73 BANKING AND FINANCE LAW Money Institutions and Other Laws numbered 7192, which was published in the Official Gazette dated 22.11.2019 and numbered 30956 (“Law No. 7192”), entered into force at the end of 2019. Two new payments systems are defined with the amendments introduced by Law No. 7192 and, within that scope, the services, below, are regulated as “payment services,” subject to the audit of the Central Bank of the Republic of Turkey: • Service to initiate a payment order from a debit account from another payment system provider upon the request of the customer; • Service to provide consolidated information of one or more debit accounts of the customer at payment service providers in online platforms, given that the consent of the customer is obtained. Thereby, “initiation of payment order” and “providing account information” services are defined in our legislation in accordance with the “Account Information Service Providers” and “Payment Initiation Service Providers” services defined in PSD2. Moreover, the Central Bank of the Republic of Turkey has been given the authority to set all kinds of procedures and principles regarding the sharing of data held by the payment service provider to another payment service provider within the scope of the aforementioned services. Furthermore, it is also regulated that those who are currently providing these services, or those who are willing to provide these services, shall obtain the necessary licenses / permits within one year following the publication of the relevant regulations by the Central Bank of the Republic of Turkey. The Central Bank of the Republic of Turkey is authorized to regulate the sharing of data held by the payment service provider to another payment service provider within the scope of initiation of payment order and providing account information services, and detailed rules have been introduced with the Regulation on Information Systems of the Banks and Electronic Banking Services published in the Official Gazette dated 15.03.2020 and numbered 31069 (“Regulation”), which is parallel to PSD2 on open banking.
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