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Mind the gap: Digitisation and payment systems
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.
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Ahmet Buğday is Director of Information Technology in the Central Bank of the Republic of Turkey’s Payment Systems Development Division, where he works on the technical design and development of payment systems. He has a BS and PhD in computer engineering from Hacettepe University and an MS in electronic engineering from Ankara University.
Ozan Deniz is Director of Payment Systems and Financial Technologies in the Central Bank of the Republic of Turkey’s Payment Systems Operation Division. He graduated from Boğaziçi University with a BS in computer engineering. He received his MS in computer engineering from the Middle East Technical University and his MBA from the University of Texas at Austin.
Serdar Murat Öztaner is Deputy Executive Director of Payment Systems and Financial Technologies at the Central Bank of the Republic of Turkey, where he participates in many research studies and large-scale payment systems projects. His bachelor’s and master’s degrees in computer engineering were earned at Middle East Technical University, as was his PhD in informatics.
Emrah Şener is Deputy Governor of the Central Bank of the Republic of Turkey, where he is responsible for the Payment Systems and Financial Technologies Department and the Financial Innovation Department. He also serves on the advisory board of the World Economic Forum’s Digital Payment Group. Dr Şener has a bachelor’s degree in business administration from Boğaziçi University, a master’s degree in economics and finance from London School of Economics and a PhD in mathematical finance from Imperial College London.