What's BI FAST? It's Understanding, Benefits, Costs, Listing Of Banks, And Examples Of Using It

Illustration of transactions using BI FAST (photo: dock. Antara)

YOGYAKARTA The government continues to innovate in the banking sector, one of which is by presenting BI FAST. This payment system has a number of benefits, including in sending interbank funds. Check out the following reviews to find out what BI FAST is.

Quoted from the official website bi.go.id, BI-FAST is an infrastructure created in the national retail payment system. This system is able to facilitate retail payments in real-time, taking into account security, efficiency, and available 24 hours or at any time.

The history of BI-FAST began to be introduced to the public as of December 21, 2021. At that time this system was introduced as a substitute for the Bank Indonesia National Clearing System (SKNBI), the infrastructure used by BI in organizing scheduled fund transfers and clearing.

The development of BI-FAST is carried out by Bank Indonesia (BI) to meet the needs of the community in fund transfer services. BI-FAST was also used as a substitute for SKNBI, which at that time did not fully meet the needs of the community because it was still limited by limited payment services and channels.

The purpose of holding the BI-FAST is also to strengthen the resilience of the national Retail Payment System by providing additional alternatives to the existing national Payment System infrastructure.

The Realtime Online and BI FAST transaction systems are often compared because they both involve banking transactions.

It should be noted that Realtime Online (RTO) is a form of transactions made through ATM, iBanking, and Mbangking machines. RTO refers to the transaction time needed by customers when transferring funds.

Between RTO and BI FAST have a number of differences. For example, in terms of transaction fees. With RTO, customers are charged a fee of IDR 6,500 when making transfers. Meanwhile, with BI FAST, the fee set is IDR 2,500 per transfer.

In addition, there is also a difference in the transaction limit. The nominal transaction using RTO is generally a maximum of IDR 25 million per transaction. Meanwhile, BI FAST can be more than that, even reaching IDR 250 million per transaction. This figure is adjusted to the provisions of each bank.

BI presents BI FAST not without purpose. Citing its official website, here is the purpose of establishing the BI FAST system.

The benefits of BI FAST can be felt by customers who have savings accounts in Indonesia, both from the industrial sector to households. The benefits of BI FAST are as follows.

As mentioned earlier, the costs charged to customers when making interbank transfers can be cheaper than before. This happens because of the BI FAST system. The BI FAST fee charged is IDR 2,500 per transaction. In addition, the transfer transaction limit is also greater, it can reach IDR 250 million.

Although it was launched by Bank Indonesia last year, not all banks have implemented the BI FAST service system. But for now, the bank that is part of BI FAST is as follows.

Each bank has different steps to use BI FAST. For those of you who use Bank Mandiri, here's how to use BI FAST via LIVIN.

That's information related to what BI FAST is. To get other interesting information, visit VOI.ID.