Booklet of The Bank Indonesia National Clearing System (SKNBI) ​ - Bank Sentral Republik Indonesia
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October 29, 2020

Indonesia now has 105 local clearing operators, which consist of units managed directly by Bank Indonesia and third parties appointed by Bank Indonesia. Transactions processed through the clearing system include debit transfers and credit transfers accompanied by exchange of paper debit instruments (cheques, bilyet giro, debit notes, etc.) and credit instruments. Credit transfers may be processed in clearing only in amounts below Rp 100,000,000.00. If the amount is Rp 100,000,000.00 or more, the transaction must proceed through the Bank Indonesia Real Time Gross Settlement System (BI-RTGS System).

To perform the clearing operations, 4 (four) different systems are used:

  1. The Electronic Clearing System, known as the SKEJ and used in Jakarta;
  2. The Automatic Clearing System, used in Surabaya, Medan and Bandung;
  3. The Semi-Automatic Local Clearing System, known as SOKL and used in 33 clearing areas operated by Bank Indonesia and 37 other clearing areas operated by third parties appointed by Bank Indonesia, and
  4. The Manual System (at 31 non-BI operators).

Progress in information technology has been matched by the need for greater efficiency in clearing operations. With average daily volume at about 300,000 transaction items, it has become necessary to re-examine the use of paper instruments for interbank funds transfers, particularly in regard to printing costs and the processing procedures for the instruments themselves. On the other hand, processing of interbank credit transfers through the BI-RTGS system is paperless. Additionally, the different forms of clearing systems currently in use and the restriction on clearing of interbank credit transfers to the local area (transfers only between banks within the same clearing area) mean that interbank funds transfers outside the local region must be processed by the bank itself using other mechanisms.

Concerning the management of risks arising in clearing based on multilateral netting, hitherto there has been no mechanism in place to anticipate the possibility that members may default on settlement of clearing results.
Responding to this issue, Bank Indonesia has launched the SKNBI to accommodate paperless interbank credit transfers throughout Indonesia as part of the effort to build an efficient, rapid, secure and reliable payment system. In a related action, Bank Indonesia introduced the Failure to Settle (FtS) mechanism designed to minimise risks to Bank Indonesia arising from its clearing operations.

With the SKNBI slated to replace the clearing system currently in use at the 105 clearing operators in Indonesia, the changeover to the SKNBI will take place in stages. In the first phase, the SKNBI was launched in Jakarta on 29 July 2005.

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