VOI - Voice of Indonesia | RRI - Radio Republik Indonesia

Bank Indonesia (BI) has recorded 414 million BI-FAST Payment transactions worth Rp1,393 trillion as of October 2022.

"The figure will continue to increase to more than Rp1,500 trillion through 450 million transactions at the end of this year," BI Deputy Governor Doni Primato Joewono said while announcing the results of the annual meeting of BI's board of governors, which was followed online from Jakarta on Thursday.

Therefore, the central bank will continue to push BI-FAST transactions, in terms of volume and value, by opening the fifth round of registration of BI-FAST participants at the end of this year, he informed.

He said that 29 new BI-FAST participants will join the fifth round of registration, taking the total number of participants to 106.

The total participants account for an 87-percent share of the financial market in Indonesia.

In addition, BI will focus on expanding the current BI-FAST features, such as credit transfers, direct debit, and canals.

"We will keep on reviewing the pricing policy," Joewono said.

BI will also open the sixth round registration of BI-FAST participants, particularly non-banking institutions, he informed.

Right now, two or three non-banking institutions are technologically ready to join the sixth round of registration, he said. (Antaranews)