Bank Indonesia (BI) today officially launched the operation of the Bank Indonesia Fast Payment (BI-Fast) payment system infrastructure.
The official launch of BI-Fast was carried out by the Governor of BI, Perry Warjiyo virtually, Tuesday (21/12/2021). Perry said, the BI-Fast retail payment system is to meet the needs of the people with efficient and inexpensive transactions.
“The BI-Fast price scheme is also cheap to meet the people’s needs. Stipulated by Bank Indonesia as the implementation of Bank Indonesia’s duties and authorities in the payment system sector as mandated by law, including the provision of public infrastructure for an efficient payment system,” said Perry.
According to him, BI-Fast is to meet people’s needs and encourage the acceleration of the national digital financial economy while maintaining innovation in accelerating the financial economy and also the sustainability of the payment system industry.
The advantage of the BI-Fast system is that the transactions are cheaper, namely the interbank transfer rate charged to customers is a maximum of IDR 2500 or lower than the Bank Indonesia National Clearing System (SKNBI) which is IDR 6,500 per transaction.
“For this reason, BI has set a low price scheme, namely from Bank Indonesia to participants of IDR 19 and from participants and customers a maximum of IDR 2,500 per transaction,” he explained.
The Governor of BI hopes that all players in the payment system industry will join and take advantage of BI-Fast to be able to better serve the needs of the community.
“For the Unitary State of the Republic of Indonesia, it will gradually depend on the readiness of each participant. Readiness of participation with 4C criteria, namely Contribution to the digital financial economy. Capacity and Capability of liquidity capital and others. Collaboration in supporting Bank Indonesia’s policies as well as Champions in readiness in readiness for implementation of both people processes and technology,” he said.
“Besides of course the requirements and readiness from the institutional aspect of financial performance as well as the information system capability aspect in meeting technical requirements and a reliable system,” he added.
Perry explained, BI-Fast serves individual credit transfers for customers throughout Indonesia. Furthermore, BI-Fast services will also be gradually expanded. This includes transactions for direct debit and requests for payment.
Perry said that the BI-Fast system would also be implemented in various banking channels, depending on the readiness of each participating bank. In the first batch today or December 21, 2021, there are already 21 banks that are ready to provide BI-Fast services.
For your information, the BI-Fast system has been regulated in the Regulation of the Members of the Board of Governors number 23/25/PADG/2021 concerning the operation of Bank Indonesia Fast payment (BI-Fast). (faz/iss/rst)
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