This has been applied to processing licenses for payment service providers (PSP),designating payment system infrastructure operators (PIP)as well as processing the development of risk-based activities, products, and/or cooperation. Bank Indonesia also continues to develop integrated, interoperable, and interconnected payment system infrastructure to support the national digital economic and financial ecosystem.
In this case, Bank Indonesia has modernized retail payment infrastructure to operate in real-time (as it happens) non-stop (24/7) by launching BI-FAST in December 2021.