Indonesia’s national retail payment system, or so-called BI-FAST, added 25 participating banks, making it 77 in total.

Jakarta (Indonesia Window) – Indonesia’s national retail payment system, or so-called BI-FAST, added 25 participating banks on Monday.

"On August 29, 2022, Bank Indonesia added 25 new BI-FAST participants, consisting of two direct participants and 23 indirect participants," Governor of Bank Indonesia (BI/the central bank) Perry Warjiyo said here on Monday.

With this addition, the total BI-FAST participants will reach 77, or represent 85 percent of the national retail payment system share.

Perry explained that BI also added the central banking’s services through BI-FAST to support the implementation of BI's duties in the monetary, macro prudential, and payment systems as well as rupiah banknote management.

"In the future, Bank Indonesia will continue to boost the implementation and development of BI-FAST services, including cross-border retail payments, as well as strengthening policy synergies with industry players to accelerate economic recovery and growth, as well as economic and financial inclusions," he said.

BI-FAST is a payment system infrastructure provided by Indonesia’s central bank, Bank Indonesia, that can be accessed through applications provided by the payment system industry to facilitate retail payment transactions for the public.

The implementation of BI-FAST by participants for their customers will be carried out in stages according to the banks' strategies and plans in preparing payment channels.

The list of BI-FAST participants are as follows.

1. Bank BTPN
2. Bank Capital Indonesia
3. Bank CTBC
4. Bank ICBC Indonesia
5. Bank Index Selindo
6. Bank Jago UUS
7. Bank Jasa Jakarta
8. Mayapada Bank
9. Bank Mayora
10. Bank Muamalat
11. Bank Nagari UUS
12. Neo Commerce Bank
13. Regional Development Bank of the Special Region of Yogyakarta
14. Regional Development Bank of the Special Region of Yogyakarta UUS
15. West Kalimantan Regional Development Bank
16. Regional Development Bank of West Kalimantan UUS
17. South Kalimantan Regional Development Bank
18. Regional Development Bank of South Kalimantan UUS
19. West Sumatra Regional Development Bank
20. Regional Development Bank of South Sumatra Bangka Belitung
21. Regional Development Bank of South Sumatra Bangka Belitung UU
22. Seabank
23. Maybank Indonesia
24. Maybank Indonesia UUS
25. MNC Bank
26. Bank Artha Graha Internasional
27. Bank Bumi Arta
28. Bank DKI
29. Bank DKI UUS
30. Bank Jago
31. Regional Development Bank of West Java and Banten Syariah
32. Regional Development Bank Riau Kepri
33. Bank Raya Indonesia
34. Hello Bank Indonesia
35. BCA Digital Bank
36. Bank Ganesha
37. HSBC Bank Indonesia
38. Prime Ina Bank
39. KEB Hana Bank Indonesia
40. Bank Mandiri Taspen
41. Maspion Bank Indonesia
42. Bank Mestika Dharma
43. Sentosa Multi Art Bank
44. Nationalnobu Bank Bank
45. Bank Pan Indonesia
46. Bali Regional Development Bank
47. Regional Development Bank of West Java and Banten
48. Central Java Regional Development Bank
49. Regional Development Bank of Central Java UUS
50. East Java Regional Development Bank
51. Regional Development Bank of East Java UUS
52. East Nusa Tenggara Regional Development Bank
53. Papua Regional Development Bank
54. Bank Sahabat Sampoerna
55. Bank Sinarmas UUS
56. Indonesian Central Securities Depository
57. Bank BCA Syariah
58. Bank Central Asia
59. CIMB Niaga Bank
60. Bank CIMB Niaga UUS
61. Citibank, N.A.
62. Bank Danamon Indonesia
63. Bank Danamon Indonesia UUS
64. DBS Bank Indonesia
65. Bank Mandiri
66. Mega Bank
67. Bank Negara Indonesia (Persero)
68. Bank OCBC NISP
69. Gem Bank
70. UUS Permata Bank
71. Bank Rakyat Indonesia
72. Sinarmas Bank
73. Indonesian Islamic Bank
74. State Savings Bank (Persero)
75. UUS State Savings Bank
76. Bank UOB Indonesia
77. Bank Woon Brothers Indonesia 1906

Reporting by Indonesia Window