DBS Indonesia bags Digital - Banking win at Asian Technology Excellence Awards
Driving payment transformation through the implementation of Bank Indonesia’s BI-FAST system.
Banking and financial services corporation DBS Indonesia clinched the Digital - Banking category win at the Asian Technology Excellence Awards for taking the lead in the implementation of the 24/7 payment rail Bank Indonesia Fast Payment System (BI-FAST) that was introduced by the country’s central bank in December 2021 to transform Indonesia’s payment landscape.
BI-FAST provides round-the-clock payment services that are faster, cost-effective, and more efficient for individuals and businesses. Indonesia previously faced challenges with slow transactions, high fees, and limited accessibility in remote areas due to inefficient and non-interconnected payment systems. Therefore, BIFAST serves as an integral part of the Indonesia Payment System Blueprint 2025 vision for inclusive and equitable economic growth. This is achieved by establishing an integrated, interoperable, and interconnected digital payment infrastructure.
Understanding how critical BI-FAST is in supporting Bank Indonesia’s master plan, DBS Indonesia promptly implemented BI-FAST across its various institutional banking channels (e.g. API, internet banking, mobile banking, host-to-host channels) and retail digital banking mobile application (i.e. Digibank Application). In doing so, as a dedicated forefront in digital banking, DBS Indonesia is also striving to distinguish itself from other banks by not only adopting it but also continuously improving and maintaining our services.
All of these capabilities are offered to customers with extended 24/7 customer service which enables customers to receive prompt and reliable support, complete tasks efficiently, and enhance their overall experience with DBS Indonesia. Despite tough competition from major Indonesian banks, DBS Indonesia emerged as one of the top five banks in BI-FAST outgoing volume by November 2022 with monthly transaction volume doubling from five million to 10 million between October 2022 and January 2023.
For retail customers, BI-FAST services are free of charge, thus enabling customers to “Live More, Bank Less.” To keep BI-FAST up and running 24/7, the Bank performs rigorous real-time transaction monitoring and regular in-depth transaction analysis, enabling it to implement effective solutions which reduced transaction failure rate by 44% within the first few months of BI-FAST implementation. This was all done whilst the Bank saved a roughly estimated IDR 5.2b from August 2022 to February 2023 from retail BI-FAST adoption.
“DBS Indonesia is fully committed to adopting and staying updated with the latest advancements in the banking industry. This includes supporting Bank Indonesia's upcoming enhancement plan for BI-FAST which will offer more automated transaction features for both businesses and individuals," the company said.