Bank Indonesia Now Has 122 Participants for Its Real-Time Payment Scheme BI-FAST

Bank Indonesia Now Has 122 Participants for Its Real-Time Payment Scheme BI-FAST

by March 21, 2023

Bank Indonesia (BI) announced that it has onboarded another 16 participants for its domestic real-time payments scheme BI-FAST powered by ACI Worldwide.

BI-FAST is accessible through applications or channels provided by the payment system industry to facilitate retail payment transactions for the public. The scheme aims to encourage the acceleration of digitisation to support financial inclusion and national economic growth.

The central bank reported that the total number of BI-FAST participants since its launch in December 2021 now stands at 122, representing 94% of the share of the national retail payment system.

This sixth batch of participants include 11 national private banks, 2 regional development banks, and 1 foreign bank. In addition to that, there were also 2 non-bank institutions who had joined the scheme.

BI said that it having two non-bank institutions onboard for the first time would pave the way for wider financial inclusion opportunities for the public.

The central bank is seeking to continue expanding the number of participants for the BI-FAST scheme to meet the needs of the public.