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Bank Indonesia has delivered Bi-Fast, a real-time payment system infrastructure, to serve industrial consolidation and end-to-end integrated digital economy.
BI-FAST is a national retail payment system that allows people to make payments using a variety of instruments and payment channels. Real-time transaction settlement at the bank and customer levels, 24/7 availability, real-time validation, and notification, use of a proxy address as an alternate solution recipient account number, and security features such as fraud detection and an AML/CFT system are part of the highlights of BI-FAST.
The BI National Clearing System (SKNBI) was also established in place of BI-Fast, which has yet to fully meet public demand for a fund transfer service due to service time constraints (in line with window time), which has lowered the convenience of completing non-cash transactions.
The new BI-Fast payment system was scheduled to be operational in December, with the initial phase focusing on individual credit transfers. Following that, BI-Fast services would be expanded in stages, including bulk credit, direct debit, and payment requests
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