Business
Bank Indonesia Drives Country’s Real-Time Payment Ambitions with ACI Worldwide
BI-FAST—first ever national real-time payments infrastructure goes live in less than nine months MIAMI & JAKARTA, Indonesia--(BUSINESS WIRE)-- Bank Indonesia
About this update from Aci Worldwide, Inc.
[{"type":"text","content":"\nBI-FAST—first ever national real-time payments infrastructure goes live in less than nine months\n\n MIAMI & JAKARTA, Indonesia--(BUSINESS WIRE)--\nBank Indonesia (BI), Indonesia’s central bank, has launched the country’s first real-time payments infrastructure, BI-FAST, driven by ACI Worldwide (NASDAQ: ACIW), a leading global provider of real-time digital payment software.\n\nBI-FAST is an integral part of Indonesia’s ongoing digital modernization initiative and central to its Payment System Blueprint, IPS 2025. IPS 2025 aims to transform the country’s payment infrastructure, integrate its digital economy and finance sector, and respond to public demands for a fast, easy, safe, affordable and reliable payment system.\n\nBank Indonesia and ACI were able to implement BI-FAST in less than nine months, making it one of the fastest countrywide implementations on record. When complete, the vast undertaking will incorporate 135 banks, as well as merchants and payment service providers, making it one of the world’s largest real-time payments initiatives.\n\nPhase one of the national initiative is already live with more than twenty banks across the country, providing participating institutions with access to a series of key services including:\n\n\n24/7 real-time credit transfers with real-time transaction settlement at bank and customer level\n\n\nUnique identifiers (proxy addresses) to simplify, secure and facilitate payments\n\n\nIntegrated real-time fraud detection\n\n\nThe ACI Low Value Real-Time Payments technology driving BI’s central infrastructure hub allows more than one hundred payment scheme players to connect. ACI also provides immediate access to the core real-time infrastructure, laying the foundation for future services such as Request to Pay (R2P), eMandates, direct debit, and cross-border payments.\n\nDigital payments have gained considerable traction in Indonesia and are in regular use by more than half (55%) of the country’s consumers1. The rapid growth over the past year highlights Indonesia’s dramatic shift toward digital payments due to the pandemic. The government now anticipates even greater adoption with real-time payments, and a further boost to its digital economy ambitions.\n\n“ACI is proud to help drive BI-FAST and Indonesia’s bold payment transformation,” said Leslie Choo, managing director – APAC, ACI W...