CIRCULAR

ON AMENDING AND SUPPLEMENTING A NUMBER OF ARTICLES OF THE CIRCULAR NO. 23/2010/TT-NHNN DATED 9/11/2010 OF THE GOVERNOR OF STATE BANK REGULATING ON THE MANAGEMENT, OPERATION, AND USE OF INTER-BANK ELECTRONIC PAYMENT SYSTEM

Pursuant to the June 16, 2010 Law on the State bank of Vietnam No. 46/2010/QH12;

Pursuant to the June 16, 2010 Law on credit institutions No. 47/2010/QH12;

Pursuant to the Government’s Decree No. 96/2008/ND-CP dated 26/8/2008 defining the functions, tasks, powers and organizational structure of the State bank of Vietnam;  

Pursuant to the Government’s Decree No. 35/2007/ND-CP dated 08/3/2007 on electronic transation in banking operation;  

Pursuant to the Government’s Decree No. 101/2012/ND-CP dated 22/11/2012 on non-cash payments; 

At the proposal of Director of Informatics and Technology Department;

The Governor of the State bank of Vietnam promulgates the Circular amending and supplementing a number of articles of the Circular No. 23/2010/TT-NHNN dated 9/11/2010 of the Governor of state bank regulating on the management, operation, and use of inter-bank electronic payment system (hereinafter referred to as the Circular No. 23/2010/TT-NHNN) as follows:

Article 1. To amend and supplement a number of articles of the Circular No. 23/2010/TT-NHNN as follows:

1. To amend and supplement clause 1 Article 11 of the Circular No. 23/2010/TT-NHNN as follows:

“1. Points of time applicable to the inter-bank electronic payment system (hereinafter referred to as IBP) are provided for as follows:

a. Points of time of performing technical check and initializing the first data of day of the IBP System will fall on 8:00 am of the working day;

b. The cut-off time for deliver of low-value payment orders and high-value payment orders by units shall respectively fall on 16:00 pm and 17:00 pm of the working day;

c. From 16:10 pm onward, payment units shall perform settlement of low value clearing as prescribed in Article 28 of this Circular;

d. From 17:15 pm onward, payment units shall perform last affairs of day, reconcile, and verify the data with the National Processing Center;

dd. In special cases due to technical, communication breakdown or due to huge quantity of vouchers arising by the end of transaction hours, regional processing Center and State Bank’s branches in provinces, centrally-run cities may propose the National Processing Center to prolong the time for money transfer of the IBP system (by written documents or phone, or by email) in order to continue the processing of payment vouchers already received in the day, but the prolonged time shall not be in excess of 30 minutes for the timelines specified in point b clause 1 of this Article;

e. The Executive Board of IBP system shall decide the working time of the system on days off, holidays, Tet’s days and time of annual finalization.”.

2. To amend and supplement point a clause 2 Article 26 of the Circular No. 23/2010/TT-NHNN as follows:

“a. The BOD shall collect deposited valuable papers from members in order to participate in low-value payment, with the remaining value equal to 10% of net debt limit notified by BOD to members. In case where a member fails to have enough the balance to make finalization for low-value payment result in excess of twice in week, the BOD shall notify the Executive Board to decide on increase of the rate of deposit for the remaining value of valuable papers of such member at the State bank up to level of between 50% and 100% of the net debt limit.”.

3. To amend and supplement point b clause 2 Article 29 of the Circular No. 23/2010/TT-NHNN as follows:

“b. Making reports of members being lack low-value capital according to the report form on banks lack low-value funds (according to the Form No. 01 promulgated together with this Circular) at time of the clearing finalization and informing on capital conditions to members; requesting members to take necessary measures for adding capitals.”.

4. To amend and supplement point d clause 2 Article 31 of the Circular No. 23/2010/TT-NHNN as follows:

“d. At the cut-off time for deliver of high-value payment orders, the BOD shall print the receipt for loans to banks lack low-value funds in list made by credit institutions (according to the form No. 02 promulgated together with this Circular) and conduct solutions to lend for the clearing payment in accordance with provisions of the State Bank if members have no solvency for the net payable amounts.”

Article 2. Responsibility for implementation organization

Chief of office, Director of Payment Department, Director of Finance and Accounting Department, Director of Informatics and Technology Department, heads of units of the SBV, Directors of the Banking Operation Departments of SBV, Directors of the SBV’s branches in provinces and centrally-run cities, General Directors (Directors) of organizations supplying the payment service shall be responsible for implementing this Circular.

Article 3. Implementation provisions

This Circular takes effect on August 01, 2013.