What are the differences between FAST and EFT?

Frequently Asked Questions about the FAST System

FAST (Instant and Continuous Transfer of Funds) is an instant payment system newly implemented by the Central Bank. With FAST, payments are processed 24/7 and instantly credited to the recipient's account, and the parties involved are immediately informed of the payment status by their banks.

How can I use the Fast system?

You can send FAST payments 24/7 by logging into your mobile or internet banking application that is a member of the FAST System. When entering your payment instruction, you can use the recipient's account information (name, surname, and IBAN); or, if available, you can easily enter the recipient's convenient address information (Convenient address). Your payment instruction will be processed in seconds, and as soon as your transaction is successfully completed, both you as the sender and the recipient customer will be informed about the transaction by your respective banks. The transaction amount will be instantly credited to the recipient's account, and the funds will become available for use.

Can I make a payment to a phone number with FAST?

Thanks to Easy Addressing, implemented together with FAST, you can link your mobile phone number, Turkish National Identity Number, and email address with your account number via your financial institution's mobile or internet application; and receive payments to your easily accessible address. For detailed information, you can visit NKM's Easy Addressing page.

How does Easy Addressing work?

Easy Address Identification and Application Login

Log in to the mobile or web application provided by the financial institution where you have your account.

Find

Locate the Easy Address Menu under the Money Transfers menu.

Define

Register by selecting the account you want to match with your convenient address.

Money Transfer

You do not need to be registered to send money via KOLAS, but you must register with your mobile phone number or email address to receive money.

What are the differences between FAST and EFT?

Although EFT transfers between bank accounts happen in seconds, banks don't guarantee a specific timeframe for making the money available in the recipient's account. Therefore, payments may take longer than expected to appear in accounts. Furthermore, the EFT system only operates during weekday business hours. There is no obligation to notify the sender and recipient after an EFT transaction, whereas the FAST system requires notification.