Advancing technology has improved the effectiveness of various human activities today. Particularly in modern banking, all financial transaction activities have become easier and more efficient.
You can perform financial transactions anywhere and anytime, such as paying bills, transferring funds, buying phone credit, and withdrawing cash, even without a card.
When it comes to transfers, we often hear the terms BI-FAST and realtime online. These terms are encountered when we make transfers to different bank accounts.
Want to know more about BI-Fast and how it differs from realtime online? Let's read the following article to learn more.
Understanding BI-Fast and Realtime Online
As explained on Bank Indonesia's (BI) official website, BI-Fast is a national retail payment system infrastructure that facilitates retail payments securely, efficiently, in real-time, and is available at all times.
Since December 2021, BI-Fast has been implemented gradually, prioritizing individual credit transfers. Until now, BI-Fast has 106 participants consisting of regional and private banks, and will continue to develop according to Bank Indonesia (BI) policies.
Additionally, BI-Fast allows you to make transfers using just a phone number or email address.
This infrastructure was developed by Bank Indonesia with the main goal of meeting public needs regarding fund transfer services to make them easier to execute.
Actually, BI-Fast is a modern model of the Bank Indonesia National Clearing System (SKNBI). However, BI-Fast comes with various features that complement the previous SKNBI's limitations.
In the future, all Bank Indonesia National Clearing System (SKNBI) services will be gradually transferred to BI-Fast.
Meanwhile, realtime online or commonly known as online transfer is a banking service that allows customers to perform several financial transactions in real-time through e-channels, such as ATMs, mobile banking, and internet banking.
Online transfers can also record your transaction history and store it in the database center.
Differences Between BI-Fast and Realtime Online
If BI-Fast and online transfers both process transactions instantly, what are the differences between them? Here are several differences between BI-Fast and online transfers:
Transaction Fees
The most significant difference between these two infrastructures is the transaction fee. Online transfers charge an inter-bank transaction fee of Rp6,500. Meanwhile, BI-Fast transaction fees are only Rp2,500 per transfer.
Inter-bank Transfer Limit
The second difference is the transfer limit. BI-Fast provides a larger transfer limit than online transfers, up to Rp250 million per day. Meanwhile, online transfers only provide a maximum limit of Rp25 million per transaction.
Transaction Convenience
Compared to online transfers, BI-Fast makes it easier for customers to make transactions without using account numbers. You only need a phone number or email address that has been registered as a BI-Fast proxy to transact.
Benefits of BI-Fast
As mentioned before, BI-Fast is here to make it easier for the public and industry players to transact. Of course, BI-Fast has several other benefits that you can experience when using it, such as:
- You can make transactions in realtime 24/7 anywhere. One of the transactions that can be done is inter-bank transfers.
- Providing the best and complete service in various payment instruments and channels.
- Can perform transactions securely because it is equipped with fraud detection features, Anti-Money Laundering (AML), and Countering Financing of Terrorism (CFT).
- Provides proxy address features as an alternative to account numbers so transactions can be more efficient.
Objectives of BI-Fast
Besides providing benefits, BI-Fast also has several objectives, namely:
- BI-Fast's main objective is to support the consolidation between the national payment system and end-to-end digital economic integration.
- Becoming nationally driven in line with Bank Indonesia Regulations (PBI) Payment System (SP), PBI Payment System Infrastructure Providers (PIP) and PBI Payment Service Providers (PJP) and SP principles that are CEMUMUAH (fast, cheap, easy, safe, and reliable).
- In line with various Bank Indonesia policies, such as monetary policy, financial system stability, and payment systems.
Differences Between BI-Fast and Other Transfer Services
Besides BI-Fast, there are various other transfer services such as Real Time Gross Settlement (RTGS) and the Bank Indonesia National Clearing System (SKNBI). However, BI-Fast has several differences compared to other services such as:
Transaction Time
BI-Fast's advantage lies not only in its 24-hour service availability but also in transaction speed. BI-Fast services allow customers to make transactions in real-time, online, and instantly.
Unfortunately, other services like RTGS and SKNBI require approximately two to three business days for transaction processing.
Payment Channels
BI-Fast provides services that can be accessed through various channels such as mobile banking, internet banking, bank counters, and is even planned to use QR codes, ATMs, and even EDC.
Meanwhile, RTGS and SKNBI can only be accessed through bank counters, mobile and internet banking.
Service Time
BI-Fast features 24/7 service that allows customers to transact anytime anywhere quickly and efficiently. This is different from RTGS and SKNBI which only provide services during operational hours from 06.00-16.30 WIB.
Payment Instruments
BI-Fast serves various payment instruments including credit transfers, debit transfers, and even wants to be developed to be able to serve transactions with ATM or debit card instruments, virtual accounts, credit cards, and electronic money.
Meanwhile, SKNBI only serves credit and debit transfer transactions. RTGS also only serves credit transfer transactions.
List of Banks in Indonesia Equipped with BI-Fast Features
Almost all banks in Indonesia have BI-Fast features. Here are some banks in Indonesia that have been equipped with BI-Fast features, including:
Batch 1
- Bank BCA Syariah
- Bank Central Asia
- Bank CIMB Niaga
- Bank CIMB Niaga UUS
- Bank Citibank NA
- Bank Danamon Indonesia
- Bank Danamon Indonesia UUS
- Bank DBS Indonesia
- Bank Mandiri
- Bank Mega
- Bank Negara Indonesia
- Bank OCBC NISP
- Bank Permata
- Bank Permata UUS
- Bank Rakyat Indonesia
- Bank Sinarmas
- Bank Syariah Indonesia
- Bank Tabungan Negara
- Bank Tabungan Negara UUS
- Bank UOB Indonesia
- Bank Woori Saudara Indonesia 1906
Batch 2
- Allo Bank Indonesia
- Bank Digital BCA
- Bank Ganesha
- Bank HSBC Indonesia
- Bank Ina Perdana
- Bank KEB Hana Indonesia
- Bank Mandiri TAspen
- Bank Maspion Indonesia
- Bank Mestika Dharma
- Bank Multi Arta Sentosa
- Bank Nationalnobu
- Bank Pos Indonesia
- Bank Pembangunan Daerah Bali
- Bank Pembangunan Daerah Jawa Barat dan Banten
- Bank Pembangunan Daerah Jawa Tengah
- Bank Pembangunan Daerah Jawa Tengah USS
- Bank Pembangunan Daerah Jawa Timur
- Bank Pembangunan Daerah Jawa Timur UUS
- Bank Pembangunan Daerah Nusa Tenggara Timur
- Bank Pembangunan Daerah Papua
- Bank Sahabat Sampoerna
- Bank Sinarmas UUS
- Kustodian Sentral Efek Indonesia
Batch 3
- Bank Artha Graha Internasional
- Bank Bumi Arta
- Bank DKI
- Bank DKI UUS
- Bank Jago
- Bank Pembangunan Daerah Jawa Barat dan Banten Syariah
- Bank Pembangunan Daerah Riau Kepri
- Bank Raya Indonesia
Batch 4
- Bank BTPN
- Bank Capital Indonesia
- Bank CTBC
- Bank ICBC Indonesia
- Bank Index Selindo
- Bank Jago UUS
- Bank Jasa Jakarta
- Bank Mayapada
- Bank Mayora
- Bank Muamalat
- Bank Nagari UUS
- Bank Neo Commerce
- Bank Pembangunan Daerah Daerah Istimewa Yogyakarta
- Bank Pembangunan Daerah Daerah Istimewa Yogyakarta UUS
- Bank Pembangunan Daerah Kalimantan Barat
- Bank Pembangunan Daerah Kalimantan Barat UUS
- Bank Pembangunan Daerah Kalimantan Selatan
- Bank Pembangunan Daerah Kalimantan Selatan UUS
- Bank Pembangunan Daerah Sumatera Barat
- Bank Pembangunan Daerah Sumatera Selatan Bangka Belitung
- Bank Pembangunan Daerah Sumatera Selatan Bangka Belitung UUS
- Bank Seabank
- Maybank Indonesia
- Maybank Indonesia UUS
- MNC
Batch 5
- Standard Chartered Bank
- MUFG Bank
- BPD Jambi
- BPD Jambi UUS
- BPD Sulawesi Selatan dan Sulawesi Barat
- BPD Sulawesi Selatan dan Sulawesi Barat UUS
- BPD Sumatera Utara
- BPD Sumatera Utara UUS
- BPD Kalimantan Timur dan Kalimantan Utara
- BPD Kalimantan Timur dan Kalimantan Utara UUS
- Bank Aceh Syariah
- BPD Bengkulu
- BPD Kalimantan Tengah
- BPD Sulawesi Utara dan Gorontalo
- BPD Sulawesi Tenggara
- BPD Maluku dan Maluku Utara
- BPD Banten
- BPD Nusa Tenggara Barat Syariah
- Bank Mega Syariah
- Bank OCBC NISP UUS (mulai 19 Desember 2022)
- Bank BTPN Syariah
- Bank Aladin Syariah
- Bank QNB Indonesia
- Bank Victoria Internasional
- Bank Resona Perdania
- Bank IBK Indonesia Konstruksi
- Bank China
- Bank Tiongkok
- Bank America NA
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