Saturday, 25 May 2024

BI launches Bank Indonesia fast payment

5 min read

Bank Indonesia launched the Bank Indonesia Fast Payment (BI-FAST) system virtually, entitled “Payment System Digital Transformation to Accelerate National Economic Recovery.” BI-FAST is payment system infrastructure provided by Bank Indonesia and accessible via applications offered by the payment system industry to facilitate retail payment transactions for the public. BI-FAST is being rolled out by banks to their customers gradually in line with the respective bank’s plan to offer different payment channels to their customers.

BI Governor, Perry Warjiyo, took the opportunity to explain how BI-FAST forms an integral part of the Indonesia Payment System Blueprint (BSPI) 2025 vision for digital transformation towards inclusive and equitable economic growth, while supporting the national economic recovery program. BI-FAST development represents an important milestone of national payment system digitalisation reform as implementation of BSPI 2025, along with QRIS, SNAP and payment system regulatory reform. BI-FAST is a national-driven initiative to create more efficient retail payment system infrastructure that meets the needs of the community in terms of fast, affordable, secure and reliable economic and financial transactions, while strengthening national payment system industry consolidation and building an integrated, interoperable and interconnected digital economy and finance that can foster national unicorns. “I expect the launch of BI-FAST to accelerate national economic and financial digitalisation, integrate the payment system industry ecosystem end-to-end from digital banking, FinTech and e-commerce to consumers, increase economic and financial inclusion as well as drive national economic recovery momentum,” stated Governor Perry.

Chairman of the Indonesia Payment System Association (ASPI), Santoso Liem, affirmed industry support and commitment towards the initiatives championed by Bank Indonesia through the Indonesia Payment System Blueprint (BSPI) 2025 along with BI-FAST implementation as a means of reforming the digitalisation landscape for the national economic recovery.

BI-FAST will assume its function as backbone of retail payment system infrastructure moving forward, thus accelerating payments via various instruments and channels securely and affordably in real time and available 24/7. BI-FAST implementation aims to create fast, convenient, affordable, secure and reliable (CEMUMUAH) payment system services, thereby accelerating economic recovery and increasing growth together with economic and financial inclusion. Bank Indonesia continues to strengthen policy synergy and BI-FAST implementation with industry players to integrate the national digital economy and finance.

BI-FAST implementation is one of Bank Indonesia's efforts to accelerate digitalisation of the national economy and finance through fast payment infrastructure as a game changer in anticipation of digital transaction developments looking ahead, including cross-border transactions. The initial phase of BI-FAST implementation in December 2021 will focus on individual credit transfer services with 21 Batch 1 participants set to go live (Appendix 1). Subsequent batches will be available to BI-FAST participants. Moving forward, BI-FAST services will be expanded incrementally to include bulk credit, direct debit and request for payment services.

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 foster payment system industry innovation by optimising consumer-centric value-added services that pave the way for greater financial inclusion and economic recovery through transaction efficiency.

Re-disseminated by The Asian Banker

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