With Ayoconnect instant transfer, cooperatives can transfer funds across banks instantly and in real-time to all their members at low costs through Sakti.Link app.
Heaptalk, Jakarta — Open finance API platform Ayoconnect has established a partnership with the cooperative system support app Sakti.Link to provide Instant Transfer services for cooperatives as an effort to boost digital transformation (09/12).
Instant Transfer is an Ayoconnect service that integrates BI-FAST infrastructure with the National Open API Payment Standard, known as SNAP, issued by Bank Indonesia. With the service, cooperatives can transfer funds across banks instantly and in real-time to all their members at low costs through Sakti.Link. Apart from that, cooperatives can also carry out single transactions to one member or bulk transactions directly to multiple bank accounts.
Sakti.Link is an application developed by PT Sakti Properti Solusindo, an IT provider company owned by a consortium of Indonesian cooperatives. This app is integrated with the Sakti Online platform and the Indonesian Credit Union Information System (Sicundo).
Welcoming this collaboration, the Director of PT Sakti Properti Solusindo, Endy Chandra, said that his party places members as owners, users, and controllers of the cooperative. Therefore, Sakti.Link seeks to adapt to developing trends for the advancement of cooperatives, one of which is through digital transformation.
“Of the many partners we have, Ayoconnect is able to provide Disbursement solutions at the most competitive prices. In the future, we will continue to establish sustainable cooperation for the welfare of members,” Endy said.
Cooperative business volume reached US$12.87 billion in 2022
Statistics Indonesia (BPS) recorded that the number of active cooperatives in Indonesia was 130,354 units with a business volume reaching Rp197.88 trillion, approximately US$12.87 billion (US$1 equals Rp15,379) in 2022. This number demonstrates growth of 1.96% compared to 2021 of 127,876 units with a business volume of Rp182.35 trillion or around US$11.86 billion.
With the existing potential, cooperatives are expected to provide efficient, convenient, and modern digital services for all members. In this way, this business entity can maximize opportunities in the Indonesian digital market, which is estimated to reach US$125 billion by 2025.
Founder and COO of Ayoconnect Chiragh Kirpalani admitted that cooperatives as business entities have great potential to drive digital transformation in Indonesia. He uttered, “In this case, Ayoconnect is proud to collaborate with Sakti.Link in its commitment to the welfare of its members. In the future, Ayoconnect will continue to collaborate with various business sectors and scales to achieve national financial inclusion.”
Founded in 2016, Ayoconnect has partnered with more than 200 clients with revenue growing 25-fold in the last 24 months. The platform has dealt with at least 500 million API clicks a year through several services, namely Instant Transfer, Direct Debit, Virtual Cards, and Digital Products (PPOB).
