The development of BI-FAST will also continue after 2023, that being the expansion of services, including cross borderJakarta (ANTARA) - Bank Indonesia (BI) revealed that 224.8 million BI-FAST transactions, valued at Rp810.4 trillion (US$55 billion), were recorded during the period from January 1 to August 24, 2022.
"Since the implementation in December 2021, the volume of BI-FAST transactions has continued to grow in line with the addition of participants and maintained system stability," Head of the Payment System Policy Department at BI Fitria Irmi Triswati stated at Media Taklimat here on Tuesday.
Triswati noted that the daily average transaction volume for the August 1-24, 2022, period was recorded at 1.83 million, an increase of 16 percent as compared to 1.57 million transactions during the July 1-24, 2022, period.
She attributed this increase to more number of participants. Currently, the number of BI-FAST service participating banks reached 77, representing 85 percent of the share of the national retail payment system.
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A total of 77 participating banks were included in the first to fourth batches, with 21 banks in the first batch, 22 banks and one non-bank in the second batch, eight banks in the third batch, and 25 banks in the fourth batch.
Triswati remarked that currently, the development of BI-FAST is in its first and second stages, those being direct debit, bulk credit, and request for payment that will be implemented in May 2023.
Direct debit is a periodic billing service based on an account dispute mandate approved by the customer. Meanwhile, bulk credit was an order to transfer funds from one to many.
On the other hand, RFP is a service for a receiving customer to send fund transfer to a sending customer based on the latter's approval of the request in question.
"The development of BI-FAST will also continue after 2023, that being the expansion of services, including cross border," Triswati added.
BI-FAST has offered benefits for the banking industry, including MSMEs, as well as the general public, by providing various features and affordable real-time payment transactions.
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For the banking industry, BI-FAST encourages innovation through the BI-FAST features, including optimization, so as to increase the customer base and engagement for banking growth.
For other industries, BI-FAST maintains sustainability of the real sector through real-time payment transactions at affordable prices.
For the public, BI-FAST makes transactions easier via real-time payments and cost efficiency through affordable prices, thereby increasing financial inclusion.
"In the end, we can expand the digital ecosystem to encourage strong, inclusive, and sustainable economic growth," she concluded.
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Translator: Astrid F H, Mecca Yumna
Editor: Fardah Assegaf
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