Good News: BI Fast Officially Launches, Interbank Transfer Fees Are Now Only IDR 2.500

Illustration (Photo: Doc. Antara)

JAKARTA - Bank Indonesia (BI) officially launched Bank Indonesia Fast Payment or BI Fast in a simple ceremony that was held virtually on Tuesday, December 22.

BI Governor Perry Warjiyo said that this step was a strategic effort by the central bank in facilitating retail payment transactions for the public with various advantages.

"The development of BI Fast is an important milestone in reforming the digitalization of the national payment system together with QRIS, SNAP, and reform of payment system regulations," he said Tuesday, December 21.

According to Perry, this initiative creates a more efficient retail payment system infrastructure to meet people's needs for fast, easy, cheap, safe and reliable economic and financial transactions.

In addition, BI Fast is expected to further strengthen the consolidation of the national payment system industry and build an integrated digital financial economy and open up opportunities for the formation of a strong national unicorn.

"I want BI Fast to accelerate the digitization of the national financial economy, integrate the payment system industry ecosystem end-to-end from digital banking, fintech, e-commerce, and consumers, encourage financial-economic inclusion, and encourage national economic recovery," he said.

As previously reported by VOI, BI Fast is the latest facility from the central bank 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.

Meanwhile, the price scheme stipulated in BI Fast consists of several provisions. First, the price from the organizer to the participant is IDR 19 per transaction.

Second, the maximum price from participant to customer is IDR 2.500 per transaction or lower than the SKNBI price scheme.

To note, BI Fast implementation itself will be carried out in two waves. The first is on December 21 with 2 participating banks and the next is on January 2022. The following is a complete list of the current first stage participating banks.

1. State Savings Bank

2. State Savings Bank UUS

3. Bank DBS Indonesia

4. Permata Bank

5. Permata Bank UUS

6. Bank Mandiri

7. Bank Danamon Indonesia

8. Bank Danamon Indonesia UUS

9. Bank CIMB Niaga

10. Bank CIMB Niaga UUS

11. Bank Central Asia

12. Bank UOB Indonesia

13. Mega Bank

14. Bank Negara Indonesia

15. Indonesian Islamic Bank

16. Bank Rakyat Indonesia

17. Bank OCBC NISP

18. Sinarmas Bank

19. Bank Citibank NA

20. Bank BCA Syariah

21. Bank Woori Brothers Indonesia