Bank Indonesia Reset Indonesia's Payment System, Here Are The Details

Illustrated. (Irfan Meidianto / VOI)

JAKARTA - Bank Indonesia (BI) is reforming the payment system regulation through the issuance of Bank Indonesia Regulation (PBI) No.22 / 23 / PBI / 2020 concerning Payment Systems (PBI Payment Systems). This policy is planned to take effect on July 1, 2021.

Head of the BI Communication Department Erwin Haryono said the PBI was intended to strengthen regulations regarding access to domestic payment system operations.

"This step is based on an activity and risk-based approach so that it does not apply equally to all, particularly in access policy and payment system implementation and supervision by BI," he said Friday, January 8.

Erwin added that the regulation in the Payment System PBI also prioritizes principle-based regulation and encourages the optimization of the strengthening of the function of the Self Regulatory Organization (SRO).

"The issuance of this provision is a manifestation of the implementation of the 2025 Indonesian Payment System Blueprint (BSPI), which one of the initiations is to integrate regulation, licensing, supervision and reporting, which begins with reforming the payment system regulation," he said.

In general, regulatory reform is aimed at restructuring the payment system industry, as well as covering the ecosystem for implementing a comprehensive payment system that is in line with developments in the digital economy and finance.

Meanwhile, the points stipulated in the Payment System PBI include, among others, the vision of the Indonesian payment system, BI's authority in the field of payment systems, the objectives and scope of payment system operation, payment system components, payment system service providers.

Then, the licensing of Payment Service Providers (PJP) and the determination of payment system Infrastructure Operators (PIP), Activities of PJP, PIP, and Supporting Operators, payment system technology innovations, monitoring of payment system operations.

And the last one is related to data management and / or information related to the payment system.

"The issuance of the PBI Payment System will be followed up by drafting implementing regulations to support the implementation of regulatory reform," Erwin concluded.