Bidirectional Forwarding Detection (BFD) is a protocol intended to detect faults in the bidirectional path between two forwarding engines, including physical interfaces, sub-interfaces, data link(s), and to the extent possible the forwarding engines themselves, with potentially very low latency. It operates independently of media, data protocols, and routing protocols.
BFD is basically a hello protocol for checking bidirectional neighbor reachability. It provides sub-second link failure detection support. BFD is not routing protocol specific, unlike protocol hello timers or such.
RouterOS 4.4 or newer with routing package installed.
- asynchronous mode 
- BFD timer and detection multiplier configuration per interface;
- enabling BFD for OSPF interfaces
- enabling BFD for BGP peers
- single hop IPv4 and IPv6 transport 
- multihop IPv4 and IPv6 transport 
Features not yet supported
- echo function
- on-demand mode
BFD configuration should be added in different places as required
/routing ospf interface add interface=all use-bfd=yes
/routing bgp peer add remote-address=x.x.x.x remote-as=xxxxx use-bfd=yes
BFD timer configuration
/routing bfd interface
BFD neighbor status
/routing bfd neighbor
For interoperability with Cisco make sure to disable echo mode (it is enabled on Cisco by default), since it's not supported on MT.
To do that, on Cisco in interface configuration mode type:
no bfd echo