Bank Indonesia (BI) has launched BI-FAST, a real-time payment infrastructure intended to support the country’s financial system while enhancing it as a regional hub for trade and investment.
BI-FAST facilitates retail payment services and is the heart of the IPS Blueprint 2025, a strategy that aims to transform the country’s payment infrastructure, integrate the digital economy and finance sector, and address the demand for a fast, easy, safe, affordable, and reliable payment system.
This development is part of Indonesia’s digital transformation to integrate the environment for the payment system industry, digital banking, fintech, e-commerce, consumers, and the country’s financial-economic recovery.
BI-FAST was implemented in less than nine months, and currently connects 135 banks, merchants, and payment service providers. Phase one of the initiative initially connected more than 20 banks nationwide, providing critical services, including 24/7 real-time credit transfers, real-time transaction settlement at bank and customer level, proxy addresses to simplify, secure, and facilitate payments, and integrated real-time fraud detection.
The infrastructure is driven by ACI Worldwide, a provider of real-time payments and digital payment solutions.
On the other hand, IPS 2025 serves to strengthen the integration of the national digital economy and finance; assure the links between fintech and banks; balance innovation, consumers protection, integrity, stability, and fair competition; and protect the national interest on cross-border use of digital economy and finance.
READ MORE: https://techwireasia.com/2022/01/bank-indonesia-unveils-latest-digital-payment-system/