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Communication Department​

4/6/2021 12:00 AM
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Bank Indonesia Develops Retail Payment System Infrastructure and Standardises Open API Payments

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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 ( and exploring the use of virtual platforms. The full FEKDI agenda is open to the public, with no admission fee.


Head of Communication Department

Erwin Haryono

Executive Director

Information about Bank Indonesia

Tel. 021-131, Email:

Contact Center BICARA : (62 21) 131 e-mail :
Working hours: Monday to Friday, 08.00-16.00 West Indonesia Time
Halaman ini terakhir diperbarui 4/12/2021 3:47 PM
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