PAGE 1 : INTRODUCTION PAGE 2 : DEFINITIONS PAGE 3 : OBJECTIVES OF BI-RTGS PAGE 4 : CLEARING SETTLEMENT MECHANISM PAGE 5 : PAYMENT SYSTEM RISKS PAGE 6 : CHARACTERISTICS OF BI-RTGS SYSTEM A. V-SHAPED STRUCTURE B. PARTICIPANTS OF BI-RTGS C. BI-RTGS FUND TRANSFER MECHANISM D. WINDOW TIME FRAME E. RTGS TRANSACTION CHARGES F. NO MONEY NO GAME G. CAPPING H. QUEUE MANAGEMENT AND GRIDLOCK RESOLUTION I. INTRADAY LIQUIDITY FACILITY & SHORT-TERM FUNDING FACILITY J. BI-SCRIPTLESS SECURITIES SETTLEMENT SYSTEM (BI-SSSS) K. BYLAWS
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PAGE 1 : INTRODUCTION
PAGE 2 : DEFINITIONS
PAGE 3 : OBJECTIVES OF BI-RTGS
PAGE 4 : CLEARING SETTLEMENT MECHANISM
PAGE 5 : PAYMENT SYSTEM RISKS
PAGE 6 : CHARACTERISTICS OF BI-RTGS SYSTEM
A. V-SHAPED STRUCTURE
B. PARTICIPANTS OF BI-RTGS
C. BI-RTGS FUND TRANSFER MECHANISM
D. WINDOW TIME FRAME
E. RTGS TRANSACTION CHARGES
F. NO MONEY NO GAME
G. CAPPING
H. QUEUE MANAGEMENT AND GRIDLOCK RESOLUTION
I. INTRADAY LIQUIDITY FACILITY & SHORT-TERM FUNDING FACILITY
J. BI-SCRIPTLESS SECURITIES SETTLEMENT SYSTEM (BI-SSSS)
K. BYLAWS
L. INFORMATION TECHNOLOGY SECURITY AND DISASTER
RECOVERY PLAN (DRP)
M. IMPLEMENTATION OF BI-RTGS SYSTEM AT BANK INDONESIA
BRANCH OFFICES
PAGE 7 : HISTORICAL REVIEW OF RTGS SYSTEM
DEVELOPMENT IN INDONESIA
INTRODUCTION
In recent years, nearly all developed countries that are members of
G-10 have implemented a Real-Time Gross Settlement (RTGS) system for
interbank transfer transactions. According to a BIS report, hitherto, at least
30 countries have introduced a RTGS system. Furthermore, the European
Central Bank has mandated that each EU member must implement a RTGS
system, which can assimilate with the EU’s TARGET RTGS system to help
support economy integration.
Similar steps have also been taken in the Asia/Pacific region such as
in Hong Kong, Korea, Australia, China, New Zealand and Thailand. In
Indonesia, a RTGS system was implemented on 17th November 2000 known
as the Bank Indonesia Real-Time Gross Settlement (BI-RTGS) system. The
BI-RTGS system in Indonesia is considered extremely important as
settlement of the high-value payment system (HVPS) with systemic risk
potential prior to the BI-RTGS system accounted for 92% of total payment
transactions in Indonesia.
In general, RTGS implementation in various countries is based on
several key reasons. Firstly, reams of literature and numerous empirical
studies have intensively provided greater understanding to a number of
central banks regarding how to manage the various risks in the Large/High
Value Transfer System (LVTS/HVPS). RTGS employs a settlement
mechanism that is considered adequate to minimize systemic risk. Secondly,
the system can avoid float (a condition where the payer account has been
debited, however, the recipient account has not yet been credited), which
supports effective monetary management. Notwithstanding, demand from
this system on its participants to become more disciplined in terms of
managing their liquidity also buttresses effective banking policy. Thirdly, the
RTGS system can be integrated with other settlement systems such as the
securities settlement systems in the money market and stock market.
Consequently, securities delivery is simultaneous with payment settlement
(Delivery Versus Payment (DVP) mechanism). Additional links can also be
appended to the RTGS system of other countries in order to minimize
settlement failure risk when settlementing cross-border payments.
DEFINITIONS
“The Bank Indonesia Real-Time Gross Settlement system, hereafter
referred to as the BI-RTGS system, is an electronic fund transfer system
amongst participating members in rupiah, for which settlement is performed
in real-time per individual transaction”.
Using the BI-RTGS system, members transmit fund transfers to the
RTGS Central Computer (RCC) at Bank Indonesia through an RTGS
terminal at their station for settlement processing. If the settlement process
is successful the payment transaction proceeds automatically and
electronically to recipient members. Success of the settlement process
depends on sufficient funds of the sender participant because under the BI-
RTGS system members are only permitted to credit other members. In other
words, participants of BI-RTGS must ensure an adequate account balance is
held at Bank Indonesia prior to transferring funds to other BI-RTGS
members.
OBJECTIVES OF BI-RTGS
1. To minimize settlement risk in the national payment system;
2. To provide an additional fund transfer facility that is efficient, timely,
secure and reliable;
3. To improve settlement verification;
4. To improve the efficiency and effectiveness of fund management for
banks, through the centralized checking account policy at Bank
Indonesia using the BI-RTGS system; and
5. To provide information that supports effective monetary policy as well
as operate as an early warning system for bank supervisors.
CLEARING SETTLEMENT MECHANISM
Prior to the BI-RTGS system, interbank transaction settlements, either
in the interest of the bank or its customers, were processed through clearing.
In contrast to the BI-RTGS system, which applies a gross settlement method
(each payment transaction is settled individually), the clearing system uses a
netting method in its settlement process. Netting or net settlement is a final
settlement process conducted at the end of day, by offsetting payment
liabilities with the rights of the recipients. As a result, at the end of the day
there is just one net right or liability to be settled for each member account.
Under the netting system there was always a risk that at the end of
day one or several banks would experience a large clearing deficit. This was
possible because all interbank transactions, both retail value and large
value, are calculated through the clearing system. If the clearing deficit value
of a member bank exceeds its current account balance held at Bank
Indonesia, the account would become overdrawn, which is subsequently
covered by Bank Indonesia if the respective bank is unable to clear its
overdraft until the next day. The possibility of this debit balance has become
relatively negligible since the application of Failure-to-Settle in the National
Clearing System of Bank Indonesia.
PAYMENT SYSTEM RISKS
In general there are two types of risk in the payment system; credit
risk and liquidity risk. Credit risk occurs when a counterparty cannot fulfill
their obligation to make full payment, either on the due date or in the future.
Whereas liquidity risk emerges when a counterparty is unable to make full
payment on the due date, however, can (maybe) at a later date. This can
create liquidity problems for the recipient counterparty and, in turn, increase
the cost of funds as said counterparty is forced to seek funds on the money
market.
In addition to the risks highlighted, Bank Indonesia as supervisor of
the payment system in Indonesia is particularly interested in systemic risk
that could occur in Indonesia’s payment system. Systemic risk is the risk of
failure by one participant in fulfilling its liabilities that can, in turn, cause other
members to also suffer liquidity shortfalls and subsequently be unable to
meet their respective liabilities. Such a failure, in the most extreme condition,
could precipitate financial turmoil that can undermine payment system
stability or even disrupt overall economic stability.
Implementation of the BI-RTGS system is expected to minimize the
possibility of such risks. With the ability to continuously process fund
transfers in real-time during the specified window and due to the fact that
new payment transactions are only calculated if the payer account held at
Bank Indonesia is sufficient, the BI-RTGS system can minimize or perhaps
even eliminate risks in the settlement process. Under the BI-RTGS system,
providing that the payer account is sufficient, settlement and credit
processing to the recipient account is instant with the funds received ready
for immediate use, including to pay for business activities. Using such a
system encourages the effective expansion of economic activities.
The implementation of BI-RTGS is expected to meet the range of
requirements put forward by various parties regarding the availability of a
faster payment mechanism that minimizes risk, as necessary when settling
economic transactions through DVP, for instance the trade of stocks and
securities papers. With the availability of such a mechanism, fund transfers
through BI-RTGS (payment leg) can be coordinated with final the transfer of
assets (delivery leg), thus simultaneous settlement can occur between the
handover of assets and the respective payment. This will minimize risk in the
securities market.
It is worth noting that the implementation of BI-RTGS can minimize
potential systemic risk through three approaches. First, a significant decline
in intraday interbank exposure is accomplished, as the possibility of “failure
of a participant to cover its particular losses/liquidity shortfall due to the
inability of another participant to fulfill its liabilities” is minimized. Second, the
BI-RTGS system can prevent the possibility of unwinding payments, which
can trigger systemic risk in a net settlement system. Third, as participating
members can process settlements at anytime during the allotted window,
settlements are no longer concentrated at specific times of the day. This
allows sufficient time for banks to settle any liquidity shortfall by borrowing
funds from other bank or await incoming transfers from other members.
CHARACTERISTICS OF THE BI-RTGS SYSTEM
The BI-RTGS system is the eighth RTGS system developed and
operated by an EMEAP member country (Executive Meeting of East
Asia/Pacific Central Bankers). The other seven are Thailand, Hong Kong,
Singapore, Malaysia, South Korea, Australia and New Zealand.
The BI-RTGS system was implemented gradually. During the initial
phase, Bank Indonesia enlisted banks that operated in Jakarta to become
participants of the BI-RTGS system. In the next stage, the BI-RTGS system
was implemented in regions that already had a Bank Indonesia branch
office. The account balances of banks held at BI branch offices were moved
and amalgamated into one account in the BI-RTGS system (one-bank-one-
account policy).
Currently, the BI-RTGS system is implemented throughout Indonesia
with 152 participating members, including 150 bank members (including
Sharia Business Units) and 2 non-bank participants.
The characteristics of the BI-RTGS system are as follows:
A. V-SHAPED STRUCTURE
As applied by the majority of RTGS systems worldwide, the BI-RTGS
system also uses a V-shaped structure in the process of message
transmission, from sender participant to recipient participant through Bank
Indonesia as operator of the BI-RTGS system (please refer to below figure).
Using such a structured approach, all information contained in a
transaction is transmitted by the sender participant to the RTGS Central
V-shaped
SENDER RECIPIENT
massage massage RCC 2. Full payment 3. Full payment
1. SETTLEMENT
Computer (RCC), which is subsequently forwarded to the recipient member
when the transfer is settled by RCC at Bank Indonesia.
B. PARTICIPANTS OF BI-RTGS
Participating members of the BI-RTGS system comprise of banks and
non-bank financial institutions. Participants are grouped into two categories,
namely direct members and indirect members. Direct members can perform
transactions directly using a RTGS Terminal owned by the Member. Indirect
members can perform BI-RTGS transactions indirectly with assistance from
Bank Indonesia officers using a RTGS Terminal owned by Bank Indonesia.
Indirect members are obliged to become direct members within one year
from their date of registration as an indirect member. The status of BI-RTGS
participants is classified as:
STATUS ACTIVITY REASON
Active a. Can send outgoing transfers
b. Can receive incoming transfers
c. Can perform all other functions at
RTGS Terminal
Suspended a. Can receive incoming transfers
b. Can perform all other functions at
RTGS Terminal
c. Cannot send outgoing transfers
a. Negative account balance at cut-
off time
b. Written request from an
authorized institution or party for
Elu supervision of the participant
Frozen a. Cannot send outgoing transfers
b. Cannot receive incoming
transfers
c. Can use the enquiry facility
Written request from an authorized
institution or party for supervision
of the participant
Closed a. All transactions forwarded to
participant will be rejected by
RCC
b. Transactions in the queue
system are automatically
cancelled
a. Written request from an
authorized institution or party for
supervision of the participant.
b. Decision of a merger or
consolidation; or the business
license is suspended
C. BI-RTGS FUND TRANSFER MECHANISM
A general description of the fund transfer mechanism among BI-RTGS
participants is as follows:
1. Sender Participant inputs credit transfer into RTGS Terminal (RT),
which is subsequently transmitted to RCC at Bank Indonesia.
2. RCC processes the credit transfer using the following mechanism:
a. Check the account balance of sender participant to ensure it is
sufficient to honor the credit transfer.
b. If the account balance of sender participant is sufficient, posting is
simultaneous from the sender participant (debited) account to the
recipient participant (credited) account.
c. If the account balance of sender participant is insufficient, the
credit transfer is queued in the BI-RTGS system.
3. Information on the settled credit transfer is automatically transferred
by RCC to the RT of the recipient participant.
D. WINDOW TIME FRAME
The operational time frame for fund transfers among members in the
interest of their customers is currently set between 06.30 and 16.30 (West
Indonesia Time). This window is expected to provide generous flexibility for
business players throughout Indonesia, which consists of three time zones,
enabling them to transact smoothly.
However, if in certain cases a longer window is required, Bank Indonesia
can extend the time to accommodate such needs.
E. RTGS TRANSACTION CHARGES
BI-RTGS transaction charges are set by Bank Indonesia as follows: (All
times quoted in WIB (West Indonesia Time)
1. Single credit transaction charges:
a. For transactions sent from 06:30 to 15:00 the fee is Rp7,000
per transaction.
b. For transactions sent after 15:00 to the cut-off time the fee is
Rp15,000 per transaction.
2. Multiple credit transaction charges:
a. For transactions sent from 06:30 to 15:00 the fee is Rp35,000
per transaction.
b. For transactions sent after 15:00 until the cut-off time, the fee
is Rp50,000 per transaction.
3. The charge for sending an Administrative Message is Rp2,500 per
Administrative Message.
F. NO MONEY NO GAME
The BI-RTGS system only allows its participants to credit the accounts
of other BI-RTGS members. In other words, BI-RTGS participants are not
authorized to debit the account of other BI-RTGS participants. This is to
create a new paradigm in the payment system in Indonesia, where member
banks are wiser and more disciplined in terms of managing their liquidity.
More specifically, if the account balance of a participating member is
insufficient, transactions cannot be settled and are queued. Queued
transactions are only settled once the respective participants receive
sufficient incoming transfers.
G. CAPPING
To minimize payment risks due to the application of net settlement in
the clearing process, Bank Indonesia has set a maximum cap on credit
transfer transactions processed through clearing (clearing capping). Initially,
the clearing cap was set at Rp1 billion but on 1st October 2002 it was
amended to Rp100 million.
H. QUEUE MANAGEMENT AND GRIDLOCK RESOLUTION
If the account balance of the participant to be debited is less than the
payment transaction sent, the transaction is automatically queued using the
following procedure:
1. Queue in the BI-RTGS system is based on priority level and First-In-First-
Out (FIFO).
2. Priority levels in the queue module of BI-RTGS system are:
a. First priority :clearing settlement
b. Second priority :transactions of BI-RTGS members with
BI/Government.
c. Third priority :credit transfers among members of BI-RTGS
3. If BI-RTGS detects gridlock, the gridlock resolution facility is applied,
either automatically or manually based on balance sufficiency criteria or
using the First–Available-First-Out (FAFO) method.
I. INTRADAY LIQUIDITY FACILITY and SHORT-TERM FUNDING
FACILITY
As described previously, transactions settled in the BI-RTGS system
use gross settlement, therefore, they are settled individually and
continuously during the specified window. This is different to the clearing
mechanism, which currently applies net settlement. Under the net settlement
system, banks are not required to maintain relatively high liquidity on a daily
basis, whereas under the RTGS system, participants are obliged to maintain
high liquidity all day. Such a precondition precipitated the need for an
intraday liquidity facility to boost the efficiency of interbank payments during
the day.
Under a gross settlement system, such conditions can occur at a
certain period of time, for instance in the morning, when the balance of
member accounts is less than the total transactions to be settled, which
leads to a queue. This does not imply that the respective participant is
suffering chronic liquidity problems; the participant is merely expecting
incoming transfers from other participants. Therefore, the situation is simply
an intraday gap between outgoing and incoming transactions at certain
periods of the day.
To overcome the intraday gap, most RTGS systems around the world
require a support facility like an Intraday Liquidity Facility, which is designed
to improve the efficiency of real-time transactions. The terms and conditions
of the Intraday Liquidity Facility for BI-RTGS include:
1. To qualify for the Intraday Liquidity Facility, BI-RTGS members must
submit a proposal to Bank Indonesia.
2. Participants must pledge BI Certificates and/or other government bonds
as collateral with a minimum value equaling the proposed Intraday
Liquidity Facility in order to fully secure the facility.
3. The Intraday Liquidity Facility is automatically applied when the account
balance is insufficient for outgoing transactions, providing the shortage
does not exceed the value of the Intraday Liquidity Facility (provided
when necessary).
4. When a bank receives an incoming transfer, the incoming transfer is
automatically applied to reduce the balance of the Intraday Liquidity
Facility used.
5. The Intraday Liquidity Facility can only be utilized from 06:30 to 17:00
(West Indonesia Time), and settlement of Intraday Liquidity Facility
should be completed by 18:00 (West Indonesia Time). If the participating
member fails to settle on time, the Intraday Liquidity Facility will
automatically change to an overnight Short-Term Funding Facility.
6. During T+1 up to 16:00 (West Indonesia Time), Bank Indonesia will
request payments from members using “Super Priority” transactions, for
which settlement is prioritized over other transactions.
7. In the case where the account balance is insufficient to settle the Short-
Term Funding Facility before 17:00 (West Indonesia Time) and the
respective participant does not request a new Short-Term Funding
Facility before 18:15, the payment is settled by executing the collateral.
J. BI-SCRIPTLESS SECURITIES SETTLEMENT SYSTEM (BI-SSSS)
To integrate the final settlement of funds in the BI-RTGS system with
the final settlement of BI Certificates (SBI) and Government Bonds (SUN), or
in other words DVP for SBI and SUN settlements, Bank Indonesia
developed a securities settlement system known as BI-SSSS. BI-SSSS
merges the transaction system of Bank Indonesia that covers the application
of Open Market Operations with the Bank Indonesia fund facility for banks
and Government Bonds transactions for and on behalf of the Government
into one integrated, online system for Bank Indonesia and market players. In
addition, BI-SSSS also covers the information system for Members and the
Operator of BI-SSSS, the securities settlement system and the securities
administration system.
BI-SSSS was implemented on 16th February 2004 to replace the BER
system and then on 17th March 2004 the BI-SSSS system was officially
launched by the Governor of Bank Indonesia.
K. BYLAWS
In addition to the BI-RTGS regulations promulgated by Bank Indonesia,
a number of Bylaws are also applicable to BI-RTGS participants in order to
achieve standardized interbank payment operations among BI-RTGS
members. Bylaws are valid for all payment activities conducted by each
participating member in a payment series, commencing from the
originator/initiator and concluding with the ultimate beneficiary. the Bylaws
legislate the following:
1. Cut-off time for payment and settlement
Funds for intraday interbank money market payment transactions must be
received in the borrower participant’s account no later than 30 minutes
after transactions are closed. Whereas intraday interbank money market
settlements should be made no later than 16.30 on the same day.
Same day value Money Market/Foreign Exchange deals performed prior
to 16:00 must be settled no later than 16:30 (WIB). Settlement must be
made no later than 16:30 (WIB) on the due date.
End of day funding transactions must be received in the borrower account
no later than 18:00 (WIB) on the same day.
2. Compensation for interbank payment default
If interbank payment default occurs, the related parties can request
compensation due to the payment default. Payment default can be in the
form of late payments, early payments, overpayment, underpayment and
incorrect transfers.
Compensation is calculated based on the different corrections, for
instance currency date adjustment, payment return of incorrect transfer,
late payment or settlement and beneficiary change. The interest rate
applied for compensation is 120% of the average overnight JIBOR
interest rate.
3. Compensation agreement to avoid unfair profit seeking
The payment of compensation is to ensure that BI-RTGS participants
provide reparations to the aggrieved party should such conditions occur.
Compensation is set up in a way that no member can unjustly be
penalized or falsely enriched.
4. Dispute settlement by Arbitration Committee
To resolve disputes among BI-RTGS participants in relation with RTGS
transactions, and/or to deal with participant noncompliance in the BI-
RTGS system, the Bylaws Committee was established. Decisions taken
by the BI-RTGS Arbitration Committee are final and legally binding for all
BI-RTGS members.
L. INFORMATION TECHNOLOGY SECURITY AND DISASTER
RECOVERY PLAN (DRP)
The BI-RTGS system is heavily reliant on information technology (IT).
The use of hardware, software and sophisticated telecommunication tools
require additional efforts to ensure that all aspects of the BI-RTGS system
are secure. Various security layers are applied to the system; thus, the BI-
RTGS system is expected to operate in a secure manner. To this end, Bank
Indonesia employs independent IT auditors to examine all applications and
networks associated with BI-RTGS. To testing the reliability of the BI-RTGS
system, independent IT auditors also apply penetration testing to analyze
any potential loopholes that could be exploited by hackers to break BI-RTGS
security system. The current opinion of the independent IT auditors
regarding the overall performance and security of the BI-RTGS system is
very satisfactory, however, additional IT audits will be applied periodically in
the future to maintain the security of the BI-RTGS system.
Moreover, the heavy reliance and dependence on IT ensures that IT-
using institutions apply reliable backup policy and procedures. Bank
Indonesia as the administrator of the BI-RTGS system prepared a Disaster
Recovery Plan (DRP) and established a Disaster Recovery Center (DRC) to
ensure that the payment system in Indonesia is buttressed by reliable
infrastructure. Participating members are also expected to use sufficient
backup systems in separate locations from the main system that can be
activated promptly if the main system fails. Consequently, payment system
efficiency in the banking industry is not jeopardized. Periodically, all BI-
RTGS participants are required to test their backup systems and DRP to
ensure that all aspects are active.
M. IMPLEMENTATION OF BI-RTGS SYSTEM AT BI BRANCH OFFICES
After the successful initial phase of BI-RTGS implementation, the
system was gradually introduced to BI branch offices from 2001. The
integration of BI-RTGS at head office and the branch offices allowed for the
member checking accounts held at BI branch offices to be moved and
amalgamated at head office (Centralized Settlement Account or CSA).
The benefits of CSA implementation to participants of BI-RTGS are as
follows:
1. To assist members control their liquidity position;
2. Money in transit is eliminated, therefore member cost of funds can be
minimized; and
3. To assist members manage their funds effectively and efficiently.
Whereas for Bank Indonesia, CSA implementation yielded the following
benefits:
1. To assist Bank Indonesia monitor member compliance to the Minimum
Reserve Requirement;
2. To assist Bank Indonesia monitor liquidity because member accounts
are consolidated nationally and can be monitored in real-time; and
3. To provide more accurate information for an early warning system of
members suffering liquidity problems.
HISTORICAL REVIEW OF RTGS DEVELOPMENT IN INDONESIA
Year Activity
1995-
97
Blueprint of the National Payment System (NPS) and establishment of the
NPS Reform Committee
Implementation of BI-Line as an electronic fund transfer transition project
to RTGS implementation
Analysis of RTGS development in Indonesia
1997 More detailed analysis on several policies related to RTGS
1998 Pyusunan Request For Proposal (RFP)
1999 Explanation of User Requirements
Communicate the RTGS plan to all banks in Jakarta
Detailed explanation of User Requirement
Appoint security auditor for RTGS application
Commence System design
Discuss the possibility of an Intraday Liquidity Facility
Year Activity
2000 Establish the Internal Committee of RTGS for all RTGS member banks in
Jakarta
COO Conference (Jakarta, Surabaya & Bandung) to acquaint banks with
RTGS and its implications
System Development and Testing
Purchase of RTGS support equipment
Installation of RTGS for all RTGS member banks
RTGS training for all banks and internal BI
User Acceptance Test on 17 pilot banks
Network installation at 124 banks + Cilangkap DRC site
Development of Cilangkap DRC site
Discussion on DRC scenario internally and with all RTGS participants
Bank & industry testing
Development of fund transfer regulations (BI Regulation)
Development of 17 pilot banks
Preparation of account relations legislation
Preparation of Intraday Liquidity Facility regulations
Review all accounting/operations of BI
Development of interbank bylaws on good practice for interbank payments
with HIMBARA, Joint-Venture Bank Association and other Bank
Year Activity
Associations
Preparation of contract documents with all RTGS participating banks
Formation of Rupiah Transaction Settlement Unit as operator of BI-RTGS
system
Simulation Test for 2 months to ensure all systems run effectively and
efficiently
RTGS system went live on 17th November 2000 in Jakarta
BI-RTGS system launching on 23rd November 2000 in Jakarta
2001
BI-RTGS system implementation at BI branch office in Bandung on 1/6/01
BI-RTGS system implementation at BI branch office in Surabaya on 6 /7/01
BI-RTGS system implementation at BI branch offices in Yogyakarta and
Manado on 3/8/01
BI-RTGS system implementation at BI branch office in Samarinda and
Balikpapan on 24/8/01
BI-RTGS system implementation at BI branch office in Semarang on
28/9/01
BI-RTGS system implementation at BI branch office in Denpasar on
2/10/01
BI-RTGS system implementation at BI branch office in Medan and Padang
on 26/10/01
Year Activity
BI-RTGS system implementation at BI branch office in Batam and
Pekanbaru on 23/11/01
2002
BI-RTGS system implementation at BI branch office in Banjarmasin and
Makasar on 25/2/02
BI-RTGS system implementation at BI branch office in Pontianak and
Palangkaraya on 22/3/02
BI-RTGS system implementation at BI branch office in Jayapura and
Ambon on 26/4/02
BI-RTGS system implementation at BI branch office in Kendari and Palu
on 24/5/02
BI-RTGS system implementation at BI branch office in Bandar Lampung
on 21/6/02
BI-RTGS system implementation at BI branch office in Kupang and
Mataram on 26/7/02
BI-RTGS system implementation at BI branch office in Jambi and
Bengkulu on 23/8/02
BI-RTGS system implementation at BI branch office in Palembang and
Banda Aceh on 27/9/02
2003 BI-RTGS system implementation at BI branch office in Solo and Malang on
Year Activity
28/2/03
BI-RTGS system implementation at BI branch office in Purwokerto and
Tasikmalaya on 28/3/03
BI-RTGS system implementation at BI branch office in Jember and
Cirebon on 25/4/03
BI-RTGS system implementation at BI branch office in Kediri and Sibolga
on 29/5/03
BI-RTGS system implementation at BI branch office in in Ternate on
27/6/03
BI-RTGS system implementation at BI branch office of Lhokseumawe on
16/10/03
For further information, kindly contact: HELP DESK BI-RTGS Settlement Division Bank Indonesia, Ged. D Lt. 3 Jl. MH. Thamrin No.2, Jakarta 10350 Telp.3818888, 3817575 Email : [email protected] Fax: 021-2310485