BI-FAST has now a total of 106 participants, 19 of which use ACI Worldwide’s payment solutions to connect to it. Following this partnership, BI-FAST’s plans include expanding and interconnecting with other regional schemes, in order to create a real-time payments network for Indonesia.
According to an inside source, the partnership between ACI Worldwide and BI-FAST will include direct debit, bulk credit, and Request for Pay services.
The participants will be able to use ACI Worldwide’s real-time payments solutions to connect to BI-FAST. This is set to help with the Indonesian payment ecosystem and increase infrastructure cost-efficiency.
According to an ACI Worldwide’s Prime Time for Real-Time report, by 2026 real-time transactions in Indonesia are assigned to rise to 1.6 billion. This will reportedly help the economic output by 747 million USD, which represents 0.05% of the country’s forecasted GDP. The scheme is set to add up to 2.7% to the GDP by 2026.
ACI Worldwide’s partnership with the Bank of Indonesia offers more than 100 payment schemes to connect to it, and it includes a risk management strategy that safeguards transactions and payments data.
Created by the Bank of Indonesia and being in partnership with ACI Worldwide, BI-FAST is set to incorporate 135 banks, including merchants and payment service providers.
Being a global provider of real-time payment networks, ACI Worldwide provides secure payment solutions and software to enable corporations to handle digital payments and offer fraud prevention and risk management for merchants, banks, and intermediaries.
The company confirms that it has implemented central infrastructures across Association of Southeast Asian Nations. As for the present it, ACI Worldwide offers the real-time ISO 20022 standard for the central infrastructure and the bank ecosystem of Malaysia’s RPP, and it offers the real-time ISO 20022 standard for the bulk payment of Thailand’s National ITMX.
In august 2022, Japan-based credit card settlement agency Cardnet teamed up with ACI Worldwide to modernise its digital payments infrastructure, with the aim of providing new real-time digital payment technology and offering their customers next-generation solutions.
Later that month, South Korea-based oversea payment services provider Eximbay added the ACI Fraud Management for Merchants real-time solutions to its payment services capabilities. By partnering with ACI Worldwide and by implementing this new feature, Eximbay aims to offer their merchant customers an improved security, reassurance, and resilience system.
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