Indonesia’s retail payment system adds 25 participant banks

Indonesia’s retail payment system
BI's Governor Perry Warjiyo at the Launch of Domestic Government Credit Cards and Interstate QRIS (Quick Response Code Indonesian Standard) in Jakarta on Monday (August 29, 2022). (The Indonesian Cabinet Secretariat)

Indonesia’s national retail payment system, or so-called BI-FAST, added 25 participating banks, making it 77 in total.

 

Jakarta (Indonesia Window) – Indonesia’s national retail payment system, or so-called BI-FAST, added 25 participating banks on Monday.

“On August 29, 2022, Bank Indonesia added 25 new BI-FAST participants, consisting of two direct participants and 23 indirect participants,” Governor of Bank Indonesia (BI/the central bank) Perry Warjiyo said here on Monday.

With this addition, the total BI-FAST participants will reach 77, or represent 85 percent of the national retail payment system share.

Perry explained that BI also added the central banking’s services through BI-FAST to support the implementation of BI’s duties in the monetary, macro prudential, and payment systems as well as rupiah banknote management.

“In the future, Bank Indonesia will continue to boost the implementation and development of BI-FAST services, including cross-border retail payments, as well as strengthening policy synergies with industry players to accelerate economic recovery and growth, as well as economic and financial inclusions,” he said.

BI-FAST is a payment system infrastructure provided by Indonesia’s central bank, Bank Indonesia, that can be accessed through applications provided by the payment system industry to facilitate retail payment transactions for the public.

The implementation of BI-FAST by participants for their customers will be carried out in stages according to the banks’ strategies and plans in preparing payment channels.

The list of BI-FAST participants are as follows.

  1. Bank BTPN
  2. Bank Capital Indonesia
  3. Bank CTBC
  4. Bank ICBC Indonesia
  5. Bank Index Selindo
  6. Bank Jago UUS
  7. Bank Jasa Jakarta
  8. Mayapada Bank
  9. Bank Mayora
  10. Bank Muamalat
  11. Bank Nagari UUS
  12. Neo Commerce Bank
  13. Regional Development Bank of the Special Region of Yogyakarta
  14. Regional Development Bank of the Special Region of Yogyakarta UUS
  15. West Kalimantan Regional Development Bank
  16. Regional Development Bank of West Kalimantan UUS
  17. South Kalimantan Regional Development Bank
  18. Regional Development Bank of South Kalimantan UUS
  19. West Sumatra Regional Development Bank
  20. Regional Development Bank of South Sumatra Bangka Belitung
  21. Regional Development Bank of South Sumatra Bangka Belitung UU
  22. Seabank
  23. Maybank Indonesia
  24. Maybank Indonesia UUS
  25. MNC Bank
  26. Bank Artha Graha Internasional
  27. Bank Bumi Arta
  28. Bank DKI
  29. Bank DKI UUS
  30. Bank Jago
  31. Regional Development Bank of West Java and Banten Syariah
  32. Regional Development Bank Riau Kepri
  33. Bank Raya Indonesia
  34. Hello Bank Indonesia
  35. BCA Digital Bank
  36. Bank Ganesha
  37. HSBC Bank Indonesia
  38. Prime Ina Bank
  39. KEB Hana Bank Indonesia
  40. Bank Mandiri Taspen
  41. Maspion Bank Indonesia
  42. Bank Mestika Dharma
  43. Sentosa Multi Art Bank
  44. Nationalnobu Bank Bank
  45. Bank Pan Indonesia
  46. Bali Regional Development Bank
  47. Regional Development Bank of West Java and Banten
  48. Central Java Regional Development Bank
  49. Regional Development Bank of Central Java UUS
  50. East Java Regional Development Bank
  51. Regional Development Bank of East Java UUS
  52. East Nusa Tenggara Regional Development Bank
  53. Papua Regional Development Bank
  54. Bank Sahabat Sampoerna
  55. Bank Sinarmas UUS
  56. Indonesian Central Securities Depository
  57. Bank BCA Syariah
  58. Bank Central Asia
  59. CIMB Niaga Bank
  60. Bank CIMB Niaga UUS
  61. Citibank, N.A.
  62. Bank Danamon Indonesia
  63. Bank Danamon Indonesia UUS
  64. DBS Bank Indonesia
  65. Bank Mandiri
  66. Mega Bank
  67. Bank Negara Indonesia (Persero)
  68. Bank OCBC NISP
  69. Gem Bank
  70. UUS Permata Bank
  71. Bank Rakyat Indonesia
  72. Sinarmas Bank
  73. Indonesian Islamic Bank
  74. State Savings Bank (Persero)
  75. UUS State Savings Bank
  76. Bank UOB Indonesia
  77. Bank Woon Brothers Indonesia 1906

Reporting by Indonesia Window

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