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Turkey interested in joining EU's payment system, minister says - Finance news and analysis from Global Banking & Finance Review
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Turkey interested in joining EU's payment system, minister says

Published by Global Banking & Finance Review

Posted on July 1, 2026

1 min read

· Last updated: July 1, 2026

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Turkey Expresses Interest in Joining EU's SEPA Payments System for Faster Transfers

Turkey's Pursuit of SEPA Membership and Its Implications

Official Statement from Turkish Foreign Minister

ANKARA, July 1 (Reuters) - Turkey is interested in joining the European Union's SEPA payments system, and related financial institutions are working on the issue, Foreign Minister Hakan Fidan said on Wednesday.

Details of Recent Diplomatic Talks

Fidan was responding to a question at a press conference about his talks with EU's foreign policy chief Kaja Kallas and two other EU commissioners that took place on Tuesday in Ankara.

Background on SEPA and Turkey-EU Discussions

Turkey and the EU have been holding talks about the EU's 41-country Single Euro Payments Area (SEPA) which makes cross-border euro-currency payments cheaper, faster and more secure.

Reporting and Authorship

(Reporting by Tuvan Gumrukcu, Writing by Huseyin Hayatsever)

Key Takeaways

  • Foreign Minister Hakan Fidan confirmed that Turkish financial institutions are actively working to join SEPA, following recent discussions with EU officials in Ankara.
  • The EU recently proposed SEPA membership to Turkey—offering benefits similar to those extended to Balkan candidate countries, which have saved up to €500 million annually through cheaper euro transfers(zonebourse.com).
  • Joining SEPA would allow Turkey to handle euro-denominated payments under uniform technical standards and pricing, although full application of EU-level protections (e.g., equal charges rules) would require additional legal alignment(en.wikipedia.org).

References

Frequently Asked Questions

What is SEPA and why is Turkey interested in joining?
SEPA is the Single Euro Payments Area, making euro payments faster and more secure. Turkey is interested to enhance its cross-border euro transactions.
Who announced Turkey's interest in SEPA?
Turkey's Foreign Minister Hakan Fidan announced the interest during a press conference.
Has Turkey discussed SEPA membership with the EU?
Yes, Turkey has held talks with the EU, including discussions with EU foreign policy chief Kaja Kallas.
What would SEPA membership mean for Turkey's financial sector?
It would enable Turkish financial institutions to process euro payments more efficiently, affordably, and securely.

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