- Bank Indonesia ("BI") recently issued a new legal framework which addresses the implementation of the Bank Indonesia-Fast ("BI-FAST") payment system and which can be used as a guide by both prospective participants and participants, specifically Regulation of the Bank Indonesia Board of Governors No. 23/25/PADG/2021 ("Regulation"), which came into force on 12 November 2021.
- Generally speaking, BI-FAST comprises a BI payment system that can be used in order to facilitate real-time retail payments on a 24-hour basis. According to the Executive Director of BI’s Communications Department, Erwin Haryono, the issuance of the Regulation will support the implementation of the BI-FAST system.
- Mr. Haryono has further stated that participants in the BI-FAST system may take the form of banks and non-bank institutions, as well as various other parties, provided that said parties meet certain predetermined criteria. Moreover, in terms of the organization of the BI-FAST system itself, various provisions have now been introduced under the new Regulation that address the requirements that have to be met by participants, the obligations of participants, the BI-FAST infrastructure management mechanism and transaction processing through the BI-FAST system.
- The Regulation states that prospective participants must meet various general requirements. Specifically, prospective participants must be active BI customers and must not currently be undergoing any liquidation or bankruptcy-related processes. Moreover, the leaderships of any prospective participants must have high levels of credibility and good track records.
- The issue of credibility is further addressed under several other provisions, specifically in relation to prospective participants that take the form of banks, appointments made by related institutions and approvals that are issued by competent supervisory institutions. Meanwhile, any prospective participants that take the form of institutions other than banks must not feature on any list of bad debts or any national blacklist issued by an authorized institution. Other general provisions address the requirements to have posted good financial performances over the two previous years, to be able to provide adequate infrastructure for the implementation of the BI-FAST system in accordance with technical specifications set by its operator and to operate reliable information systems. (ANT)
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