Start Date for Secure Payment System in Real Estate Transactions Postponed
The Ministry of Trade has updated the launch date for the mandatory system aimed at reducing security risks in real estate transactions.
According to the announcement made by the Ministry of Trade, the start date of the mandatory Secure Payment System, which will be implemented to prevent fraud risks in house and land sales, has been rescheduled as December 1st.
Update of Implementation Date
The Ministry of Trade announced that the start date of the mandatory Secure Payment System in real estate sales has been rescheduled as December 1st in order to complete technical preparations.
With this new regulation, it is aimed that the system will be put into operation completely and smoothly by all stakeholders.
Purpose and Scope of the System
With the amendment made to the Regulation on Real Estate Trade on April 29th, it was aimed to eliminate fraud risks in buying and selling processes.
It was envisaged that payments would be made through this system in order to ensure that money transfers are carried out in a secure environment and to reduce informal economy.
Infrastructure and Integration Process
Within the scope of technical studies carried out in cooperation with the General Directorate of Land Registry and Cadastre, a data sharing infrastructure is being prepared between information systems and banks.
A regulation was also made regarding the determination of an integrator in order to accelerate and facilitate the process.
Pilot Application Plan
After the banking infrastructures are fully ready, a pilot application is planned to be launched for the system to work more effectively.