Ozan Deniz, General Manager of BKM, offered the following assessment regarding BKM’s contributions to the ecosystem:
Established in 1990, BKM is an organization that has made a tremendous contribution to the payments ecosystem. Its initial purpose was to route interbank card transactions and facilitate clearing and settlement processes. Following the Central Bank’s acquisition of a majority stake in 2000, both the organization’s mandate and its identity evolved and expanded. Today, BKM serves as an infrastructure provider not only for card-based transactions but also for the broader retail payments landscape, playing a vital role in our national ecosystem. Key examples include the value-added services built upon the FAST (Instant and Continuous Transfer of Funds) system—such as “Easy Addressing” (which enables payments via mobile phone numbers) and the “FAST TR QR Code” (which allows for rapid payments via QR code scanning). BKM is also responsible for developing and implementing initiatives like the national QR code standard and the “request-to-pay” service. Consequently, BKM plays a critical role in the widespread adoption of FAST, helping it evolve from a simple money-transfer tool into a versatile payment method used for both retail purchases and general transactions. Furthermore, BKM provides the gateway infrastructure for open banking services—a crucial element in further expanding the reach of the FAST system—and we continue to advance our efforts in this area. Additionally, we are placing a strong focus on the development of Troy, our domestic card brand. While our current market share stands at 12%, we are committed to significantly increasing this figure through the strategic path we have charted and the concrete steps we are taking.
The Establishment and Early Years of BKM
Founded in 1990, the Interbank Card Center (BKM) plays a significant role in Türkiye’s financial infrastructure. Originally established to manage interbank card transfers and facilitate clearing operations, BKM has since expanded its mandate and identity, making substantial contributions to the nation’s payments ecosystem.
The Contribution of the Central Bank and the Development Process
Following the Central Bank’s acquisition of a majority stake in 2000, BKM’s scope and identity evolved further. This transition enabled BKM to serve as an infrastructure provider not only for card transfers but also for retail payments. This development bolstered BKM’s innovative approach to financial technology and enhanced its overall contribution to the sector.
FAST and Value-Added Services
BKM distinguishes itself through value-added services built upon the FAST (Instant and Continuous Transfer of Funds) system. Offerings such as “Easy Addressing”—which enables payments via mobile phone—and the “FAST TR QR Code”—which facilitates rapid payments through QR code scanning—are just a few examples of BKM’s innovative solutions. These services are further supported by key initiatives, such as the establishment of a national standard for QR codes.
Security and Payment Request Services
BKM has developed various security-layer services to ensure that payment transactions are executed securely. Services such as the “payment request” layer allow users to make payments in a secure manner. These offerings underscore BKM’s commitment to security and its ongoing contribution to the industry. Open Banking and Gateway Infrastructure
BKM continues its efforts regarding open banking services and gateway infrastructure to expand the reach of the FAST (Instant and Continuous Transfer of Funds) system. This infrastructure makes financial services more accessible and user-friendly. BKM’s work in this area contributes significantly to the development of financial technologies in Türkiye.
Domestic and National Card Brand: Troy
BKM is also actively developing Troy, a domestic and national card brand. By enabling Türkiye to have its own payment system, Troy enhances financial independence and security. BKM is taking strategic steps to increase Troy’s market share.
Conclusion
BKM is an organization that stands out for its contributions to Türkiye’s financial ecosystem. Since its inception, it has provided a wide range of services, spanning everything from interbank card transfers to retail payments. Evolving with the support of the Central Bank, BKM plays a pioneering role in the sector through innovative solutions such as FAST and Troy. Its initiatives in areas like security, open banking, and the development of a domestic card brand underscore BKM’s vital role in the advancement of financial technology in Türkiye.
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