TEMPO.CO, Jakarta – Bank Indonesia (BI) officially launched BI Fast Payment or BI-Fast yesterday, December 21, 2021. BI-Fast is a national retail payment system that replaces the Bank Indonesia National Clearing System (SKNBI).
BI-Fast will operate non-stop, take place instantly or in real time, easy, safe and cheap. The presence of BI-Fast is also expected to be able to accelerate the digitization of the national financial economy.
BI-Fast service will enable customer make online transfers only through the recipient’s mobile number or email address information. BI sets the maximum limit for transfers via BI-Fast as much as IDR 250 million, while the minimum transfer is IDR 1.
BI-Fast is also more flexible than the Real Time Gross Settlement (RTGS) payment system, which stipulates a transfer of IDR 100 million – IDR 250 million. The advantage of BI-Fast is that the payment settlement time is only about 25 seconds.
This is different from the SKNBI transaction model, which is limited to certain hours for transactions transaction in large numbers.
In addition, the BI-Fast pricing scheme from BI to participants is set at IDR 19 per transaction, while from participants to customers it is set at a maximum of IDR 2,500 per transaction. This value is cheaper than the SKNBI rate, which is set at a maximum of IDR 2,900 per transaction.
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