Indonesia vs Singapore · Real-time payment systems compared
| Capability | BI-FAST | FAST |
|---|---|---|
| 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.
Singapore's two-layer instant payment infrastructure: FAST (Fast And Secure Transfers, 2014) provides the real-time clearing rail, while PayNow (2017) adds a proxy-based overlay allowing transfers via mobile number, NRIC/FIN, UEN, or VPA. PayNow has cross-border linkages with India's UPI, Thailand's PromptPay, and Malaysia's DuitNow. Governed by the Association of Banks in Singapore (ABS) under MAS oversight, the system supports P2P, P2M, and government disbursements with no transaction fees for individuals.