BI Launches 3 New BI FAST Services

JAKARTA - Bank Indonesia (BI) provides 3 new services to BI-FAST, which is the BI-FAST Phase I Phase 2 development stage 2, after the previous Phase 1 implementation on December 21, 2021 with the Individual Credit Transfer service.

Executive Director of the BI Communication Department, Ramdan Denny Prakoso, said that the three new services, namely collective transfer services (bulk transfers), payments on the basis of requests for payment, and direct transfer of debits, can be used starting today, coinciding with the 3rd BI-FAST anniversary.

"This service expansion is one of the implementations of the Blueprint vision of the 2030 Indonesian Payment System (BSPI) to create a retail payment system ecosystem and support integrated, interoperable, and interconnected (3i) digital economies," he said in a written statement, Sunday, December 22.

Denny said that the provision of this new service is BI's collaboration with the Payment System industry in encouraging financial inclusion and creating more efficient retail SP infrastructure, meeting the needs of the community and the business world in transactions, and realizing the creation of fast, easy, cheap, safe, and reliable payment system services (CEMUAH).

Denny explained that collective transfer services (bulk transfer) are solutions for sending funds from one sender to many recipients at once, at least 20 transactions in one bulk instruction.

Transfer Bulk can be used to pay employee salaries, payment to vendors, and dividend payments. This service is designed to support efficiency in managing large volume transactions, both for business actors and other institutions.

Second, payment services on the basis of request for payment are services that offer convenience for fund recipients to send payment requests to fund senders.

Meanwhile, Request for Payment can be used for various needs such as collection of invoice payments and collection of individual payments.

Then third, namely the direct debit transfer service (direct debit), this service provides convenience in paying routine bills automatically.

Through this service, customers can authorize account debiting directly for payments such as electricity and water payments, leasing installments and insurance premiums.

Meanwhile, the implementation of Phase I BI-FAST services is carried out in stages according to the readiness of BI-FAST (bank/non-bank) participants.

Bank Indonesia has set a BI-FAST Phase I Phase 2 service price scheme consisting of a bulk transfer service price of IDR 16 per transaction charged to the sender participant, and a maximum of IDR 2,100 per transaction charged by the sender participant to the sender customer.

Meanwhile, the price for the request for payment service is IDR 19 per transaction which is charged to the sender participant, and a maximum of IDR 2,500 per transaction charged by the sender participant to the sender customer.

Then, the price of the direct debit service is IDR 19 per transaction which is charged to the recipient participants, and a maximum of IDR 2,500 per transaction charged by the recipient participant to the recipient customer.

Bank Indonesia has also set a maximum nominal limit for BI-FAST Phase I service transactions in Phase 2, amounting to a maximum of IDR 250 million per transaction.

The determination of the maximum nominal limit for BI-FAST transactions takes into account the principles of competition, security, and risk mitigation. Participants can set a lower nominal transaction limit to their customers in accordance with the risk appetite of participants.

According to Denny, strengthening BI-FAST services is one of Bank Indonesia's efforts to continue to encourage the acceleration of national economic and financial digitization through fast payment infrastructure which will become a game changer to anticipate the development of digital transactions in the future, including in facilitating cross-border transactions.

"Bank Indonesia invites all payment system industry players, both from the banking sector and non-bank institutions, to take advantage of BI-FAST services, to jointly realize an inclusive payment system, efficient, and against technological developments," he concluded.