GOLD TRANSFER SYSTEM
Takasbank Gold Transfer System
Pursuant to Turkish government’s Medium Term Development Program article 80, which is regarding the development of mechanisms to attract the gold savings into the financial system and enhancement of gold mobilization, the gold transfer system project has been initiated in the presence of The Banks Association of Turkey and as a result of multilateral negotiations development and operation of a central system that will enable interbank gold transfers is assigned to Takasbank due to its reputation, market knowledge and operational capabilities as central clearing and settlement house of Turkey.
The Gold Transfer System, which is operated by Takasbank, was launched as planned after a successful software and system development on 16.07.2018. The Gold Transfer System enables gold transfer among clients electronically via bank accounts and the system is backed by physical gold which is securely stored in Borsa İstanbul vaults.
Takasbank Gold Transfer System is considered as one of the most important components of Istanbul International Finance Center Project and will become a milestone in the aim of "becoming a center of gold transaction” on a global scale.
The Central Bank of the Republic of Turkey authorized the system and allowed the institutional and individual investors, who have accounts at system participant banks, to transfer their gold balance among themselves.
Locally developed gold transfer system makes a significant contribution to the development of gold banking and to the full mobilization of gold volume located in Turkish Market.
How The System Works?
Clients are able to transfer their gold balance through the participating bank starting from minimum 1 (one) gram and its multiples. There is no upper limit on gold transfer amount.
The gold subject to transfer in the system is backed by physical gold and it is stored in accordance with the principles and procedures stipulated by Borsa İstanbul.
In order to perform the gold transfer instructions of the clients, the participating banks are obliged to keep relevant gold amount physically in the Takasbank omnibus gold account held at Borsa Istanbul. The gold is transferred by Borsa Istanbul from participant’s account to Takasbank omnibus gold account in accordance with the relevant instruction and thus, the investors can benefit from transferring gold between participating banks in Takasbank Gold Transfer System.
The banks can connect to the system which is developed by Takasbank’s R&D center as a domestic and national software, through web services or the Takasbank terminal and therefore participant banks are able to put into process of the client’s transaction in electronically.
The banks which signed the gold transfer system participant agreement and started to receive customers' gold transfer instructions (in alphabetical order):
Albaraka Türk Katılım Bankası A.Ş., Denizbank A.Ş., Halk Bankası A.Ş., Kuveyt Türk Katılım Bankası A.Ş., QNB Finansbank A.Ş., Turkland Bank A.Ş., Vakıflar Bankası T. A.O., Vakıf Katılım Bankası A.Ş., Ziraat Bankası A.Ş.
The banks which signed or received the gold transfer system participant agreement, but not yet accepted any gold transfer instructions from customers due to the on-going software development:
Akbank T. A.Ş., Garanti Bankası A.Ş., İş Bankası A.Ş., Odea Bank A.Ş., Şekerbank T. A.Ş., Türk Ekonomi Bankası A.Ş., Ziraat Katılım Bankası A.Ş.
Directives and Procedures
- Takasbank Gold Transfer system Directive
- Takasbank Gold Transfer System Implementing Principles and Procedures