Banking and Payment Systems Infrastructure in the TRNC: Digitalization, Integration, and Financial Services

Banking Infrastructure and Regulatory Institutions

Central Bank of TRNC

The Central Bank of the TRNC is the main regulatory authority that determines the country's monetary and credit policies, supervises the banking sector, and ensures financial stability. Issues such as the establishment and operation licenses of banks, capital adequacy, and risk management are under the control of the Central Bank.

Types of Banks

The banks operating in the TRNC are as follows:

• Deposit Banks: These are banks that accept deposits from customers and provide loans.

• Participation Banks: These are banks that operate according to interest-free banking principles.

• Development and Investment Banks: These are banks that primarily provide financing for investment projects.

• Branch Banks: These are banks established abroad that operate by opening branches in the TRNC.

Digital Banking and Services

Internet and Mobile Banking

Banks in the TRNC provide their customers with internet and mobile banking services, enabling transactions such as bill payments, money transfers, and currency transactions to be conducted digitally.

Virtual POS and E-Collection Systems

Businesses can accept online payments through virtual POS and e-collection systems. These systems support various payment methods such as credit card, bank transfer, and digital wallets.

Electronic Payment Systems and Fintech Developments

Electronic Money Institutions

Institutions providing electronic money services in the TRNC offer services such as payment intermediaries, money transfers, and electronic money issuance. These institutions operate with the permission of the Central Bank.

Next Generation Payment Systems

The next generation payment systems in the TRNC support modern methods such as contactless payments, QR code payments, and link payments. These systems enable users to make payments through their smart devices.

Consulting on Banking and Payment Systems with ORTAC

As ORTAC, we provide consulting services in the field of banking and payment systems in the TRNC. Our services include the following:

• Bank Account Opening: Management of suitable bank selection and account opening processes for businesses.

• Payment System Integration: Selection and integration of payment systems suitable for the needs of businesses.

• Digital Banking Consulting: Usage and optimization of internet and mobile banking services.

👉 To securely manage your banking and payment system processes in the TRNC, contact us