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Indonesian ATM networks sign MoU for funds transfer

May 6, 2013

Three of Indonesia's domestic ATM/debit card providers have signed a memorandum of understanding setting out terms for an inter-principle fund transfer service via ATM. The move accommodates a growing need for a convenient means for citizens to send money across the archipelago, according to a release from the office of the governor of Bank Indonesia, Darmin Naution.

Parties to the MoU include PT Artajasa Pembayaran Elektronis (ATM Bersama), PT Rintis Sejahtera (ATM Prima) and PT Alto Network (ALTO). The memorandum represents a preliminary step toward a planned July launch of the service. 

Through the proposed interconnected service, the general public will be able to transfer funds between banks in real using ATMS. Customers will not incur charges beyond existing transfer costs.

Bank Indonesia considers this form of cooperation a forerunner to the development of other interconnected payment features and services for Indonesians, the press release said.

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