Throughout January To August 24, The BI-Fast Tembus Transaction Was IDR 810.4 Trillion

Logo Bank Indonesia. (Photo: Antara)

JAKARTA - Head of the Bank Indonesia Payment System Policy Department (BI) Fitria Irmi Triswati recorded that the number of BI-FAST transactions from January 1 to August 24, 2022, had reached 224.8 million transactions. The total value is IDR 810.4 trillion.

"Since the implementation in December 2021, the volume of BI-FAST transactions has continued to increase along with the expansion of participants and system stability that continues to be maintained," he said at the Media Taklimat quoted by Antara, Tuesday, August 30.

Fitria said the daily average transaction volume for August 1 to 24, 2022, was 1.83 million transactions, an increase of 16 percent compared to July 1 to 24, 2022, which was 1.57 million transactions.

According to Fitria, this increase occurred because of the expansion of participants, namely that currently there are 77 banks participating in BI-FAST which represent 85 percent of the share of the national retail payment system.

A total of 77 participating banks were included in the first to fourth batches with details of 21 banks in the first batch, 22 banks and one non-bank in the second batch, eight banks in the third batch, and 25 banks in the fourth batch.

He explained that currently BI-FAST development is reaching stage one and two, namely direct debit, bulk credit and request for payment which will be implemented in May 2023.

Direct debit is a regular collection service based on the mandate of an account debate that has been approved by customers. Meanwhile, bulk credit is an order to transfer funds from one sending customer to several recipient customers in one instruction or one to many.

Meanwhile, the request for payment (RFP) is a service requesting transfer of funds from the recipient customer to the sender customer based on the customer's approval of the sender at the information on the request for the transfer of the intended funds.

"BI-FAST development will also be continued after 2023, namely the expansion of services including cross borders," said Fitria.

BI-FAST itself has so far provided good benefits for the banking industry, including MSMEs, as well as the wider community through the provision of various features and affordable real time payment transactions.

For the banking industry, BI-FAST encourages innovation through optimizing the BI-FAST feature so as to increase customer base and engagement for banking growth.

For other industries, BI-FAST maintains the continuity of the real sector through real time payment transactions at affordable prices.

For the community, BI-FAST makes transactions easier, namely through real time payments and cost efficiency through affordable prices, thereby increasing financial inclusion.

"In the end, it can expand the digital ecosystem to encourage strong, inclusive and sustainable economic growth," said Fitria.