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Bank Indonesia has unveiled three new services under its BI-FAST instant payment system, further advancing the nation’s digital financial infrastructure.
The announcement coincides with BI-FAST's third anniversary and aligns with the Indonesian Payment System Blueprint (BSPI) 2030 vision to establish a seamless, efficient and inclusive payment ecosystem.
The new services, which were made available from December 23, 2024, are aimed at simplifying and enhancing financial transactions.
They include features for bulk fund transfers to multiple recipients, payment requests for invoices and individual payments, and automated direct debit options for recurring bills.
The rollout of these services is part of the BI-FAST Phase II implementation, following the launch of individual credit transfer services in 2021.
Initially, nine BI-FAST participants will implement the services based on their readiness, with gradual expansion planned.
To ensure affordability, Bank Indonesia has introduced a competitive pricing scheme. For example, bulk transfer fees are capped at IDR2,100 ($0.12) per transaction for customers, while request for payment and direct debit services are limited to IDR2,500 per transaction.
Additionally, the maximum transaction limit is set at IDR250m, with participants allowed to set lower limits based on their risk policies.
Bank Indonesia has called on all stakeholders, including banks and non-bank institutions, to adopt BI-FAST services to spur innovation in the country’s payment system.
