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Communication Department​

1/31/2022 12:00 AM
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BI-FAST Welcomes New 22 Participants, BI Accelerating Economic and Financial Digitalisation

 
Press Releases

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

 

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​​Contact Center BICARA : (62 21) 131
E-mail : bicara@bi.go.id
Working hours: Monday to Friday, 08.00-16.00 West Indonesia Time

Halaman ini terakhir diperbarui 2/3/2022 10:36 AM
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