Rp2,500 Interbank Transfers Become Clearer, Bank Indonesia Issues BI Fast Guidelines

Illustration (Photo: Doc. Antara)

JAKARTA - It is said that Bank Indonesia (BI) has just issued regulations for the implementation of BI Fast to replace the Bank Indonesia National Clearing System (SKNBI).

This is stated in PADG No. 23/25/PADG/2021 concerning the Implementation of Bank Indonesia-Fast payment (BI-FAST) which is effective from 12 November 2021.

Head of the BI Communications Department Erwin Haryono said the issuance of this provision was a form of readiness support in the implementation of BI Fast.

"BI Fast is the BI payment system infrastructure to facilitate retail payments around the clock and in real time," he said as released by the official website on Wednesday, November 17.

According to Erwin, the BI Fast participants are banks or Non-Bank Institutions (LSB) and other parties, as long as they meet the predetermined criteria.

"The things that are regulated in the provisions for the implementation of BI Fast include participant requirements, participant obligations, BI Fast infrastructure management mechanisms, and transaction processing using BI Fast. More information regarding the provisions referred to can access the official website of Bank Indonesia," he said.

In the previous VOI report, one of the benefits that can be directly received by the public related to the implementation of BI Fast is to reduce interbank transfer fees that must be borne by customers from the previous Rp6,500 to Rp2,500. In addition, transfers from BI to banks are only charged Rp19.

The monetary authority itself said that BI Fast would begin to be implemented in the second week of December 2021.