JAKARTA - UOB Indonesia today announced the launch of the BI-FAST feature in its TMRW digital banking app for customers to enjoy faster, more secure and lower-cost Rupiah fund transfers in real-time. UOB Indonesia is among the first batch of 21 participating banks to enable BI-FAST, which allows for cross-bank fund transfers to be made using a recipient’s mobile phone number or email address as a proxy for their bank account number.
BI-FAST was launched on 21 December 2021 by Bank Indonesia, with the initial phase focusing on individual credit transfer services 1 . BI-FAST is a real-time, 24/7 retail payment system infrastructure that aims to create fast, convenient, affordable, secure and reliable (CEMUMUAH) payment services 2.
Mr Hendra Gunawan, President Director, UOB Indonesia, said, “At UOB Indonesia, we provide innovative, progressive solutions that are not only relevant to our customers’ lifestyles, but also personalized to their needs. We are pleased to be among the first banks to offer BI-FAST, which makes fund transfers more affordable and reliable for our customers. With more Indonesians becoming active digital banking users and reducing the use of cash, we saw a significant growth in our TMRW customers over the past year. Our customers are also increasingly opting for digital payment methods that are convenient and seamless. Through our support of industry initiatives such as BI-FAST, we will continue to help spur the pace of digitalisation, to promote financial inclusion and to contribute to Indonesia’s accelerating economic recovery.”
UOB Indonesia will launch the BI-FAST feature for more payment channels, such as bulk credit, direct debit and request for payment services for both consumers and businesses, progressively as Bank Indonesia continues to expand its BI-FAST system. (LM)