Bank Indonesia (BI) has expanded its BI-FAST system by introducing three new services that will enhance payment capabilities. These additions are part of the BI-FAST Phase I Stage 2 development, marking the third anniversary of the system’s launch. These new services—bulk transfer, request for payment, and direct debit—aim to streamline transactions and contribute to the nation’s goal of fostering a digital financial ecosystem.

The bulk transfer feature enables businesses to send payments to multiple recipients simultaneously, with a minimum of 20 transactions per bulk. This service is designed to support large-scale payments, such as salary disbursements and vendor payments, providing efficiency for businesses managing high volumes of transactions.

The second service, request for payment, allows recipients to send payment requests directly to payers. This feature simplifies processes such as invoice payments or personal bill collection. It creates a more efficient way for individuals and businesses to handle financial exchanges, promoting smoother transaction flows.

Lastly, the direct debit feature automates recurring payments, such as utility bills, insurance premiums, and leasing installments. This service allows customers to authorize direct deductions from their accounts, ensuring timely and hassle-free payments for regular expenses.

Bank Indonesia has collaborated with the payment industry to implement these innovations, which align with the Blueprint for the Indonesian Payment System (BSPI) 2030. These new services aim to create a more integrated, interoperable, and interconnected retail payment ecosystem, supporting greater financial inclusion and the efficient functioning of digital finance.

The pricing structure for these new BI-FAST services is as follows: a bulk transfer will cost IDR 16 per transaction for the sender and up to IDR 2,100 for the customer; a request for payment costs IDR 19 per transaction for the sender and up to IDR 2,500 for the customer; and direct debit services are priced similarly, with up to IDR 2,500 charged for the recipient’s customer. Additionally, transactions are capped at IDR 250 million, providing a balance between security and competitive pricing.

Bank Indonesia’s move to strengthen BI-FAST services is part of its broader strategy to drive digital transformation in Indonesia’s financial sector. The system’s development is intended to stay ahead of evolving digital transaction trends, including cross-border payments. With these new features, BI-FAST is poised to support the country’s digital economy, ensuring it is both inclusive and future-ready.