BI Fast Participants Added 77 Banks, Socialization To Customers Implemented Gradually: Fulfill The Retail Payment System

JAKARTA - Bank Indonesia (BI) announced that today, Monday, August 29 it has officially increased by 25 new banks included in the BI Fast scheme to fulfill the existing number to 77 participants.

Head of the BI Communications Department Erwin Haryono said the 77 banks had represented 85 percent of the national retail payment system share.

According to him, Bank Indonesia is committed to encouraging the acceleration of national economic and financial digitization through the expansion of BI fast payment participants, namely BI Fast.

"BI Fast is a payment system infrastructure provided by BI that can be accessed through applications provided by the payment system industry in facilitating retail payment transactions for the public," he said in a written statement on Monday, August 29.

Erwin added that the implementation of BI Fast by participants to their customers would be carried out in stages in accordance with the participants' strategies and plans in preparing payment channels for their respective customers.

In this fourth wave, BI also added centralized services through BI Fast to support the implementation of Bank Indonesia's duties in the monetary, macroprudential sector, as well as the payment system and Rupiah money management.

"The wider BI Fast participation is expected to meet the needs of the community, including stakeholders of BI for retail payment system services that are CEMUAH (Quick, Easy, Cheap, Safe, Andal)," he said.

Furthermore, it is also explained that BI Fast services will gradually be expanded to include bulk credit, direct debit services, as well as requests for payment, and in the future cross border retail payment.

BI itself expects the support and participation of all Payment Services Providers (PJP) to be able to utilize BI Fast infrastructure which will be the backbone of the future retail payment system infrastructure.

The central bank will also strengthen the policy synergy and implementation of BI Fast with industry players, in order to integrate the National Digital Finance Economy (EKD).

To note, one of the advantages of BI Fast that can be directly felt by the community is the reduction in interbank transfer fees from previously in the range of Rp6,500 to Rp2,500.

"With the existence of BI Fast, it is hoped that industry players will continue to innovate by optimizing the added value of consumer-oriented BI-FAST services to increase economic and financial inclusion and accelerate economic recovery through transaction efficiency," concluded Erwin.