🇮🇩 BI-FAST vs 🇦🇷 SNP

Indonesia vs Argentina · Real-time payment systems compared

🇮🇩 BI-FAST

Indonesia

2025 Transactions5.0 billion

2025 Value (USD)$333.9bn

Volume YoY+47.1%

Launched2021

OperatorBank Indonesia

SettlementInstant

🇦🇷 SNP

Argentina

2025 Transactions8.0 billion

2025 Value (USD)$590.4bn

Volume YoY+2.6%

Launched2016

OperatorBCRA

SettlementInstant

Key differences

SNP processes 1.6× more transactions than BI-FAST (8.0 billion vs 5.0 billion in 2025).
BI-FAST is growing faster year-on-year (47.1% vs 2.6%, a 44.5 point gap).
SNP (2016) predates BI-FAST (2021) by 5 years.
Both systems support proxy/alias lookup.
BI-FAST uniquely supports ISO 20022.
SNP uniquely supports request-to-pay.

Infrastructure comparison

Capability	BI-FAST	SNP
QR Code Payments	—	◐
Wallet Support	—	◐
24/7 Availability	✓	✓
Cross-Border	—	—
ISO 20022	✓	—
Request to Pay	—	✓
Open API	◐	◐
Alias/Proxy	✓	✓

About each system

BI-FAST

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.

SNP

Argentina's Sistema Nacional de Pagos enables instant interbank transfers supporting both push (credit) and pull (debit) payments via CBU (bank account), CVU (virtual wallet), or alias (human-readable name). Operated by the BCRA, it connects traditional banks and the rapidly growing fintech/e-wallet ecosystem (Mercado Pago, Ualá, etc.). Transferencias 3.0 extended the system with interoperable QR codes for merchant payments, making it one of Latin America's most feature-rich instant payment platforms.