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View all search resultsInterbank transaction rate to increase soon
Indonesian lenders will soon increase the interbank transaction rate, saying the existing rate can no longer cover their operational expenses
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I
ndonesian lenders will soon increase the interbank transaction rate, saying the existing rate can no longer cover their operational expenses.
Under the new rate scheme, every interbank transaction will cost Rp 7,500 (64 US cents), which is higher than the current rate of Rp 5,000. Aside from transactions through ATMs, the same rate will also apply on interbank transactions using mobile banking platforms.
State lender Bank Mandiri is planning to apply the new rate on Oct. 1, according to Rico Usthavia Frans, Mandiri's senior executive vice president for transaction banking.
'The new rate will better accommodate our operations, which is seeing rising costs, especially because banks have not updated the rate for about five years,' he said.
Rico said that the lender spent on average between Rp 16 million and Rp 17 million annually to manage the operation of each ATM.
Mandiri currently has about 12,500 ATMs and is planning to operate 15,500 ATMs by year-end. With such amounts, the annual operating costs are estimated to reach Rp 248 billion.
The bank's data also show that between January and June, Mandiri recorded 243.5 million ATM transactions and 61.6 million mobile banking transactions. ATM and mobile banking generated Rp 206.4 trillion and Rp 25.3 trillion in value, respectively, during the period.
- Every interbank ATM transaction will cost Rp 7,500 (64 US cents), higher than the current rate of Rp 5,000
- The same rate will also apply on interbank transactions using mobile banking platforms
At the moment, interbank transactions are made possible through platforms that are provided by three local interbank network providers: PT Artajasa Pembayaran Elektronis (provider of ATM Bersama network), PT Rintis Sejahtera (Prima) and PT Daya Network Lestari (ALTO).
Artajasa's ATM Bersama has already been adopted by 78 companies, ranging from commercial banks (Mandiri, Bank Negara Indonesia or BNI and Standard Chartered Bank Indonesia) to telecommunication companies, such as Indosat.
Rintis' Prima is popularly associated with Bank Central Asia (BCA), even though it also partners with other banks, such as Bukopin and PermataBank. Meanwhile, Daya's membership comprises several banks, including Panin Bank.
According to BI statistics, commercial lenders managed to generate a total of Rp 297.87 trillion from interbank transaction activities in the first half.
BCA president director Jahja Setiaatmadja confirmed the plan to increase the transaction rate, saying the lender will raise the rate from Rp 5,000 to Rp 7,500, as well.
BCA is now one of the lenders with the largest number of ATMs, boasting more than 14,500 ATMs across the country.
Separately, BNI consumer product and retail division head Dodit Wiweko Probojakti said the bank would familiarize customers with the new rate through a specially designed program.
'The program ideally takes place one month before the new rate comes into effect,' he said, implying the increase will start in November.
Dodit said that rising operation costs were behind the rate increase.
Meanwhile, BNI had more than 11,000 ATMs by the end of June, as shown by its first-half financial report. It generated 329.94 million ATM transactions in the first six months, representing Rp 199.08 trillion-worth of transactions.
In mobile banking, the state bank posted 86.75 million transactions worth Rp 8.59 trillion in value.
