i.e. payment system operators and other financial technology companies. With these updates, non-PSP members are now permitted to join İKS. Considering that these stakeholders are an integral part of the ecosystem, these changes are expected to lead to more efficient processes in facilitating payments and preventing fraudulent activities across the board."
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