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National banks are encouraged to promptly implement BI-FAST Payment, to replace Bank Indonesia’s National Clearing System (SKNBI), that will be .
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BI-FAST or be dead: The consequences of Indonesia’s new real-time payments system
E-money wallets have grown into a US$13 billion industry in Indonesia, but bank transfers remain cumbersome and are not free. A new payment settlement system, BI-FAST, promises to finally modernise things
8 Feb 2021
Sending money between banks in Indonesia today is confusing; transfers are not settled in real-time and they include fees
The Indonesian government is channeling Singapore and India to launch a new system for the digital era called BI-FAST
Making retail payments and interbank transfers cheap and frictionless will shake up the power balance in payments