New Framework for the Organization of BI-FAST Introduced: Scope of Services Broadened

Back in 2021, Bank Indonesia’s (“ BI ”) Board of Governors issued Regulation No. 23/25/PADG/2021 of 2021 (“ Regulation 23/2021 ”) on the Organization of BI-Fast Payment (“ BI-FAST ”) Services, which, as its title suggests, contains a detailed set of provisions and requirements for organizers and participants that engage in the organization of BI-FAST services (“ Services ”), including the available forms of services (i.e. Individual Credit Transfers – “ ICT ”) and infrastructure capable of supporting said Services. [1]