The FAST System (Instant and Continuous Fund Transfers) is a real-time payment system recently launched by the Central Bank. With FAST, payments are processed instantly and 24/7, and an SMS notification is sent to inform users once the transfer is completed.
Frequently Asked Questions
Check out frequently asked questions about Multiple Money Transfer and learn more.
What is FAST (Instand and Continuous Transfer of Funds?
What is the IBAN defined by iyzico and where can I see it?
IBAN is a standardized account number format first introduced in EU countries to prevent funds from being sent to incorrect account numbers.
In Türkiye, IBAN consists of 26 characters, beginning with “TR”, the international country code. iyzico assigns a unique IBAN to every merchant. You can access your IBAN and account balance via the Current Status section in your Control Panel.
In which time interval do FAST payments take place?
FAST operates 24/7 without interruption.
How long does it take for a FAST payment to be credited?
FAST is an instant payment system. Once a payment instruction is approved, iyzico sends it to the FAST system, and the funds are transferred to the recipient's account within seconds. This process must be completed within 25 seconds. Transactions not completed within this time are automatically canceled, and both the sender and recipient are notified by their financial institutions.
Will there be a minimum or maximum limit for FAST transactions?
As of December 21, 2023, the maximum transfer limit per FAST transaction is set at ₺50.000 by the Central Bank of Türkiye (TCMB). Transfers exceeding ₺50.000 can be split into multiple transactions. (Example: A ₺70,000 transfer can be processed in two parts — ₺50.000 + ₺20,000.) The minimum amount for a FAST transaction with iyzico is ₺0.01.
What is the FAST transaction fee?
iyzico will not charge any fees for FAST transactions until 2024. You can always check our website for the latest fee updates.
What is KOLAS (Easy Address)?
Easy Addressing allows you to link your account with easy-to-remember details such as your phone number, email address, national ID (TCKN), or tax number (VKN). You can use your financial institution’s online channels to match your account with an Easy Address.
By logging into your iyzico account, you can pair your iyzico IBAN with your email address, phone number, TCKN, or VKN.
If you want to send money via KOLAS to another institution, you can do so using the recipient’s TCKN, VKN, email address, phone number, ID/passport number, or foreign ID number provided to you.
Do I have to hold an Easy Address to Transfer via FAST?
When making a FAST transfer, you can simply enter the recipient’s registered Easy Address using your financial institution’s platform. You do not need to have your own Easy Address to make a FAST transfer.
How Many Easy Addresses Can I Have?
Each customer can register up to 5 Easy Addresses in the FAST system.
A user can create multiple Easy Addresses using different phone numbers or email addresses. However, each phone number or email address can only be registered once.
Each piece of identifying information used for Easy Addressing can only be linked to one IBAN, and that IBAN may belong to different participating institutions.
Multiple Easy Addresses can be linked to the same account number. (Example: Both an email address and phone number can be linked to the same account.)
A user can have up to five (5) Easy Addresses. (Example: 3 phone numbers + 2 email addresses)
Whic Currency Can Be Used for Fast Money Transfer?
Only Turkish Lira (TRY) transfers can be made via the FAST system.
What is the difference between FAST and EFT?
The key difference between FAST and EFT is that FAST allows for 24/7 transfers, while EFT is restricted to business hours. EFT transactions initiated outside working hours are queued and processed on the next business day. Instructions submitted on weekends or public holidays are executed on the following business day.