TRUST
TurkiyePay Limited
TurkiyePay Limited carries the DLC Program into Türkiye. It sits under EuropePay DLC Limited and Digital Local Currency Limited, and it licenses the program know how, technology and governance framework to TRUST.
A formal, two way channel between the Turkish lira and the world
TRUST is the local program provider of the Digital Local Currency Program in Türkiye. Founded by TurkiyePay Limited and CiSoft, the technology company of the Faturamatik group, we bring banks in Türkiye and abroad into direct contract, so they can share their retail banking infrastructure and settle cross border retail transactions in local currency.
One venture, two founders, one mandate
Turkish Regulatory Uniform Services Technology, TRUST, is the domestic joint venture that delivers the Digital Local Currency (DLC) Program inside Türkiye.
CiSoft
CiSoft builds business software, POS, wallet and KYC identity verification solutions in Türkiye. It brings that technology and its market experience to the venture, so the program is run locally, under local management and in line with local rules.
TRUST is the operating centre of the DLC Program in Türkiye, and the place where membership agreements with banks are signed.
A Syndicate of banks that follows one standard
The TRUST program is a syndication concept inside a wider Syndicate in Europe, through EuropePay DLC Limited, and inside a Global Syndicate of banks and regulated entities.
One banking and financial Syndicate follows one standard, one set of rules and one terminology. Members benefit from that unity. Aggregation and consolidation give them a single voice before central banks, regulators, governments and ministries of finance, which is very difficult to achieve alone.
- Global SyndicateDigital Local Currency LimitedUnited Kingdom. Holds the know how, technology and governance framework.
- Regional Program ManagerEuropePay DLC LimitedLeads the Syndicate across Europe.
- Country Program ManagerTurkiyePay LimitedCarries the program into Türkiye.
- Local Program ProviderTRUSTThe domestic joint venture. The operating centre where banks join.
- MembersMember banksLicensed banks and regulated financial institutions in Türkiye and abroad.
One standard
Common rules and terminology for every Member, in every country, so banks can deal with each other without renegotiating the basics.
One voice
Members speak together before the Central Bank, regulators and ministries. A Syndicate is heard in a way that a single bank often is not.
One direct route
Banks connect to each other directly, with no chain of intermediaries between them.
Many banks, one direct route
Today's model is one bank to one bank, routed through third parties and correspondent banking, and it does not open retail banking activity. In the DLC model, a Syndicate of banks in one country assesses its combined demand for a currency and works with one provider in the destination market. Acting together gives Members the upper hand in negotiating terms, and it includes access to the sponsor bank's retail infrastructure.
Registered entity
The companies behind the TRUST joint venture.
TRUST
- Registered company name
- [registered name of the joint venture to be added]
- Trade registry and MERSIS number
- [to be added]
- Tax office and tax number
- [to be added]
- Registered address
- [to be added]
- Role
- Local Program Provider of the DLC Program in Türkiye
Founders and group
- Digital Local Currency Limited
- Registered in England and Wales, company number 14839600
- EuropePay DLC Limited
- [company number to be added]
- TurkiyePay Limited
- [company number to be added]
- CiSoft Yazılım ve Finansal Çözümler A.Ş.
- [registration details to be added]
Why Türkiye needs a formal channel
Cash still carries everyday retail life for people who arrive from outside the banking system: visitors, students, foreign workers and displaced communities. Their money often crosses borders through informal hands, unrecorded and unprotected.
Recorded
Every transaction passes through licensed banks on both ends, so it is visible to the institutions that answer to regulators.
Two way
Turkish lira into foreign currency, and foreign currency into Turkish lira. The channel works in both directions.
Local
Value settles in local currency on local rails, and local schemes such as TROY can be accepted, which keeps money and activity in the local economy.
Five services, one program
Two core services deliver the program. Three supporting services give Member banks what they now expect from a network.
Regulatory and compliance advisory
Cross border guidance for banks on the regulatory and compliance requirements of joining and operating in the Syndicate.
- Membership readiness and documentation
- Mapping of local permissions and reporting duties
- AML, CFT and sanctions standards across corridors
Local currency treasury matching
Matching and arranging treasury deals between banks that need each other's currency, in both directions.
- Identifying banks whose currency needs mirror each other
- Structuring the direct agreement between the two banks
- Syndicated demand for one currency across many banks
Training
Professional courses and certificates for bank staff, delivered with Esprichoo Education Ltd.
Technology auditing
Review of core banking, switch, card management and merchant systems against the minimum performance standards the network requires.
Press and media
Translation and localisation of content between the network and the Turkish market, with regular publications shared across the group.
How the program works
Licensed banks sit on both ends of every transaction. TRUST brings them together and guides the process.
Banks are matched
TRUST identifies banks in different countries that need each other's currency and introduces them.
Banks sign directly
The two banks enter into an infrastructure agreement with each other, with TRUST advising on regulatory and compliance requirements.
Retail transactions settle locally
Customers of one bank use the Member bank's retail infrastructure and settle in local currency. Regulated activity, custody of funds and settlement sit with the licensed banks that participate.
What Member banks offer their customers
BUY
Visitors and newcomers obtain Turkish lira through a licensed Member bank, in the formal channel.
KEEP
Value is held with a licensed bank or electronic money institution, under its own permissions.
SPEND
Value is used at merchants and counterparties through the Member bank's retail infrastructure.
ACCEPT
The inbound mirror of SPEND. Local schemes such as TROY are accepted, so the settlement account works both ways.
Built to sit inside Turkish regulation
TRUST advises Member banks on the frameworks that shape cross border retail activity in Türkiye.
Central Bank of the Republic of Türkiye
TCMBPayment systems, payment services and foreign exchange rules that apply to banks and payment institutions.
Banking Regulation and Supervision Agency
BDDKThe prudential and licensing framework of the banks that take part in the program.
Financial Crimes Investigation Board
MASAKAnti money laundering and counter terrorist financing obligations, customer due diligence and reporting.
Personal Data Protection Authority
KVKKData protection requirements for customer information that moves between banks and across borders.
Each Member bank holds its own licences and permissions. TRUST provides advisory support and does not replace the responsibilities of a licensed institution.
Corridors
Turkish lira against any currency supplied by a Syndicate Member, and back again.
TRY⇄USD
TRY⇄EUR
TRY⇄GBP
TRY⇄AED
TRY⇄SAR
TRY⇄Any Syndicate currency
Corridors open as banks join the Syndicate. The currency shown is the currency of the Member bank on the other side.
Who the program serves
The program is built for cross border retail demand, the everyday cash needs of people who arrive from outside Türkiye.
Tourists and visitors
Obtain and use Turkish lira through a licensed bank on arrival, without carrying large amounts of cash.
International students
Receive support from home and pay tuition, rent and daily costs through a formal account.
Foreign workers
Move earnings across borders through recorded, bank to bank channels.
Refugees and displaced communities
Receive funds from family and organisations in a formal, traceable and safer way.
Small and medium businesses
Accept and settle cross border retail payments in local currency through Member banks.
Member banks
Reach new retail customers abroad by sharing infrastructure with other Members, at a lower cost than building alone.
Join the Syndicate
Licensed banks and regulated financial institutions can become Members through TRUST.
- IntroductionContact TRUST to discuss your bank's cross border retail needs.
- Mutual NDAA mutual non disclosure agreement protects both sides before membership materials are shared.
- Membership agreementThe bank signs the DLC Membership Agreement with TRUST.
- Readiness and technology auditTRUST reviews compliance documents and systems against the network standards.
- Matching and go liveThe bank is matched with other Members and signs its direct agreement with them.
- A place inside a Syndicate that follows one standard
- Direct contract with banks abroad, with fewer intermediaries
- Collective weight before regulators and government
- Training for staff and audit of your technology
- Local support in Turkish and English
Talk to TRUST
[email, telephone and office address to be added]
Leadership
The Board of Directors of TRUST.
Questions banks ask
What is TRUST?
TRUST is a RegTech and compliance advisory company. It is the Local Program Provider of the Digital Local Currency Program in Türkiye, and it brings licensed banks into direct contract with each other.
Where are customer funds held and settled?
Regulated activity, custody of funds and settlement sit with the licensed banks that participate, under their own permissions.
Who can join the Syndicate?
Licensed banks and regulated financial institutions, in Türkiye and abroad, that accept the common standard, rules and terminology of the Syndicate.
How are two banks connected?
The two banks sign an infrastructure agreement directly with each other. The bank that supplies a currency gives the other bank access to it through a digital channel, and TRUST advises on the process.
Which currencies are available?
Turkish lira against the currency of any Member bank in the Syndicate, in both directions.
Which languages does TRUST work in?
Turkish and English.