Bank Indonesia Adopts Real-Time Payments Infrastructure to Expand Financial Inclusion

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Bank Indonesia (BI), the country’s central bank, has launched Bank Indonesia Fast Payment (BI-FAST), a 24/7 real-time payment infrastructure designed to fuel the country’s economic recovery and promote financial inclusion.

The central bank hopes BI-FAST will boost the economy

BI-FAST is a payment system infrastructure accessible via mobile apps to facilitate and streamline bulk payment transactions for Indonesians.

BI says it will form the “backbone” of a broader retail payment infrastructure.

BI worked with industry representatives to implement BI-FAST and integrate it into the country’s digital finance (EKD).

The central bank says the implementation will be gradual to ensure that all payment channels are fully prepared for their respective customers.

BI-FAST is part of the Indonesia Payment System Blueprint (BSPI) 2025 initiative, which aims to create a digital financial ecosystem that supports financial inclusion in the country, according to BI Governor Perry Warjiyo.

“The development of BI-FAST is an important milestone in the reform and digitization of the national payment system as part of the implementation of BSPI 2025,” says Warjiyo.

“I hope the BI-FAST rollout integrates the payment systems industry ecosystem across digital banking, fintech, e-commerce and consumers, fosters financial economic inclusion, and fosters national economic recovery.”


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