Cash services - Indonesia

24.09.2019

Cash payments

Customers expecting cash payments settled by inter-bank credit note should ensure that the cash correspondent specifies the beneficiary on the credit note with the following details:

  • Clearstream Banking;
  • CBL customer;
  • CBL account number to be credited.

Customers must also ensure that they include the name of their cash correspondent in the appropriate line of the pre-advice to Clearstream Banking. Failures to comply with this rule may lead to delays in crediting customers’ accounts.

Use of Bank Indonesia National Clearing System (SKN)

SKN is a paperless clearing system used to clear fund transfers for amounts less than or equal to IDR 100 million.

Payment details in all cash instructions related to such transfers are limited to 96 characters including spaces and each payment instruction must indicate the “beneficiary status” (namely, whether individual, corporate or government, resident or non-resident, transfer between customers, government transaction or reversal/return) as described below:

Note: To avoid delays and to ensure the execution of payments on the expected VD, customers are required to instruct and fund according to the standard deadline for executing same-day payments or sending pre-advices of incoming funds, as set out in the Clearstream Banking Cash Timings Matrix for IDR.

An administrative sanction of IDR 100,000 per transaction or maximum of IDR 10 million per one audit cycle will be imposed by Bank Indonesia for any SKN transaction instruction sent to Bank Indonesia with incorrect information.

Connectivity mediumField(s) to contain details of the final beneficiary
CreationOnline:
Beneficiary InstitutionFormatBIC or Name
 Account/ClearingAccount number
 BIC/NameBIC address or name
Details of Payment Beneficiary status "SKN/A/B/C/2" a
Xact via SWIFT and Xact File Transfer:
MT200 financial institution transfer to own accountTag :72:/ACC/Beneficiary Account number
/BNF/Beneficiary status "SKN/A/B/C/2" a
MT202 financial institution transferTag :58a:/Beneficiary Account Number
BIC address or name
 Tag :72:/BNF/Beneficiary status "SKN/A/B/C/2" a
MT103 customer payment
(non-financial institution transfer)
Tag :59a:/Beneficiary Account Number
BIC address or name
 Tag :70:/BNF/Beneficiary status "SKN/A/B/C/2" a

a. Where:

A. Beneficiary Type: 1 = Individual; 2 = Corporate; 3 = Government;

B. Residential Status: 1 = Resident; 2 = Non-resident;  and

C. Transaction Type: 50 = Transfer between customers; 51 = Government transaction (solely to be used for transaction between government institutions); 59 = Reversal/return.

Monitoring regulations

Bank Indonesia (BI) requires banks in Indonesia to report on all incoming and outgoing cash movements in foreign currency, including those related to FX. Where the amount is above USD 10,000 (or its equivalent in foreign currencies), additional details may be requested. Non-compliance may result in fines of up to a maximum of IDR 1 billion. As such, customers are advised that either Clearstream Banking or its CCB may request, from time to time, additional details concerning such cash movements. Customers should bear in mind that such requests form part of the audits conducted on banks in Indonesia by BI and the provision of such information is mandatory. Clearstream Banking will not assume any liability if customers do not comply, or have not communicated in due time, with the request for additional details.

Foreign exchange

Foreign exchange services for IDR are available to customers as an integral part of CBL’s Automatic FX Service, the case-by-case and the FX service for securities settlement instructions.

Customers must comply with the following requirements:

  • Details of the underlying securities trade must be provided in the optional wording field of the FX instruction.
  • The purchased IDR amount must not exceed, but can be less than, the settlement amount.
  • The value date of the securities and FX transactions must be the same.
  • The underlying securities settlement instruction must be received before the FX transaction can be executed.

To purchase IDR on a case-by-case basis, customers should instruct CBL’s Treasury Desk directly via an authenticated communications medium.

Please also refer to the Settlement process section of the Market Profile - Indonesia.