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BI Targets More Banks to Become BI Fast Participants

Bisnis.Com are reporting that Bank Indonesia (BI) is targeting a total of 77-banks to join as BI Fast participants, a programme aimed at creating an efficient and fast banking transaction climate.

BI hope to do this in two phases; phase 1 will see the addition of 28-banks in August  and phase 2, from September to December, will see an additional 49-banks in the system.

During the first launch in December 2021, 21-banks joined as BI Fast participants, while in January 2022, a further 22-banks and one non-bank joined as BI Fast participants. From May to June 2022, 8 banks joined the programme.

Dwi Sulastomo, BI Fast Director of the Payment System Department of Bank Indonesia, explained that the more banks that join as BI Fast participants, the faster and easier interbank transaction ecosystem will be built up.

BI opens the opportunity for all national and regional banks to join as long as they meet the requirements determined by BI. “The main requirement for a bank or financial institution that wants to join BI Fast must be in an institutionally healthy condition, then become an active BI customer. The credibility and track record of the bank’s leadership is good. In addition, its financial performance has also been good in the last two years. In addition, infrastructure must also be ready and have a reliable information system,” she said.

In addition, special criteria for banks or financial institutions that want to join as BI Fast participants are to have a core capital of IDR 6-trillion for banks, and a minimum paid-up capital of IDR 100-billion for institutions other than banks. “We will also look at the contribution of these banks and institutions in the digital economy and finance. Then their support for Bank Indonesia’s monetary policy,” said Sulastomo.

Source: Bisnis.Com

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