Turkey has applied to join the Single Euro Payments Area (SEPA), BGNES reports.
Turkish Finance Minister Mehmet Simsek said that Ankara's membership in the European payment system would make cross-border payments faster, safer and cheaper.
SEPA covers 41 countries. The system allows citizens and companies to make cross-border payments in euros under uniform rules. Transfers between participating countries are carried out in the same way as domestic bank transfers.
Earlier this year, the EU proposed that Turkey join SEPA as part of efforts to deepen economic relations between the bloc and Ankara.
The EU is Turkey's largest trading partner. Annual trade exceeds 200 billion euros.