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The Silicon Review Asia

Indonesian Central Bank Develops Real-Time Retail Payment System Infrastructure (BI-FAST)

Indonesian Central Bank Develops Real-Time Retail Payment System Infrastructure (BI-FAST)

The retail payment system infrastructure (BI-FAST) will be available 24/7,

Indonesia's central bank, Bank Indonesia (BI) has developed a Real-Time Retail Payment System Infrastructure (BI-FAST), while also standardizing Open Application Programming Interface (Open API) payments for industry players.

BI-FAST is a national retail payment system that will enable retail payments through various instruments and payment channels in real-time. It will be available 24/7. BI-FAST includes 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 alternative recipient account number and reliable security features in the form of fraud detection and an anti-money laundering/combating the financing of terrorism (AML/CFT) system. The system will be open to banks and non-bank institutions.

The BI governor has said that BI-FAST was developed to support industrial consolidation and end-to-end integrated digital economy and finance. According to him, this will provide a fast, easy, safe, and reliable payment system to speed up economic recovery, spur economic growth, and increase financial inclusion.

The retail payment system is currently in the developmental stage with individual credit transfer services targeted for the end of 2021.

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