Bank Indonesia Aims To Use BI Fast To Serve Cross-Border Transactions In The Future

Illustration (Photo: Doc. Antara)

JAKARTA - Bank Indonesia (BI) said that the development of BI Fast services could bring future benefits in the form of ease of cross-border financial transactions.

Head of the BI Payment System Policy Department Filianingsih Hendarta said BI Fast is a form of central bank support for the development of payment systems in the digital era through fast payment infrastructure.

"Fast payment, in this case BI Fast, will be a game changer to anticipate future developments in digital transactions, including facilitating cross-border transactions," he said in a virtual press conference, Wednesday, November 3.

According to Filianingsih, close synergy is needed between Bank Indonesia and industry players to support this strategic policy in order to create a digital economic and financial ecosystem.

"All parties must continue to innovate by optimizing the added value of the consumer-centric BI Fast service as a way of paving the way for financial and economic inclusion through transaction efficiency," he said.

For information, BI Fast is a digital payment scheme for industry, retail, and MSME players through online transfer payments in real time and 24 hours.

This system is planned to replace the Bank Indonesia National Clearing System (SKNBI). Meanwhile, SKNBI has drawbacks because it is limited to operating hours from morning to evening.

The use of BI Fast also reduces transfer fees from the previous Rp6,500 to Rp2,500. In addition, transfers from BI to banks are only charged Rp19. To note, BI Fast will begin to be implemented in the second week of December 2021.

"Bank Indonesia sets the BI FAST price scheme by considering the implementation of duties and authorities in the payment system sector, providing efficient public infrastructure and supporting fast, cheap, easy, safe, and reliable payment system services for the sustainability of the industry in the country," concluded Filianingsih. .