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BI-RTGS is an electronic funds transfer system amongst participants in rupiah with real-time settlement on an individual transaction basis. Since becoming operational on 17th November 2000, BI-RTGS has played an important role in processing payment transactions, including High Value Payment System (HVPS) transactions exceeding Rp100 million as well as urgent transactions.  The second-generation BI-RTGS system became operational on 16th November 2015 with a Liquidity Saving Management (LSM) feature that aims to enhance risk management and liquidity management efficiency.
HVPS transactions currently account for around 90% of total payment transactions in Indonesia. Therefore, the BI-RTGS system has been designated a Systemically Important Payment System. Since 2016, Bank Indonesia has operated the second-generation BI-RTGS system, boasting liquidity management and liquidity saving features to increase efficiency and enhance risk mitigation.
BI-RTGS confers numerous benefits.  In addition to greater assurance of settlement finality for each transaction, which minimises settlement risk, BI-RTGS is also a practical, fast, efficient, secure and reliable interbank funds transfer system.
BI-RTGS is also complemented with a centralised account mechanism as a reliable way to enhance fund management effectiveness for the participants as well as the monetary and banking authority.  For the authorities, information concerning fund management in the banking industry is important supporting information for monetary operations activities and an early warning system in terms of bank oversight.
BI-RTGS is designed to ensure gross settlement in real-time that is final and irrevocable.  Transaction settlement in the BI-RTGS system is processed in real-time and irrevocable.  Real-time settlement is limited to outgoing transactions from a sending bank to Bank Indonesia to be forwarded to the recipient bank.  Meanwhile, the final settlement window for customer transfers depends on the internal conditions and system standards of each participant, potentially leading to a discrepancy between final settlement in the BI-RTGS system and the funds received in the customer's account.
BI-RTGS also features Gridlock Resolution.  This mechanism aims to prevent gridlock, namely when several participants cannot settle their obligations until claims have been settled. Gridlock Resolution is an automatic feature of BI-RTGS.
To accelerate the final settlement process of the BI-RTGS system, the operating entity urges all participants to comply with the Throughput Guidelines as a specific target percentage of total transactions processed in one day.  Compliance to the Throughput Guidelines reduces the possibility of payment transactions accumulating at the end of the day.  The Throughput Guidelines are regulated based on each respective transaction zone, namely Zone I (min 30%), Zone II (min 30%) and Zone III (max 30%).
The Intraday Liquidity Facility (FLI) and Sharia Intraday Liquidity Facility (FLIS) are reserve liquidity facilities available to BI-RTGS participants on an intraday basis. FLI/FLIS is available to eligible participants in order to overcome temporary liquidity shortfalls or an intraday gap.
An intraday gap can occur because gross settlement means transactions are settled continuously throughout the working day, requiring significant liquidity.  Eligible participants for FLI/FLIS are still required to provide quality collateral in the form of Bank Indonesia Certificates (SBI) and government securities (SBN) on an intraday basis.  Since 1st November 2018, Bank Indonesia has provided the intraday liquidity facility at no cost to the participants.
The BI-RTGS system is a Settlement Processor. BI-RTGS provides a means of final settlement for retail payments, including the National Clearing System (SKNBI) as well as ATM/debit card/credit card clearing.  In addition to retail payments, BI-RTGS also provides a means of transferring the final settlement and transfer of funds from securities trading, interbank forex trading, funds settlement from monetary operations/open market operations (OMO), government payments and securities.
To meet the highest security standards and ensure uninterrupted availability during the operating window for the participants and operator, the BI-RTGS system is fully equipped with procedures and contingencies to handle disruptions and/or emergencies, including the Contingency Plan, back-up facilities and the Business Continuity Plan (BCP).  In addition, the operating entity also provides Guest Bank and back-up facilities for participants at Bank Indonesia in the event of disruptions and/or emergencies in order to prevent participant default when using the RTGS terminal to process settlements through the BI-RTGS system.

BI as the Authority

In accordance with the Bank Indonesia Act (No. 23 of 1999, No. 3 of 2004 and No. 6 of 2009), Article 8 stipulates that one function of Bank Indonesia is to regulate and maintain the payment system.  To that end, Bank Indonesia is authorised to licence payment system services providers, to require payment system operators to report to Bank Indonesia and to determine the use of payment instruments (Article 15).
Bank Indonesia's function as the payment system authority includes Regulator and Overseer of the BI-RTGS system. As regulator, Bank Indonesia has a solid legal foundation for BI-RTGS system implementation as well as to determine the role and responsibilities of BI-RTGS system operators and participants.
As Overseer, Bank Indonesia ensures that BI-RTGS system administration meets the 10 Core Principles for Systemically Important Payment Systems (CP-SIPS) issued by the Bank for International Settlements (BIS), such as supporting financial system stability and fulfilling consumer protection principles.  The supervision function is implemented through policymaking, consultation meetings with operators, monitoring and assessment.
As one supervisory activity, Bank Indonesia requires operators and participants to maintain adequate security standards.  To assess the operational security of the BI-RTGS system, Bank Indonesia may request an independent auditor to perform a security audit, including the applications and networks used in the BI-RTGS system, to ensure confidence that the system is secure and reliable.  In addition, Bank Indonesia also requires operators and all participants to conduct back-up trials as well as maintain a Disaster Recovery Plan (DRP) and Business Continuity Plan (BCP).  Meeting the requirements as a participant as well as regulatory compliance by the RTGS system operator are key aspects of oversight, in addition to reporting obligations concerning the participants’ internal assessments.​

BI as RTGS System Operator

As the RTGS system operator, Bank Indonesia has the following responsibilities:
  1. Operate an efficient, fast, secure and reliable RTGS system;
  2. Provide clarification to the participants concerning the financial risks associated with BI-RTGS system participation and the risk mitigation measures required;
  3. Ensure regulatory compliance amongst the participants, including submission of internal BI-RTGS audit reports by the participant. 

The operator of the BI-RTGS system is required to provide the following infrastructure and services:
  1. Infrastructure and facilities to operate the BI-RTGS system, including the hardware, software, data communication network (leased line), dial-up facilities and other supporting facilities.
  2. A helpdesk to assist participants overcome operational difficulties.
  3. Training provided to the participants.
  4. Maintain a Disaster Recovery Plan (DRP) and Business Continuity Plan (BCP) and conduct periodic trials with participant involvement.
  5. Hold regular meetings with user groups.​​


BI-RTGS participants include all banks and nonbank financial institutions. BI-RTGS participants are categorised as Direct Participants or Indirect Participants.  Direct Participants can send BI-RTGS system transactions using their own identity, while Indirect Participants can only send BI-RTGS system transactions using the identity of a Direct Participant.
The legal relationship between BI-RTGS participants and Bank Indonesia as the system operator is contained within a BI-RTGS usage agreement, which regulates the various rights, obligations and responsibilities of the participants and the operator.
In addition to the regulations and agreements between participants and operator as the legal foundation for the daily operation of the BI-RTGS system, the technical aspects are regulated through a number of by-laws agreed by participants that are not contained in prevailing BI regulations or agreements.
When initiating a transfer instruction, BI-RTGS participants are required to comply with Know Your Customer (KYC) Principles as well as anti-money-laundering laws.  To that end, the identities of the sender and recipient as well as the relevant data must be completed accurately and in full.

Service Level Agreement (SLA)

The funds must be received by the customer no more than two hours after the transfer order has been received from the sender by the bank.

Pricing Policy

BI-RTGS System pricing policy for all participants is as follows:

A Single Credit Transaction Fee is charged for sending a one-time transaction and a Multiple Credit Transaction Fee is charged for sending a bundled transaction for two or more transactions up to 10 transactions.
Sending fees are also based on the morning, midday and afternoon window times, which encourages participants to send transactions earlier and, thus, maintain the distribution of RTGS transactions throughout the day.  In addition to the transaction fees, Bank Indonesia also charges a fee for sending administrative messages or using the Guest Bank facilities along with other fees. 
BI-RTGS participants can charge their customers different fees for processing transactions through the BI-RTGS system based on the respective policy of the bank or financial institution, including investment fees, application maintenance, personnel fees and other fees.  Nevertheless, Bank Indonesia has capped the maximum funds transfer fee from banks to their customers at Rp35,000. 
Bank Indonesia also requires each bank to display BI-RTGS charges clearly, including Bank Indonesia's charges for the participants and the participants’ charges for their customers.​

​Window Time

RTGS System Operational Schedule (GMT+7)​​
Jadwal Operasional Jam WIB
1 System Open 
2 Funds Transfer and Regular Credit Services 

a. 1st Settlement Window  06:30 - 11:00

b. 2nd Settlement Window  06:30 - 16:30

c. 3th Settlement Window  06:30 - 16:30

d. 4th Settlement Window  06:30 - 17:00

e. 5th​ Settlement Window  11:00 - 16:30

f. 6th​ Settlement Window  06:30 - 17:00

g. 7th​ Settlement Window  18:00 - 19:00

h. 8th​ Settlement Window 
06:30 - 16:30

​i. 9th​ Settlement Window  
3 Paper-based debit clearing services: 

a.  Zone I

​b.  Zone II

​c.  Zone I​II

​​​c.  Zone I​V
4 Regular Debit Services 

System Cut-Off  ​16.45


The Bank Indonesia – Real Time Gross Settlement (BI-RTGS) System is an infrastructure for processing high-value transactions and is connected to other primary financial system infrastructures. Therefore, the BI-RTGS System poses systemic risk to Indonesia's financial system and, therefore, the security and seamless continuity must be maintained constantly through effective oversight, amongst others.

Bank Indonesia has discharged its BI-RTGS oversight function since 2002. The aim of this oversight function is to ensure an efficient, fast, convenient, affordable, secure and reliable system, while ensuring inclusive access and consumer protection based on international standards and best practices.

Implementation and oversight of the BI-RTGS system as systemic financial market infrastructure are executed based on the international standard, the Principles for Financial Market Infrastructures (PFMI) issued by CPSS-IOSCO.  Furthermore, Bank Indonesia has adopted the PFMI in the operation of the BI-RTGS System in the form of Principles for Bank Indonesia-Operated Payment System as Part of Financial Market Infrastructures.

In addition, Bank Indonesia has published Disclosure Framework of BI-RTGS System in order to provide comprehensive disclosure as a form of transparency concerning the governance, operational activity and risk management framework of the BI-RTGS system, including level of compliance with the PFMI.


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