What's Different BI Fast And Realtime Online? Know The Answer Here

Illustration (Photo: Doc. Antara)

YOGYAKARTA Most online transfer facility users may be familiar with BI Fast and real-time online. Both are financial transaction support services from central banks that are safe and efficient and can be used in various banks. So, what are the difference between BI Fast and real-time online?

Quoted by VOI from the official website of Bank Indonesia, Wednesday, March 29, 2023, the infrastructure of the national retail payment system can facilitate retail payments in real-time, safe, efficient, and available at any time.

BI Fast was introduced and implemented by the central bank in stages since December 2021 with the initial priority being individual credit transfers. Next, BI Fast continues to develop in line with Bank Indonesia's policy direction.

According to Bank Indonesia, the development of BI Fast aims:

Meanwhile, what is meant by Realtime Online (RTO) is all forms of transactions made by customers through ATMs, internet banking, or banking cars.

RTO refers to the transaction time that customers need in transferring funds, both to other accounts to make payments at e-commerce.

Transactions with this service can be done anytime and anywhere without the need to visit the branch office.

Selain dapat mengirim uang dengan cepat dan diterima saat itu, layanan RTO juga dapat menyimpan data transaksi yang tersempan di database data center.

In more detail, here are the differences between BI Fast and online realtime:

1. Finance of financial transactions

The most obvious difference between BI Fast and RTO is the transaction fee. When using the RTO service, customers will be charged IDR 6,500 when making interbank transfers.

Meanwhile, BI Fast users are only charged Rp. 2,500 per transfer. This means that customers can save Rp. 4,000 when transferring different banks.

2. Limit transaction nominal

The difference between BI Fast and online realtime is in terms of transaction nominal. BI Fast users can make transfers of up to IDR 250 million per transaction. However, the nominal limit for this transaction usually follows the policies of each bank.

Meanwhile, RTO services generally can only serve a maximum transfer of IDR 25 million for one financial transaction.

3. Features

The third difference is that BI Fast is equipped with a proxy address feature so that it can serve transactions without the need to use an account number.

Through BI Fast, customers only need a cellphone number or email address as an alternative account number when they want to make a transaction.

This is different from RTOs whose transactions are carried out through ATMs, internet banking, or banking cars. Users of this service need to enter an account number along with a bank code if they want to make interbank transfers.

This is information about different BI Fast and realtime online. From the explanation above, it can be concluded that BI Fast has several advantages including transaction fees that are much cheaper to more sophisticated features.