A New Era on Fast Track Banking Transactions

By Editorial Team 30/09/2021
Digital bank
Summary

Banks and non-bank financial institutions must prepare infrastructure related to the BI Fast Payment trial in October 2021, the central bank's latest system that will replace Bank Indonesia National Clearing System (SKNBI).

BI Fast's main advantage is the 24-hour transfer system so banks can carry out non-stop clearings. The BI Fast service allows customers to make online transfers only with the recipient's mobile number or email address, in addition to account number information such as the current system.

BI Fast is part of the Indonesia Payment System Blueprint 2025, which provides retail payment system infrastructure that is faster, easier, economical, real-time, and 24 hours service at the bank and customer level. Other features include a fraud detection system, an automatic notification feature to customers, and an Anti Money Laundering/Combating the Financing of Terrorism (AML/CFT) system.

Register now and get free access.

If you want to get free access to our Daily Insights and Weekly Digest, please click "Sign up" button below. If you already have an account, please login.

Sign up
Log in
What do subscribers receive?

As a subscriber, you'll receive daily insights, weekly business digests, and quarterly industrial reports.

What kind of pieces will i get?

In-depth reports on assumption and impact analysis, as well as update and trends mapping, written by our credible and experienced analysts.

And, there is something else…

Register now and get free access, click here to register. Feel free to contact us with any additional questions you have.