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Bank Indonesia continues
to accelerate national economic and financial digitalisation by developing
real-time retail payment system infrastructure (BI-FAST) that is available
24/7, while also standardising Open Application Programming Interface (Open
API) payments for industry players. Both
initiatives are part of the Indonesia Payment System Blueprint 2025 (BSPI 2025)
to provide fast retail payment system infrastructure and create an innovative
and collaborative payment system industry while maintaining security
standards. Ultimately, the public will
enjoy fast, convenient, affordable, secure and reliable payment system services
in the digital era to support various economic activities. That was the key takeaway of the Leader’s
Insight program, entitled “Digitalisation for Efficiency, Interconnectivity and
Interoperability”, as part of today's (06/04) activities at the virtual
Indonesia Digital Economy and Finance Festival.
The Deputy Governor of
Bank Indonesia, Doni P. Joewono, took the opportunity to explain the successful
development and implementation of BI-FAST and Open API Payment Standards, which
required the participation, collaboration and commitment of various parties to
ensure effective and sustainable digital transformation and provide payment
services to meet the needs of the public in the digitalisation era. BI-FAST is
a national retail payment system that facilitates retail payments using diverse
instruments and payment channels in real time and available 24/7. The salient features of BI-FAST include
real-time transaction settlement at the bank and customer levels, 24/7
availability, real-time validation and notification, use of a proxy address as
an alternative recipient account number and reliable security features in the
form of fraud detection and an anti-money laundering/combating the financing of
terrorism (AML/CFT) system. BI-FAST is currently in the developmental stage
with individual credit transfer services targeted for the end of 2021.
Open API Payment
Standards are a BI initiative to stimulate digital transformation of the
banking industry and facilitate collaboration between the banking and FinTech
industries through open banking. Open API Payment Standards include data
standards, technical standards and security standards as well as governance
standards. Industry-wide implementation
of Open API Payment Standards is expected to increase: (i) efficiency, security
and reliability; (ii) innovation and competitiveness through interlinkages
between the banking and FinTech industries to support financial inclusion; and
(iii) risk mitigation of shadow banking through the application of universal
regulations and standards for banks and FinTech to create a level playing field
in terms of payments services. The
process of formulating Open API Payment Standards began with the publication of
a Consultative Paper on Open API Payment Standards by Bank Indonesia in the
first quarter of 2020, followed by formulating the specifications in close
synergy with the national working group, and finally Bank Indonesia issuing
corresponding regulations in 2021. Bank
Indonesia will also release a developer site, complemented by a sandbox to
facilitate development trials and support the piloting phase in preparation for
full implementation in 2022.
The Chairperson of the
Association of Indonesian Private Commercial Banks (PERBANAS), Kartika
Wirjoatmodjo, and Chairperson of the Indonesia Payment System Association
(ASPI), Anggoro Eko Cahyo, were interviewed as part of the Leader’s Insight
program. Bank Indonesia is urging
members of the public to attend the various other FEKDI activities, starting 8th
April 2021, by visiting the FEKDI website (www.fekdi.co.id)
and exploring the use of virtual platforms. The full FEKDI agenda is open to
the public, with no admission fee.
Head of Communication Department
Information about Bank
Bank Indonesia and Monetary Authority of Singapore Expand Cooperation across Central Banking, Financial Regulation and Innovation
Banking Survey In Q4/2021 Banking Industry Indicated Faster Growth Of New Loans
BI 7-Day Reverse Repo Rate Held At 3.50%: Bank Indonesia Policy Mix in 2022 Oriented Towards Maintaining Stability and Strengthening National Economic Recovery
Supply and Demand Financing Survey December 2021: Corporate Demand for Financing Increased in December 2021
Indonesia’s External Debt Decreased in November 2021