BI speeds up fund transfer

BI speeds up fund transfer

JAKARTA (JP): Starting today, Bank Indonesia (BI) will speed
up its clearing and settlement process for fund transfers in
Jakarta to less than 24 hours.

Head of the Development of the National Payment System
department of the central bank, Mohamad Ishak, said on Wednesday
that under the new clearing and settlement process a fund
recipient can obtain his money from the bank the next day
following the transfer.

"Overnight transfers are applicable within Jakarta for all
interbank fund transfers," he said.

For paying with check, clearing and settlement can also be
processed overnight if the checks are worth Rp 100 million (about
US$13,700 at the current rate) or above, Mohamad added.

Previously, the clearing and settlement process by BI would
take two days until funds could be withdrawn by the party to
which the funds were transferred. (udi)