BI Governor Perry Warjiyo Brings Good News, Interbank Transfer Service Is Only IDR 2,500 Starting December 2021

Governor of Bank Indonesia (BI), Perry Warjiyo. (Photo: Doc. Bank Indonesia)

JAKARTA - Bank Indonesia sets the price for BI-Fast services from participants to customers at a maximum of IDR 2,500 per transaction and IDR 19 per transaction from BI to participants.

"We will review this from time to time with the target of cheaper prices being more efficient," said Bank Indonesia Governor Perry Warjiyo in a virtual press conference, Friday, October 22 last week, as reported by Antara.

Perry said the price for BI-Fast services was cheaper than the price for the Bank Indonesia National Clearing System (SKNBI), which set a price of IDR 2,900 per transaction.

Not only about the price, but BI-Fast also offers better advantages than SKNBI, namely real time at any time, complete (serving various payment instruments and channels), secure (equipped with fraud detection features and AML/CFT) and efficient because it uses a proxy. address as an alternative account number.

Bank Indonesia also supports if BI-Fast participants want to provide lower prices to customers in order to increase transaction volume.

"We are very supportive of that and the more we can increase the volume and of course further improve Indonesia's economy and finances. The economic opportunity is very large, there are still many people who have not been seen by the financial world, including the payment system," said Perry.

Furthermore, Perry conveyed that the maximum nominal limit for BI-Fast transactions in the early stages is IDR 250 million per transaction. This takes into account the smooth running of the BI-Fast system both at the organizers and participants, provides time for transaction shifting from SKNBI to BI-Fast, and periodic reviews will be carried out according to the mundane aspects (fast, easy, cheap, safe, and reliable).

"In its implementation, banks can adjust the nominal limit of transactions per customer below Rp250 million in accordance with the risk appetite of each bank," he said.

Although the nominal value of BI-Fast transactions is still below the SKNBI of Rp. 1 billion, BI-Fast will be available at any time, in contrast to SKNBI and BI-RTGS which have operating hours. BI-FAST payment channels are also more diverse, in addition to bank counters and mobile/internet channels, in the future will also serve transactions using QR, ATM, and EDC.

The BI-Fast will be implemented in stages starting in the second week of December 2021 with the initial priority being individual credit transfers. Furthermore, gradually starting from 2022, BI-Fast services will be developed for debit transfers, bulk credits, and requests for payments, which will be implemented in 2023. BI-Fast will also be expanded to be able to serve other transactions such as instrument-based transactions, QRIS, and cross borders.