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Bank Indonesia officially unveils BI-Fast
Jakarta (ANTARA) – Bank Indonesia (BI), on Tuesday, officially unveiled a retail payment system infrastructure called BI-Fast that is accessible round the clock.
During the online event to unveil BI-Fast on Tuesday, BI’s Governor Perry Warjiyo noted that BI-Fast operates non-stop in real time in addition to being fast, cheap, safe, and reliable.
Indonesia’s central bank has presented BI-Fast to the nation, people, and industry and is expected to expedite digitalization of the national finance economy and integrate the payment system industry ecosystem, banking, digital, fintech, e-commerce, and consumers.
“Encouraging an inclusive economy as well as economy and finance that support national economic recovery are the themes behind unveiling BI-Fast,” he affirmed.
“Digital transformation of the payment system is conducted to accelerate recovery of the nation’s economy,” he remarked.
BI-Fast is part of the implementation of reformation of national payment system digitalization described in the 2025 Indonesia Payment System blueprint unveiled in May 2019.
The BI-Fast price scheme is cheap with Rp19 for members and the maximum transfer from members to customers at Rp2,500 per transaction, Warjiyo explained.
During this unveiling stage, 21 banks are ready to provide the BI-Fast service, and in the fourth week in January 2022, it will also be unveiled for other banks and non-banks.
“We expect the entire payment system’s industry actors to join in and utilize BI-Fast to better serve the people and that Indonesia gradually starts depending on each members’ readiness,” the BI governor remarked.
As a guideline for operating BI-Fast, the central bank had also published Governor Board Member Regulation that is effective since November 12, 2021, he noted.
The regulation encompasses aspects of membership, execution, operations, and obedience utilization for BI-Fast.
Meanwhile, BI-Fast’s operational aspects, which are technical and micro in nature, are further dictated by the Indonesia Payment System Association (ASPI) as a Self-Regulatory Organization (SRO) that works as BI’s strategic partner in the payment system.
“We express our biggest gratitude to ASPI as the SRO in the payment system that is truly excited to conduct payment digitalization, including in issuing ASPI’s regulation as a guideline for all BI-Fast members,” Warjiyo remarked.
Source: https://en.antaranews.com/news/205609/bank-indonesia-officially-unveils-bi-fast