What is BI-Fast ?
BI Fast or BI-FAST is an abbreviation of Bank Indonesia Fast Payment, a payment system developed by Bank Indonesia. Quoted from the official Bank Indonesia website, BI Fast is a national retail payment system infrastructure that can facilitate retail payments in real-time, safely, efficiently, and at any time (24/7). Compared to the Bank Indonesia National Clearing System (SKNBI) whose services are still limited to certain operational hours and effective funds that are not yet real-time as well as limited access to payment channels, BI-FAST can provide payments that are faster, wider, and available at any time.
BI Fast itself is an alternative to the online transfer system provided by banking institutions in Indonesia. Apart from making it easier to make interbank transfers online, there are several other benefits of using BI Fast, namely as follows:
- Operational hours are 24 hours a day so you can make transactions quickly and practically
- Real-time-based transaction processing, which means transactions via BI Fast can be processed immediately
- BI Fast can be accessed via mobile/internet channels or counters and in the future BI Fast will be developed for transactions using QR Code, ATM, and EDC
- More affordable transfer fees, namely IDR 2,500 per transaction
- Can transfer using account number, telephone number, or e-mail (proxy address)
- More complete and automatic security because it is equipped with Countering Financing of Terrorism (CFT), fraud detection, and Anti-Money Laundering (AML) features
BI-FAST is a modernization of SKNBI. Gradually, SKNBI credit transfer and debit transfer services will be transferred to BI-FAST taking into account the industry's readiness to join the BI-FAST ecosystem. In the future, SKNBI will focus on processing Check & Bilyet Giro transactions (paper-based).
