Bank Indonesia (BI) revised the national clearing system through the central bank regulation No.21/8/PBI/2019 - Photo by the Central Bank

JAKARTA (TheInsiderStories) – Bank Indonesia (BI) revised the national clearing system through the central bank regulation No.21/8/PBI/2019. The regulation concerning the Implementation of Funds Transfer and Clearing.

The national clearing system is the infrastructure used by BI to process electronic financial data on fund transfer services, debit check clearing services, regular payment services and regular billing services.

Director of Payment System Infrastructure Development at the Bank Ery Setiawan said on Tuesday (06/25), this revision is made to boost retail payment efficiency and start to implemented on Sept. 1, 2019.

 “This improvement aims to provide funds transfer services that are more in line with the needs of the community,” he said in written statement.

In this new rule, BI adding settlement period for the fund transfer services and regular payments to nine times a day from previously five times a day for funds transfer and two times a day for regular payments.

“BI will also accelerated the settlement of banks transaction to one hour from initially in two hours time,” Setiawan added.

Another change is the pricing for transfer of funds from banks to customers will be reduced to Rp3,500 from Rp5,000 per transaction. As for other services, pricing was same as before.

“BI also increases the amout of maximum transactions that can use funds transfers to Rp1 billion,” he affirmed.

Setiawan expect, the new policy can boost the transaction using clearing system. As of 2018, the amount of transfer transactions using the system reached Rp2,739.95 trillion (US$192.95 billion) with 118.36 million transactions.

The central bank continues to improve its policies to support the government policy. Recently, he Bank  launched Indonesian QR Code Standard (QRIS) that make payment system possible interconnected and interoperable.

At the initial stage, said the governor Perry Warjiyo BI introduced QRIS for Merchant Presented Mode and would be implemented in the second half of 2019. Then in May, BI accelerated the issuance and transactions of commercial bond instruments as a source of non-banking short-term funding to encourage the domestic demand and support the infrastructure of commercial bonds issuance and transactions.

In the same month, the central bank released a new regulation No.21/5/PBI/2019 concerning the transactions facilities in money transaction in foreign exchange (forex) markets. By this policy, BI want to ensure transaction providers have a good governance, an effective risk management, fairness, and equal opportunities for prospective transaction providers.

At the same time, Finance Ministry lowered the minimum limit for the government bond purchases in the domestic primary market by means of a private placement. These changes are contained in the regulation concerning Sales of Sovereign Debt Instruments in the Domestic Market through Private Placement.

Since early 2019, Bank Indonesia has released several policy to helped the country face the global movement. Warjiyo has stated the central bank will do various monetary policy to support Indonesian economy.

US$1: Rp14,200

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