BI-Fast Launched; Fund Transfer Fee Capped at Rp2,500

TEMPO.CO, Jakarta - Bank Indonesia (BI) officially launched BI Fast Payment or BI-Fast on Tuesday, December 21. BI-Fast is a national retail payment system that replaces Bank Indonesia's National Clearing System (SKNBI).

The BI-Fast price scheme from the central bank to participating banks is capped at Rp19 per transaction. For banks to customers, the maximum fee is set at Rp2,500 per transaction. This is cheaper compared to the SKNBI tariff, which is Rp2,900 per transaction at most.

The BI-Fast service will allow customers to make online fund transfers using the recipient's mobile number or email address. BI sets the maximum transfer limit through BI-Fast at Rp250 million, while the minimum transfer is Rp1.

The presence of BI-Fast is also expected to fast-track the economy and financial digitization. More banks will participate in the system, but for now there are 22 banks that implement the BI-Fast. They are:

1. Bank Tabungan Negara (BTN)
2. Bank DBS Indonesia
3. Bank Permata
4. Bank Mandiri
5. Bank Danamon Indonesia
6. Bank CIMB Niaga
7. Bank Central Asia (BCA)
8. Bank HSBC Indonesia
9. Bank UOB Indonesia
10. Bank Mega
11. Bank Negara Indonesia (BNI)
12. Bank Syariah Indonesia (BSI)
13. Bank Rakyat Indonesia (BRI)
14. Bank OCBC NISP
15. Bank Tabungan Negara UUS
16. Bank Permata UUS
17. Bank Cimb Niaga UUS
18. Bank Danamon Indonesia UUS
19. Bank BCA Syariah
20. Bank Sinarmas
21. Bank Citibank N.A.
22. Bank Woori Saudara Indonesia

Read: BI Governor: E-commerce Transaction to Reach Rp530 Tn in 2022

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