What is FAST?
FAST (Fonların Anlık ve Sürekli Transferi) is an instant payment system launched by the Central Bank of the Republic of Türkiye (CBRT). It enables users to transfer Turkish Lira funds between banks and e-money institutions around the clock, clearing transactions within seconds. FAST supports both individual and business users, offering a quick, secure way to settle payments, pay bills, or make purchases via mobile apps or online banking. The system reduces reliance on cash and enables seamless, real-time payments domestically. As of 2025, FAST primarily serves the Turkish financial ecosystem, with plans to expand interoperability and usage.
How to use FAST?
- Open your bank’s mobile app or online banking platform.
- Select the FAST transfer or instant payment option.
- Enter the recipient’s mobile number, email, or Turkish ID (TR-ID).
- Enter the amount and confirm transaction details.
- Authenticate the transfer using the bank’s security protocols.
- Submit and the funds are instantly received by the recipient.
The pro's of using FAST
- Transfers are processed in seconds, 24/7, including weekends and holidays.
- No need to enter lengthy IBAN numbers; aliases like mobile numbers streamline payments.
- Regulated and overseen by the Central Bank of Türkiye, providing high security.
- Reduces dependency on cash, supporting wider digitalization of payments.
The con's of using FAST
- Only supports transactions in Turkish Lira; no direct support for USD, EUR, or other global currencies.
- Currently available only within the Turkish banking system; no cross-border functionality.
- Transfer limits may apply, especially for high-value transactions.
- User experience may vary depending on integration and support across different banks or fintech apps.
