Contributed by Lim Jing Wei, Chief Fintech Officer
In this article, we will be sharing about Indonesia’s BI-FAST system.
In Indonesia, Real-Time Payments are processed via the BI-FAST system which is operated by Bank Indonesia, Indonesia's central bank. Introduced in 2021, BI-FAST is a pivotal component in Indonesia’s digital transformation within its Payment System Blueprint, IPS 2025.
The initial phase of BI-FAST implementation, launched in December 2021, focuses on individual credit transfer services. The system offers automatic real-time notification and works via proxy address (mobile phone number, residence number and email address).
BI-FAST services will be expanded incrementally to include bulk credit, direct debit and request for payment services. Also in the planning stages is a single integrated payment interface (IPI) that connects all payment instruments and channels (such as QR codes and digital wallets) and routes transactions to back-end infrastructures. The IPI, in principle,
is a platform that integrates all payment channels using API technology, which allows real-time fund transfer services among banks and non-banks.
CYS Global Remit is launching Real-Time payments for Indonesian Rupiah Payments through its mobile application soon. Stay tuned for more information!