74 NEWSLETTER 2021 The application programming interfaces that allow the communication infrastructure for software to software (API), and open banking, which allows the flow of authorized data between the banks and FinTechs, are defined as an “Electronic distribution channel through which the customers or parties acting on behalf of customers can remotely access financial services provided by the banks via methods such as API, web service and document transfer protocol, and can perform banking transactions, or can give an order to the bank for the performance of banking transactions,” in the Regulation. From that perspective, the API development initiatives in the banking industry are expected to change the face of banking. In line with this, especially the Banks may need to develop API strategies, regulate API interfaces, determine the ownership and mechanisms for the management of API’s within the Bank and, hence, aim to increase the number of value-added services. Finally, even though the Communiqué regarding Payment Systems is expected to be published, secondary legislations should also be enacted rapidly. Among these, the Regulation, the Regulation on Generation and Use of TR QR Code in Payment Services, published in the Official Gazette dated 21.08.2020 and numbered 31220, and the Regulation on Remote Identification Methods to be Used by Banks and Establishment of Contractual Relations in Electronic Environment, published in the Official Gazette dated 01.04.2021 and numbered 31441, are significant in line with PSD2. Conclusion The most recent regulations regarding payment systems under Turkish law are parallel to the payment systems legislation of the European Union. Furthermore, the amendments made to the European Union payments systems legislation via PSD2 are reflected in Turkish law. It is anticipated that innovations in our country in this field will be enhanced, especially in the open banking area, and questions concerning the practice will dissipate with the secondary legislation expected to be enacted on payments systems.
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