No. 24/ 28 /DKom
Starting
today, 21 banks and one nonbank financial institution have been added as new
BI-FAST participants as part of the second batch (Appendix). This demonstrates Bank Indonesia's firm
commitment to accelerating digitalisation of the national economy and finance
by expanding participants of BI's fast payments, namely BI-FAST. BI-FAST is payment system infrastructure
provided by Bank Indonesia that is accessible via applications offered by the
payment system industry to facilitate retail payments for consumers.
BI-FAST
implementation by the participants to their customers will be gradual in
accordance with the strategy and plan formulated by each respective participant
in terms of preparing payment channels for their customers. The second batch
contains one nonbank participant, namely the Indonesian Central Securities
Depository (KSEI), thereby supporting the digitalisation of capital market
transactions. With participants now totalling 43 (including the first batch),
81.45% of the national retail payment system is represented.
BI-FAST
services will gradually be expanded to include bulk credit, direct debit and
requests for payment. Bank Indonesia expects the support and participation of
all Payment Service Providers (PSP) to benefit from the BI-FAST infrastructure
as the backbone of retail payment system infrastructure moving forward. BI-FAST
is accelerating payments using secure and convenient instruments and channels
in real-time, while operating 24/7.
BI-FAST implementation aims to create CEMUMUAH (fast, convenient,
affordable, secure, reliable) payment system services to accelerate the
economic recovery and revive growth, including economic and financial
inclusion.
Bank
Indonesia will continue to strengthen policy synergy and BI-FAST implementation
with industry players to integrate the national digital economy and finance. BI-FAST
is expected to nurture innovation amongst industry players and optimise the
value added of consumer-centric services, thus increasing financial inclusion
and expediting the economic recovery through transaction efficiency.
Jakarta,
31st January 2022
Head
of Communication Department
Erwin
Haryono
Executive
Director
Information
About Bank Indonesia
Tel:
021-131, Email: bicara@bi.go.id
