Indonesia vs Turkey · Real-time payment systems compared
| Capability | BI-FAST | Fast System |
|---|---|---|
| QR Code Payments | — | — |
| Wallet Support | — | — |
| 24/7 Availability | ✓ | ✓ |
| Cross-Border | — | — |
| ISO 20022 | ✓ | ✓ |
| Request to Pay | — | — |
| Open API | ◐ | ◐ |
| Alias/Proxy | ✓ | ✓ |
Indonesia's real-time interbank transfer system launched by Bank Indonesia to replace the aging BI-RTGS for retail payments. BI-FAST supports 24/7 instant account-to-account transfers via bank account number or proxy ID across banks, fintech firms, and e-money providers. Built on ISO 20022 messaging with a modern API-based architecture, it is one of two key payment rails in Indonesia alongside QRIS (the QR standard). BI-FAST aims to be the backbone of Indonesia's digital financial infrastructure for its 280M population.
Turkey's instant payment system (Anlık Ödeme Sistemi) operated directly by the Central Bank of the Republic of Turkey (TCMB). Supports transfers via IBAN, phone number, email, or Turkish ID number with 24/7 availability and sub-second settlement. Launched during a period of rapid digital payment adoption in Turkey, it connects banks and e-money institutions. The system processes both TRY and has provisions for future multi-currency support as Turkey's fintech ecosystem expands.