Jakarta: Bank Indonesia (BI) confirmed that with 25 banks joining the fourth batch of BI-FAST, the number of participants totaled 77 banks and represented 85 percent of the share of the national retail payment system.
 
“This is the result of BI’s commitment to encouraging the acceleration of digital economy and finance through the expansion of BI-FAST participants,” Head of the BI Communications Department Erwin Haryono stated here on Monday.
 
BI-FAST is a payment system infrastructure provided by BI, and it can be accessed through applications provided by the payment system industry to facilitate public retail payment transactions.



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The implementation of BI-FAST by participants to customers will be conducted in stages according to the strategies and plans of participants in preparing payment channels for each customer.
 
In the 4th batch, BI also added central banking services through BI-FAST to support implementation of the central bank’s tasks in the monetary, macroprudential and payment systems and Rupiah money management.
 
With the wider participation of BI-FAST, BI is optimistic of meeting the needs of the community, including BI stakeholders for Fast, Easy, Cheap, Safe and Reliable (CEMUMUAH) retail payment system services.
 
BI-FAST services will gradually be expanded to include bulk credit, direct debit and request for payment services as well as cross border retail payments.
 
BI expects the support and participation of all Payment Service Providers (PJP) to be able to take advantage of BI-FAST, so that it becomes the backbone of future retail payment system infrastructure.
 
BI is also committed to continuing to strengthen the BI-FAST policy and implementation synergies with industry players in order to integrate the National Digital Financial Economy (EKD).
 
Moreover, BI is optimistic that industry players would continue to innovate by optimizing the added value of the consumer-oriented BI-FAST service to increase economic and financial inclusion.
 
“This will also accelerate economic recovery through transaction efficiency,” Haryono remarked.
 

(WAH)

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