New Framework for the Organization of BI-FAST Introduced: Scope of Services Broadened

Back in 2021, Bank Indonesia’s (“BI”) Board of Governors issued Regulation No. 23/25/PADG/2021 of 2021 (“Regulation 23/2021”) on the Organization of BI-Fast Payment (“BI-FAST”) Services, which, as its title suggests, contains a detailed set of provisions and requirements for organizers and participants that engage in the organization of BI-FAST services (“Services”), including the available forms of services (i.e. Individual Credit Transfers – “ICT”) and infrastructure capable of supporting said Services.[1]