Ask OCTO – What is BI FAST?

According to the official website of Bank Indonesia, BI FAST is a national retail payment system infrastructure that can facilitate real-time, safe, efficient, and available retail payments (24/7).

Bank Indonesia developed BI FAST primarily to answer the public’s need for a fund transfer service that is more efficient, real-time, and available at any time (24/7). Currently, the availability of the Bank Indonesia National Clearing System (SKN) services has not fully met the needs of the community because it is limited by service time (according to window time), effective funds that are not yet real-time, and limited payment channels, which ultimately reduce the convenience of the public in non-cash transactions. In addition, BI FAST is expected to strengthen the resilience of the national retail payment system by providing an alternative to the existing national payment system infrastructure.

The difference between BI FAST, SKN, and RTGS can be seen from several angles.

  • Transaction amount:
    BI FAST serves transfers with a maximum nominal value of IDR 250 million per transaction, while SKN transfers can reach IDR 500 million per transaction. RTGS serves transfers with a minimum nominal value of more than IDR 100 million.
  • Service time
    BI FAST will be available at any time (24/7), while SKN and RTGS have set operating hours, namely from 06.30 WIB to 16.30 WIB.
  • Payment channel
    SKN and RTGS can only be accessed through bank counters and mobile/internet channels, while BI FAST, apart from counters and mobile/internet channels, will in the future also serve transactions using QR, ATMs, and EDC.
  • Payment instrument
    SKN only serves credit and debit transfer transactions; RTGS only serves credit transfer transactions; BI FAST serves credit transfer and debit transfer transactions; and in the future, it will be developed to serve transactions with ATM/debit card instruments (including virtual), credit cards (including virtual), and electronic money. What is the difference between BI FAST, SKN, and RTGS? The difference between BI FAST, SKN, and RTGS can be seen from several angles.