Conexio consulting

The CBRT has made open banking transactions available in Turkey via its website

Open Banking (Open Banking) is a system based on application programming interface (API) and aims to share financial information necessary for the development of financial products and services. Unlike traditional central management of financial data, it relies on a technological network of different financial institutions, enabling them to exchange information more efficiently. In other words, it allows non-bank institutions to offer banking functionality.


It is a concept that started in England and spread all over the world from Europe and is seen as a future for the financial sector. And, according to the statements made on the website of the Central Bank of the Republic of Turkey (CBRT), Open banking services are also available in our country. The central bank of the Republic of Turkey, which shared the details on this subject, stated that it started to provide services through the ‘Open Banking Gateway’ (GATE) infrastructure developed by the Interbank Card Center, which provides standard Open Banking transactions to the parties.


With the Law No. 6493 on Payment and Securities Settlement Systems, Payment Services and Electronic Money Institutions, the first foundations for Open Banking are laid in Turkey. With the changing regulations, the issues related to Open Bank continue to become clear step by step. Within the scope of the changes made in the Law No. 6493 in November 2019; ‘Payment order initiation services’ and ‘Account information services’ are announced as two different service segments of open banking, and in January 2020, Law No. 6493 officially enters into force.


The CBRT examined the best practices in the world and this system was created in cooperation with the Interbank Card Center. As a result of these efforts, a common platform was established for a low-cost, efficient and effective payment services data sharing service that provides rapid integration with stakeholders.


Advantages of open banking:

-Better decision making

-Cost reduction and better understanding of your finances

-Fast, Easy and direct payments ie Convenience



The Future of Open Banking is;

When shopping from e-commerce platforms, it will be easily accessible from these applications.

-Credit card and loan application transactions can be concluded more quickly.

– Opening and closing other accounts with open banking applications, and banking transactions can be integrated with different applications.

– Simultaneously, it will be easier for banks to acquire customers remotely.

– As the digital transformation process, it promises us good experiences as the data in the banks can be used for different purposes in a much wider area within the authorization and permission of the customers.