BI-FAST facilitates retail payment services for the public and is central to IPS 2025. This aims to transform its payment infrastructure, integrate its digital economy and finance sector, and respond to public demands for a reliable payment system.
This is part of Indonesia’s ongoing digital modernisation initiative which is to create an end-to-end integrated environment for the payment system industry, digital banking, fintech, ecommerce, consumers, and the country’s financial-economic recovery.
BI and ACI implemented BI-FAST in less than nine months. The undertaking will incorporate 135 banks, merchants, and payment service providers.
Phase one of the national initiative is already live with more than 20 banks across the country, providing participating institutions with access to a series of services, including 24/7 real-time credit transfers with real-time transaction settlement at bank & customer level, unique identifiers (proxy addresses) to secure and facilitate payments, and integrated real-time fraud detection.
Indonesia is the latest in a series of Southeast Asian countries to upgrade its national payments infrastructure to drive digital economies and accelerate growth.
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