BI Fast: Definition, List of Banks, Differences, Advantages, and More

BI Fast Is – In this all-digital era, anything can be done easily and quickly, even only via a smartphone. Is Sinaumed’s aware of this? Starting from the existence of digital money to the transaction process, it is enough to do it through the applications that have been installed on our smartphones. Especially in terms of transactions, where in ancient times we were required to go to the nearest ATM and queue in a crowd of people. Now? It’s easy to do through the Mobile Banking application at each bank.

So, for Sinaumed’s who often use Mobile Banking from any bank, you must often find BI Fast and Real Time Online features when you want to transfer money to other parties? Just a little trivia, this feature is relatively new, you know because it was only launched in December 2021 by Bank Indonesia, which oversees all state and private banks.

So, what is the BI Fast feature? What banks have used this feature? What are the striking differences between BI Fast and Real Time Online? How to use BI Fast correctly, especially for beginners? So, so that Sinaumed’s understands these things, let’s immediately see the following review!

What is BI Fast?

Basically, BI Fast is a service feature initiated by Bank Indonesia in the form of convenience for online, real-time transfers, and lower admin fees. It’s called cheaper, because usually when we transfer to another bank, an admin fee of IDR 6,500 will definitely be charged, right? So, when Sinaumed’s uses BI Fast, the admin fee is only IDR 2,500. Obviously cheaper right!

Since the era is now completely digital, including online transactions via Mobile Banking, of course Bank Indonesia is also innovating to adapt to this. One of the innovation efforts that have been made is of course by developing this BI Fast feature, in order to answer the challenges in the digital era as it is today.

Of course, the convenience when using this feature can be felt by many people, especially those who use Mobile Banking for transfers to other parties. Yep, to use this BI Fast feature, Sinaumed’s doesn’t need to install a special BI Fast application from the PlayStore or App Store, because this feature already exists in each bank’s Mobile Banking. Try Sinaumed’s and see for yourself!

BI Fast Service Development Background

According to the BI Fast Guidebook Version 1.1 issued by Bank Indonesia, BI Fast is the object of developing Bank Indonesia’s infrastructure in order to provide real-time , seamless (easy) payment services, available 24/7, alias can be done at any time, and of course with an end-to-end level of security . All of this is done by Bank Indonesia to support the development of the Digital Financial Economy (EKD) in Indonesia.

Considering that currently, the availability of the Bank Indonesia National Clearing System (SKNBI) services is apparently not fully able to meet the needs of the community, especially because it is limited by service time. This of course hampered community activities, especially those who worked by relying on the transfer process. Well, BI Fast is also here as a savior alternative to the SKNBI infrastructure.

BI Fast Service Development Goals

Reporting from bi.go.id , there are at least 3 objectives for developing the BI Fast feature on Mobile Banking which is used by most Indonesian people, especially in this digital age, namely:

  1. To support the merger between the National Payment System industry and the Digital Financial Economy in an end-to-end manner .
  2. Become a national initiative that is in line with Bank Indonesia Regulations (PBI), Payment Systems (SP), PBI Payment System Infrastructure Providers (PIP), PBI Payment Service Providers (PJB), and SP principles that are fast, cheap, easy, safe, and reliable for user use.
  3. In line with Bank Indonesia’s future policy directions, especially in terms of Financial System Stability and Payment System so that an integrated, interoperable and interconnected ecosystem can be created .

Benefits of BI Fast Services for the Community

The existence of this feature is of course not only an answer to challenges in the digital era as it is today, but also provides a series of benefits for the wider community and industry in Indonesia. Bearing in mind that the SKNBI and BI Real Time Gross Settlement (BI-RTGS) feature services only have certain operating hours, so they cannot be accessed at any time. So, through this BI Fast service, the general public and industry can feel:

  • Efficient, due to the use of a proxy address as an alternative to the account number.
  • Real time 24/7, because anyone can do it at any time.
  • Complete, because it serves various instruments and any payment channels such as QRIS, ATM, and EDC.
  • Secure , proven safe because this feature is complemented by fraud detection and AML/CFT.
See also  difference between perfume and cologne

75+ List of Banks Using BI Fast Services

At least, there are 77 banks in Indonesia that have used the BI Fast service feature on their mobile banking. This is because every bank, be it a state bank or a private bank, definitely wants to provide the best service for its customers. One of the efforts is to add this feature to their service. Reporting from bi.go.id , here is a complete list of banks in Indonesia that have used the BI Fast service.

Batch 1 (1 December 2021)

1. Bank BCA Syariah
2. Bank Central Asia
3. CIMB Niaga Bank
4. Bank CIMB Niaga UUS (Sharia Business Unit)
5. Citibank, NA
6. Bank Danamon Indonesia
7. Bank Danamon Indonesia UUS
8. Bank DBS Indonesia
9. Mandiri Bank
10. Megabank
11. Bank Negara Indonesia (Persero)
12. Bank OCBC NISP
13. Gem Bank
14. UUS Permata Bank
15. Indonesian People’s Bank (BRI)
16. Sinarmas Bank
17. Indonesian Sharia Bank
18. State Savings Bank (Persero)
19. UUS State Savings Bank
20. Bank UOB Indonesia
21. Bank Woori Brothers Indonesia 1906

Batch 2 (January 2022)

1. Allo Bank Indonesia
2. BCA Digital Bank
3. Ganesha Bank
4. Bank HSBC Indonesia
5. Bank Ina Perdana
6. Bank KEB Hana Indonesia
7. Bank Mandiri Taspen
8. Indonesian Maspion Bank
9. Mestika Dharma Bank
10. Bank Multi Arta Sentosa
11. Bank Nationalnobu
12. Pan Indonesian Bank
13. Bali Regional Development Bank
14. West Java and Banten Regional Development Banks
15. Central Java Regional Development Bank
16. Central Java Regional Development Bank UUS
17. East Java Regional Development Bank
18. Regional Development Bank of East Java UUS
19. East Nusa Tenggara Regional Development Bank
20. Papua Regional Development Bank
21. Sampoerna Friends Bank
22. Bank Sinarmas UUS
23. Indonesian Central Securities Depository

Batch 3 (May and June 2022)

1. Artha Graha International Bank
2. Artha Earth Bank
3. DKI bank
4. Bank DKI UUS
5. Jago Bank
6. West Java Regional Development Bank and Banten Syariah
7. Riau Islands Development Bank
8. Bank Raya Indonesia

Batch 4 (August 2022)

1. BTPN bank
2. Bank Capital Indonesia
3. CTBC bank
4. Bank ICBC Indonesia
5. Bank Index Selindo
6. Bank Jago UUS
7. Jakarta Services Bank
8. Mayapada Bank
9. Mayora Bank
10. Muamalat Bank
11. UUS Nagari Bank
12. Neo Commerce Bank
13. DIY Regional Development Bank
14. Regional Development Bank DIY UUS
15. West Kalimantan Regional Development Bank
16. West Kalimantan Regional Development Bank UUS
17. South Kalimantan Regional Development Bank
18. South Kalimantan Regional Development Bank UUS
19. West Sumatra Regional Development Bank
20. South Sumatra Regional Development Bank Bangka Belitung
21. Regional Development Bank of South Sumatra Bangka Belitung UUS
22. sea ​​bank
23. Maybank Indonesia
24. Maybank Indonesia UUS
25. MNC Bank

The difference between BI Fast and Real Time Online

Even though BI Fast and Real Time Online are both features developed by Bank Indonesia in order to support the development of the Digital Financial Economy (EKD) in Indonesia, the two have striking differences. Not only in the amount of admin fees, but also the service as a whole.

BI Fast Real TimeOnline
Transaction fees, aka admin fees, are cheaper, which is only Rp. 2,500 per one transfer. Transaction fees, aka admin fees, are more expensive, namely IDR 6,500 per one transfer.
The transfer limit is bigger, which is up to IDR 250 million per transaction. The transfer limit is smaller, which is only IDR 25 million per transaction.
Allows customers to make transactions without using an account number. Another alternative is, of course, using a cellphone number or email address. It is not yet possible for customers to make transactions without using an account number.
Has several advanced features, such as Fraud Detection and Anti Money Laundering (AML), Countering Financing of Terrorism (CFT), and others. The features that are owned are not as sophisticated as BI Fast.

Advantages and Disadvantages of BI Fast in Bank Transactions

Even though it has technological sophistication in the development of its features, that doesn’t mean that BI Fast doesn’t have drawbacks … 

See also  difference between c3 and c4 cycle
Advantages of BI Fast Disadvantages of BI Fast
Transaction fees, aka admin fees, are cheaper, which is only Rp. 2,500 per one transfer. The maximum transfer limit is IDR 250 million. For some people who are required to transfer an amount in excess of that, they will definitely find it difficult, so they have to take an alternative to clearing.
The transfer limit is bigger, which is up to IDR 250 million per transaction. Not really fully serviced 24/7. In some banks, at certain times, such as prayer times, it is certain that transactions using this feature will fail.
Allows customers to make transactions without using an account number. Another alternative is, of course, using a cellphone number or email address. Not all banks in Indonesia use this feature.
Has several advanced features, such as Fraud Detection and Anti Money Laundering (AML), Countering Financing of Terrorism (CFT), and others. It often experiences maintenance alias repairs, so it is not uncommon for customers to fail when transferring.
There are at least 77 banks in Indonesia that use this feature. Only focus on transfers via debit and credit only. Not yet developed for Virtual Accounts (VA) and other digital wallets.

Questions Regarding BI Fast

Even though 77 banks in Indonesia already have the service features launched by Bank Indonesia since December 2021, there are still many people who don’t understand how it works. In its use, bank customers who can practice this feature are individuals and industry players. So, here are some questions about BI Fast and their answers that were reported via bi.go.id.

1. Who Can Have BI Fast Service?

Basically, BI Fast participation is open to all banks and Non-Bank Institutions (LSB) in Indonesia, as long as they meet the following criteria:

  1. Qualified in terms of institutional aspect, financial performance, and Information System capability.
  2. Must meet the 3C criteria, namely contribution (contribution to the growth of EKD), capability (capability of capital and liquidity capabilities), and collaboration (fully collaborating in supporting BI policies going forward).
  3. Meet the criteria of champion in readiness which includes aspects of people, process and technology.

2. Do All Banks Have to Have the BI Fast Alias ​​Mandatory Feature?

In fact, Bank Indonesia is actually encouraging all banks and Non-Bank Institutions (LSB) to have this service feature so that they can meet the needs of the community, especially in terms of more efficient digital transactions. For this reason, Bank Indonesia also asked every bank or Non-Bank Institution (LSB) to submit an application as a BI-FAST participant according to their respective timelines .

3. What is the Admin Fee for the BI Fast Feature Service?

Bank Indonesia as the originator of this service feature has determined that there are 2 pricing schemes for admin fees, namely from Bank Indonesia to the bank concerned and from the bank concerned to the customer.

The admin fee from Bank Indonesia to the bank concerned is IDR 19.00 per transaction. Meanwhile, the admin fee from the bank concerned to the customer is a maximum of IDR 2,500 per transaction.

4. What’s the difference between BI Fast and SKNBI and BI RTGS?

The difference between the BI Fast service features and SKNBI and BI RTGS can be seen from several aspects, namely the nominal amount of the transaction, service time, payment channels, and payment instruments.

  • Transaction Amount

The BI Fast service feature will serve a minimum nominal transfer of Rp. 250 million per transaction, while the SKNBI will serve up to a nominal value of Rp. 1 billion per transaction. Meanwhile, the BI RTGS feature is only up to a nominal value of IDR 100 million.

  • Service Time

The BI Fast feature has 24/7 service time, aka around the clock, while SKNBI and BI RTGS have shorter operating hours, namely 06.30 to 16.30 WIB.

  • Payment Channel

The BI Fast feature which was developed to answer the digital world as it is today, of course can be done via mobile/internet, especially m-banking at each bank. Even in the future, it will be further developed so that it can be used via QR, ATM, and EDC channels.

Meanwhile, SKNBI and BI RTGS can only be accessed via bank counters and mobile/internet channels.

  • Payment Instruments

SKNBI can only serve transfer transactions via credit and debit. Then, the BI RTGS feature only serves transactions via credit. Meanwhile, the BI Fast feature is more sophisticated because it fulfills payment instruments in the form of credit, debit, and electronic money.

Source:

BI Fast Handbook Version 1.1. Bank Indonesia Central Bank of the Republic of Indonesia. 

https://www.bi.go.id/

https://www.rkonline.id/

Also Read!

  • History, Duties, Authorities, and Roles of the Central Bank
  • Functions and Types of Banks You Need to Know
  • Discussion and Examples of Bank Reconciliation
  • Duties and History of the Indonesian Bank Restructuring Agency
  • A Brief History of Central Banks and Their Functions
  • Definition of Credit Agreement and Process
  • Concept, Function, and Difference Between Debit and Credit Notes
  • What is a Credit Instrument?