Highlights:

1.             This Bank Indonesia Regulation supersedes the preceding regulation, i.e. Bank Indonesia Regulation No. 6/8/PBI/2004 concerning the Bank Indonesia Real Time Gross Settlement System as amended by Bank Indonesia Regulation No. 6/13/PBI/2004.

2.              The changes made in the new Bank Indonesia Regulation include the following:

a.              more precise definitions of the Bank Indonesia functions as policy maker, regulator and overseer as well as Operator in the operation of the BI-RTGS System; and

b.              explanations of risks and the management of these risks in the BI-RTGS System

3.            This Bank Indonesia Regulation, among others, prescribes general provisions in regard to:

a.              Legal Basis

b.              Rules and Procedures

c.               Management of Payment System Risks

d.              Finality of Settlement

e.              Security and Reliability of the BI-RTGS System

f.                Efficiency in BI-RTGS System Operation

g.              Participation

h.              Good Governance in the Operation of the BI-RTGS System

i.                Oversight of the BI-RTGS System

j.                Sanctions

4.             The technical rules for implementation of this Bank Indonesia Regulation are set out, among others, in:

a.             Circular Letter concerning Principles for Operation and Oversight of the BI-RTGS System (Regulator Circular Letter);

b.              Circular Letter concerning Operation of the BI-RTGS System (Operator Circular Letter);

c.              Circular Letter concerning Processing of Transactions in the BI-RTGS System as concerns Protection for Customers of BI-RTGS System Members; and

d.             Circular Letter concerning User Fees for the Bank Indonesia Real Time Gross Settlement System and Bank Indonesia National Clearing System in Implementation of the Treasury Single Account.

DAS