Bank Indonesia Efficiency of Interconnection Payment System
By : Abraham Sihombing And Aldo Bella Putra | Monday, December 04 2017 - 22:30 IWST
INDUSTRY.co.id - Jakarta - Bank Indonesia (BI) conducts efficiency in the interconnection payment system by launching a platform called the National Payment Gateway (GPN) or also known as the National Paymen Gateway (NPG).
The platform can then cut the cost of interconnection payments, making it cheaper. In addition, all payment transactions through these platforms can be done domestically so that the system is assessed to be safer, faster and more efficient.
During this time, domestic interconnection payment process is still going abroad. Because the Indonesian banking sector is still using a platform which is a foreign product to run the interconnection payment system.
"The previous interconnection payment process is done overseas and then routed back to Indonesia so it is inefficient. The reason is, there are still costs to pay for such processing services," said Agus Martowardojo, Governor of Bank Indonesia (BI) in Jakarta, Monday (04/12/2017).
Agus explained, for now, such interconnection payment process is not efficient anymore because about 80% actually happens in the country and the remaining 20% overseas.