Indonesia: Bank Indonesia implements second generation BI-RTGS
The Indonesia Central Bank (Bank Indonesia – BI) implemented the second generation of its payment system, Real Time Gross Settlement (BI-RTGS) on 16 November 2015. As such, effective
16 November 2015
BI is imposing a new minimum IDR limit for cash payment transactions settled through BI-RTGS. From 16 November 2015 until 30 June 2016, only IDR cash payment transactions above IDR500 million (from IDR 500,000,001 and above) will be processed via BI-RTGS.
IDR cash payment transactions less than or equal to IDR 500 million (IDR 500,000,000 and below) will be processed via the National Clearing System (BI-SKN).
Then from 1 July 2016 onwards, only IDR cash payment transactions above IDR 100 million (from IDR 100,000,001 and above) will be processed via BI-RTGS.
IDR cash payment transactions less than or equal to IDR100 million (IDR 100,000,000 and below) will be processed via the National Clearing System (BI-SKN).
Impact on instructions
Customers of Clearstream Banking1 making cash payment transactions from 16 November 2015 until 30 June 2016 should take note that for amounts less than or equal to IDR 500 million, they are required to instruct:
Pre-advices and cash payment by:
- VD 05:00 CET (16 November 2015 – 26 March 2016)
- VD 06:00 CET (27 March 2016 – 30 June 2016)
Foreign exchange instruction by:
- VD-2 10:00 CET (16 November 2015 – 26 March 2016)
- VD-2 11:00 CET (27 March 2016 – 30 June 2016)
From 16 November 2015 until 30 June 2016, for cash payment transactions above IDR 500 million to IDR 250 billion, customers are required to instruct:
Pre-advices and cash payment by:
- VD 06:00 CET (16 November 2015 – 26 March 2016)
- VD 07:00 CET (27 March 2016 – 30 June 2016)
Foreign exchange instruction by:
- VD-2 10:00 CET (16 November 2015 – 26 March 2016)
- VD-2 11:00 CET (27 March 2016 – 30 June 2016)
From 1 July 2016 until 29 October 2016, customers should take note that for amounts less than or equal to IDR 100 million, they are required to instruct:
Pre-advices and cash payment by:
- VD 06:00 CET (1 July 2016 – 29 October 2016)
Foreign exchange instruction by:
- VD-2 11:00 CET (1 July 2016 – 29 October 2016)
From 1 July 2016 until 29 October 2016, for cash payment transactions above IDR100 million to IDR 250 billion, customers are required to instruct:
Pre-advices and cash payment by:
- VD 07:00 CET (1 July 2016 – 29 October 2016)
Foreign exchange instruction by:
- VD-2 11:00 CET (1 July 2016 – 29 October 2016)
For amounts above IDR 250 billion, the instruction deadlines remain the same:
Pre-advices by:
- VD 06:00 CET (25 October 2015 – 26 March 2016)
- VD 07:00 CET (27 March 2016 – 29 October 2016)
Cash payment by:
- VD-1 09:00 CET (25 October 2015 – 26 March 2016)
- VD-1 10:00 CET (27 March 2016 – 29 October 2016)
Foreign exchange instruction by:
- VD-2 10:00 CET (25 October 2015 – 26 March 2016)
- VD-2 11:00 CET (27 March 2016 – 29 October 2016)
Instructions received after these times will not be processed with good value. There is no back value in Indonesia.
Further information
For further information, customers may contact Clearstream Banking Client Services or their Relationship Officer.
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1. Clearstream Banking refers collectively to Clearstream Banking AG, registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500, and Clearstream Banking S.A., registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Trade and Companies Register under number B-9248.