SNAP accelerates digital payment system integration

The banking sector is increasingly going digital in line with a growing public need for efficient services. Bank Indonesia (BI) said that on a year-on-year (yoy) basis, digital banking transactions increased 28.82% in July 2022 to Rp4,359.7 trillion. In the same period, electronic money transactions increased 39.76% to Rp35.5 trillion.

To accelerate and expand the development of digital economy and finance in Indonesia, Bank Indonesia issued the Indonesian Payment System Blueprint (BSPI) 2025. One of the key initiatives is the development of open banking through the National Open API Payment Standard (SNAP) in Indonesia. This innovation is expected to support the development of an integrated and affordable payment ecosystem to create an inclusive economy and to achieve financial inclusion. SNAP enables market players to provide digital payment services, thus ensuring safe and fast digital transactions for customers.

To support the implementation of BSPI 2025 and level up customers' banking experience, Bank DBS Indonesia continues to boost digital transformation through the digibank by DBS application. Bank DBS Indonesia has also applied SNAP in the digibank Bayar Ringkas feature, an instant solution for customers to make online transactions using partner applications.

"In collaboration with CARInih as the first SNAP-compliant partner, digibank by DBS presents the digibank Bayar Ringkas feature to meet people's need for faster, easier, and safer transactions. In accordance with the 'Live more, Bank less' principle, this collaboration seeks to improve inclusive and practical financial services," said Head of CBG Ecosystem & Business Development at PT Bank DBS Indonesia Bram Ismail.

The digibank Bayar Ringkas feature facilitates the digital payment process without the need to switch between applications. Customers need only to register once on the CARInih application. When registration is completed, they can automatically use digibank Bayar Ringkas as a payment method using One Time Password (OTP) as transaction verification.

"At the start of 2023, 3,000 small and medium enterprises (SMEs) have joined us. We believe it is important to include the participation rate in (or to incorporate the participation rate into) our collaboration with Bank DBS Indonesia to create a transaction climate that can facilitate their daily activities as SME owners. The incorporation of the digibank Bayar Ringkas feature into the CARInih ecosystem is also in accordance with our efforts to integrate various payment transactions into a single application to meet the public’s needs," said CARInih Founder & CEO Tan Leny Yonathan.

To celebrate the launch of the digibank Bayar Ringkas feature on the CARInih application, digibank by DBS offers a Rp25,000 discount for every transaction on the CARInih application paid using digibank Bayar Ringkas. The discount is valid until July 31, 2023 for a minimum transaction of Rp100,000.

SNAP has also been integrated with the Real Time Application Programming Interface (API) by DBS or DBS RAPID. Unlike the digibank Bayar Ringkas feature, DBS RAPID accelerates integrated corporate customer transactions in various sectors.

The digibank Bayar Ringkas and DBS RAPID features are a manifestation of Bank DBS Indonesia's efforts to implement SNAP. In the future, Bank DBS Indonesia will actively develop solutions for SNAP integration into the digibank by DBS application to ensure efficient and secure digital transactions for the general public.

About DBS

DBS is a leading financial services group in Asia with a presence in 19 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world.

Recognised for its global leadership, DBS has been named “World’s Best Bank” by Global Finance, “World’s Best Bank” by Euromoney and “Global Bank of the Year” by The Banker. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney and the world’s “Most Innovative in Digital Banking” by The Banker. In addition, DBS has been accorded the“Safest Bank in Asia“ award by Global Finance for 14 consecutive years from 2009 to 2022.

DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. DBS is committed to building lasting relationships with customers, as it banks the Asian way. Through the DBS Foundation, the bank creates impact beyond banking by supporting social enterprises: businesses with a double bottom-line of profit and social and/or environmental impact. DBS Foundation also gives back to society in various ways, including equipping communities with future-ready skills and building food resilience.

With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit www.dbs.com