Understanding BI-FAST: Benefits and Differences from Other Transfers

In the digital era, the public's need for fast, affordable, and 24/7 fund transfer services continues to grow. To address this need, Bank Indonesia (BI) introduced BI-FAST, which has now become a mainstay for many banking customers in Indonesia. So, what exactly is BI-FAST, what are its features, and what are its benefits for the public? Read on for a complete explanation.  

What is BI-FAST? 

According to Bank Indonesia, BI-FAST is a national retail payment system infrastructure that facilitates faster, safer, more efficient, and more flexible retail payments. The main objective of this service is to provide a fast, easy, affordable, secure, and reliable payment system. 

BI-FAST Service Benefits 

Here are some of the benefits of using BI-FAST:  

1. Low Fees: Compared to interbank online transfers (RTOL), BI-FAST transfer fees are much lower, at IDR 2,500. Online transfers, on the other hand, incur a transfer fee of IDR 7,500. However, at Bank MAS, you can enjoy unlimited free BI-FAST transfers using the Bebas by Bank MAS application. 
2. Available 24/7: The BI-FAST service is available 24/7, making it easy for customers to make interbank transfers at any time. 
3. Transfer Limit: BI-FAST has a fairly high transfer limit of up to IDR 250 million. This amount is sufficient to meet customers' daily transaction needs. 
4. Fast: Transfers are made online and received in real time, just like using other online transfer methods. 
5. Efficient: BI-FAST offers transfers via phone number or email. This feature, called a proxy address, aims to simplify the interbank transfer process through the bank system. 
6. Safe: According to Bank Indonesia, transfers using BI-FAST are considered safe because they are equipped with fraud detection. 

BI-FAST Service Features 

The following are four credit transfer services offered by BI-FAST:  

1. Individual Credit Transfer (ICT) 

ICT is a fund transfer service from one sending customer to one receiving customer.  

2. Bulk Credit Transfer (BCT) 

BCT is a fund transfer service from one sending customer to several receiving customers (one-to-many) or from several sending customers to one receiving customer (many-to-one). This service allows for employee salary payments, vendor payments, and dividend distributions, supporting efficiency in large-scale financial management.  

3. Request for Payment (RFP) 

RFP is a fund transfer service between customers, where the transaction and payment are initiated by the receiving customer to the sending customer. The process begins with the receiving customer sending the bill amount information. After receiving the notification, the receiving customer must confirm and send the credit transfer instruction to the sending customer. This feature is used for billing invoice payments, split bills, and e-commerce transactions. 

4.  Direct Debit Transfer (DDT) 

DDT is a periodic or routine billing service based on a standing instruction for debiting an account approved by the customer whose account will be debited. Direct Debit Transfer (RDT) can be used for leasing installment payments, insurance premiums, and other routine bills. 

BI-FAST Service Transaction Fee Limit Table 

Comparison of BI-FAST with SKNBI and RTGS Transfer Services 

 BI-FAST differs from other transfer services, such as SKNBI and RTGS, in several aspects.  

1. Transaction Amount  

Both BI-FAST and SKNBI serve retail transactions, but have different maximum transaction amounts. The maximum SKNBI amount is up to IDR 1 billion, while BI-FAST allows up to IDR 250 million. RTGS only handles large-value transactions with amounts exceeding IDR 100 million.  

2. Service Hours  

The second difference is in service operating hours. BI-FAST is available 24/7 (25/7), while SKNBI and RTGS have set operating hours, from 6:30 AM to 4:30 PM.  

3. Payment Channels  

In terms of payment channels, BI-FAST, SKNBI, and RTGS can be accessed through bank counters and digital channels such as mobile banking and internet banking. However, BI-FAST has broader payment channel prospects. In the future, BI-FAST will also serve transactions using QR, ATM, and EDC.  

BI-FAST Service Comparison Table with SKNBI and RTGS 

How to Transfer with BI-FAST via the Bebas by Bank MAS App 

Here's how to transfer via BI-FAST using an account number: 

1.  Log in to Bebas by Bank MAS, select the Transfer menu  
2. Select the Interbank Transfer menu  
3. Select New Recipient, then select the destination bank and enter the account number.  
4. Enter the transfer amount, then select the BI-FAST Transfer service and the transaction destination.  
5. Check the transfer details on the Transfer Confirmation page, then click Confirm.  
6. Enter your Bebas by Bank MAS PIN.  
7. Transfer complete. 

Sources:  

bi.go.id

Bank Indonesia

idxchannel.com