JAKARTA – PT Bank Indonesia (BI) reported 29 additional banks that adopt BI-FAST, a payment system infrastructure that is accessible through retail payment application.
Erwin Haryono, Head of Communication Department and Executive Director of BI, confirmed that the partners of BI-FAST have reached 106 banks this Monday (28/11). “As of now, the number of banks that have become partners with BI-FAST has reached 87% of the market share of national retail payment system,” he mentioned in the press release.
The implementation phase of this payment infrastructure refers to the bank’s strategy to set up a specific payment channel. The expansion of BI-FAST is projected to meet the public’s needs for a swift, easy, safe, and reliable retail payment system.
Out of those 29 new partners, 16 banks are categorised as conventional and sharia rural development banks. Furthermore, 16 banks that are involved in this fifth batch of bank partners of BI-FAST are known to utilise multi-tenancy infrastructure, or multi banks with one connector.
BI-FAST was first launched on December 21, 2021. (LK/ZH)