Indonesia’s retail payment system adds 25 participant banks

29 August 2022

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.