Bank Indonesia Issues Standardization in Payment System

TEMPO.CO, Jakarta - Bank Indonesia (BI) has issued a regulation on the standardization in the implementation of payment system. The regulation is announced through Bank Indonesia Regulation (PBI) No. 23/11/PBI/2021 on the National Standard of Payment System (National Standard PBI) that took effect beginning August 13, 2021.

“The issuance of the National Standard PBI is part of the regulatory reform of payment system that aims to accelerate the implementation of the blueprint of the 2025 Indonesian Payment System in supporting the integration of national economy and digital finance in an end-to-end fashion,” said BI Governor Perry Warjiyo in a written statement on Monday, August 23, 2021.

According to Perry, this regulation is carried out through the digitalization of payment system focusing on the development of industrial ecosystem, infrastructure, and market practices in the implementation of payment system.

The PBI also serves as a legal basis for the implementation of the National Standard of Open API Payment (SNAP) that was launched on August 17, 2021. The implementation of SNAP is governed in the Regulation of Members of the Gubernatorial Council No. 23/15/PADG/2021 on SNAP as a regulation to carry out the National Standard PBI.

“Bank Indonesia is committed to pursuing continued reform of payment system to seek a balance between the optimized effort towards chances of digital innovations and stability so as to create a swift, easy, affordable, safe and reliable payment system,” Perry said.

Read: Bank Indonesia Highlights Three Major Benefits of Digital Rupiah

MUHAMMAD HENDARTYO