- In order to establish a healthy, competitive and innovative payment-system industry, Bank Indonesia ("BI") recently issued Regulation No. 23/11/PBI/2021 on National Payment-System Standards ("Regulation"), which lays the groundwork for the determination of a set of national standards that will apply to the management of payment systems within Indonesia.
- The scope of the new National Payment-System Standards ("National Standards") will encompass the following aspects: 1) Governance; 2) Risk management; 3) Information-system safety standards; 4) Interconnectivity and interoperability; and/or 5) Other aspects, as determined by BI. It is also important to note that the new National Standards will also address a minimum scope of technical and operational specifications, as well as a standardized code of practice.
- The stages involved in the establishment of the new National Standards break down as follows: 1) Planning of the National Standards; 2) Preparation of technical specifications, operational specifications and a standardized code of practice; and 3) Implementation of trials.
- The Regulation authorizes BI to determine policies and regulations that specifically address the implementation of the new National Standards and that must be complied with by providers of payment systems and payment-system infrastructure. Said policies and regulations should address the following specific areas: 1) Parties required to adhere to the National Standards; 2) Phases of implementation, including periods; 3) Area coverage; 4) Transaction limitations; 5) Mechanisms for the testing and verification of the implementation of the National Standards; 6) Scope of transaction processing; 7) Obligations of parties during the implementation of the National Standards; and/or 8) Other policies and regulations.
- The Regulation has been in force since 13 August 2021.
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