BBVA, a user of Ripple funds transferring technology, has announced that this year Turkey will start using instant payments without IBAN and BBVA will help accomplish it,
RippleNet member, global financial group BBVA, has announced that in less than three weeks, it will help Turkey launch a system of fast instant payments that will not require IBAN.
BBVA to help Turkey implement instant payments
According to the company’s website, on December 18 this year, Turkey will begin utilizing a system of instant payments.
The press-release says that this system of fast instant payments will not require an IBAN from users directly. They will be able to link their IBAN to their smartphone number, email address or even a personal ID card, the choice will be up to them.
This new system will help them send and receive, as the press-release emphasizes, “fast and instant” payments seamlessly.
These payments will be available to users of the Garanti BBVA Mobile service.
The press-release does not specify whether these instant payments will work only inside the country or also globally. However, since BBVA is a global financial group with offices in Mexico, the South and North America, apart from Turkey, these locations are likely to be included as well.