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Previously, the clearing and settlement process by BI would take two days until funds could be withdrawn by the party to which the funds were transferred.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