BI-FAST: Services and Parties

In order to support the establishment of an integrated, interoperable and interconnected digital ecosystem, Bank Indonesia (“BI”) has now launched BI-FAST, a new retail payment system that should be able to facilitate real-time transfers of funds more efficiently on a 24/7 basis. In order to set out the relevant regulatory framework for this new system, the Bank Indonesia Board of Governors has issued Regulation No. 23/25/PADG/2021 on the Organization of the Bank Indonesia Fast Payment (“Regulation 25/2021”).[1]