CIRCULAR

PROVIDING INSTRUCTIONS ABOUT INTERMEDIARY PAYMENT SERVICES

The Circular No. 39/2014/TT-NHNN dated December 11, 2014 of the Governor of the State Bank of Vietnam, providing instructions about payment intermediary services, in force from March 1, 2015, shall be amended and supplemented by:

This Circular No. 20/2016/TT-NHNN dated June 30, 2016 of the Governor of the State Bank of Vietnam, amending and supplementing several articles of the Circular No. 36/2012/TT-NHNN dated December 28, 2012, prescribing the provision, management, operation and assurance of safety for operations of automated teller machines, and the Circular No. 39/2014/TT-NHNN dated December 11, 2014, providing guidance on payment intermediary services, in force from July 1, 2016.

The Circular No. 30/2016/TT-NHNN dated October 14, 2016 of the Governor of the State Bank of Vietnam, amending and supplementing several Circulars regulating the provision of payment services and payment intermediary services, in force from November 28, 2016.

The Circular No. 23/2019/TT-NHNN dated November 22, 2019 of the State Bank's Governor, amending and supplementing several Articles of the Circular No. 39/2014/TT-NHNN dated December 11, 2014 of the Governor of the State Bank of Vietnam, providing guidance on payment intermediary services, in force from January 7, 2020.

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

Pursuant to the Law on Credit Institutions No. 47/2010/QH12 dated June 16, 2010;

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

Upon the request of the Director of Payment Department;

The Governor of the State Bank hereby promulgates the Circular, providing instructions about intermediary payment services. [1]^,[2]^,[3]

Chapter I

GENERAL PROVISIONS

Article 1. Scope and subjects of application

This Circular provides instructions about payment intermediary services for entities and persons involved in the provision and use of payment intermediary services.

Article 2. Payment intermediary services

1. e-payment infrastructure supply services, including:

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b) Electronic clearing service;

c) Online payment portal service.

2. Services supporting payment services, including:

a) Authorized collection or payment service;

b) Online money transfer service;

c) E-wallet service.

Article 3. Interpretation

For the purposes of this Circular, terms used herein shall be construed as follows:

1. Switching service means the provision of technical infrastructure for the purposes of connecting, transmitting and processing electronic data to make payment transactions through ATM, POS, Internet, mobile phones and other electronic transaction channels between payment service providers and/or between providers of intermediary payment services.

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3. Electronic payment gateway service means a service that provides technical infrastructure to make the connection between merchants and banks to support customers to make e-commerce payment, electronic bill payment and other electronic payment services.

4. Authorized collection and payment supporting service is a service that supports a bank in carrying out a collection and payment transaction authorized by a customer holding a current account and bank card opened by the bank through receiving, processing, and sending electronic data messages and calculating amounts obtained through this authorized collection and payment transaction; cancelling authorized collection and payment services for settlement of financial obligations to the related parties.

5. Electronic money transfer supporting service means a service that supports the acquisition, transmission and processing of data generated from an electronic money transfer performed on entrusted by a bank.

6.[5] (repealed)

7.[6] Payment security account is a Vietnamese-dong payment account opened by a provider of services supporting payment services at a co-operative bank to secure obligations to provide these supporting services.

8. Merchant means an entity or person providing goods, services and accepting payments made through one or several intermediary payment services.

9.[7] Body governing electronic clearing systems (hereinafter referred to as online clearing governing body) means a provider of payment intermediary services which is licensed by the State Bank of Vietnam (hereinafter referred to as State Bank) to provide electronic switch and clearing services, and participate in and directly be connected to the National Electronic Interbank Payment System (IBPS) to perform the electronic settlement and clearing transactions.

10.[8] Electronic clearing system means a system of payment developed, owned and managed by a body governing electronic clearing systems to provide electronic transfer witch and clearing services.

11.[9] Member of an electronic clearing system (hereinafter referred to as member) is a provider of payment services, a provider of payment intermediary services or any other entity meeting membership requirements and standards prescribed under regulations of an electronic clearing governing body, and being connected to an Electronic Clearing System to send, receive and process payment transactions.     Members include clearing and non-clearing members.

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13.[11] Non-clearing member means a member carrying out clearing and payment obligations arising from electronic switch and clearing transactions through clearing members.

14.[12] Net debit cap for electronic clearing and payment transactions means the maximum limit on the value of a clearing difference payable by a clearing member in an electronic clearing session.

15.[13] Result of an electronic net clearing (hereinafter referred to as net clearing result) is a data factsheet prepared by an electronic clearing governing body after end of each electronic clearing transaction session as a reconciliation report on the final differences receivable and payable of specific clearing members in that session. 

16.[14] Electronic clearing means a settlement of differences receivable and payable based on net clearing results via payment accounts that clearing members open at the State Bank (Transaction Office). An electronic clearing governing body shall send the State Bank (via the IBPS) results of electronic clearing transactions for processing electronic clearing transactions.

17.[15] A clearing member’s payment capability (hereinafter referred to as solvency) means an Asset balance recorded in a payment account of that clearing member opened at the State Bank (Transaction Office) at the time of processing of an electronic clearing transaction.

18.[16] Co-operative bank means a bank or a foreign bank branch signing a contract or making an arrangement with a provider of payment intermediary services on cooperation in supplying payment intermediary services to customers. 

19.[17] Affiliated bank means a bank or foreign bank branch where a customer uses their electronic wallet to open a payment account and/or a debit card which may be linked to that customer’s electronic wallet.   

Affiliated banks can link electronic wallets to payment accounts (or debit cards) of customers through direct connections to providers of electronic wallet services (if these affiliated banks also function as co-operative banks) or connections between providers of electronic wallet services and providers of electronic switch and clearing services (if the latter have already agreed with affiliated banks on connections between electronic wallets and payment accounts (or debit cards) opened at affiliate banks).

Chapter II

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Article 4. Issuance, revocation and reissuance of licenses

1. The State Bank of Vietnam (hereinafter referred to as the State Bank) shall grant, revoke and re-issue the License for the provision of intermediary payment services (hereinafter referred to as the License) in accordance with regulations laid down in Article 15 and Article 16 of the Government’s Decree No. 101/2012/ND-CP dated November 22, 2012 on non-cash payment (hereinafter referred to as Decree No. 101/2012/ND-CP).

2.[18] Non-bank entities may apply for a license to provide one or several intermediary payment services specified in Article 2 of this Circular if they meet the conditions specified in Clause 2 of Article 15 of the Government’s Decree No. 101/2012/ND-CP, amending, supplementing and replacing these conditions (if any).

Article 5. Application procedures and requirements for issuance, revocation and reissuance of licenses

1. Application procedures and requirements for issuance, revocation and reissuance of licenses shall be subject to Article 16 in the Decree No. 101/2012/ND-CP.

2.[19] Documentation requirements for application for a license for provision of intermediary payment services shall be subject to clause 2 of Article 6 in the Decree No. 101/2012/ND-CP and other regulations of the Government’s Decrees prescribing amendments, supplements or replacements (if any).

3. Application form for a License shall be prepared by using the form given in Appendix 01 hereto.

4. Licensees must pay license fees prescribed by law.

Article 6. Use of Licenses

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2. All acts of counterfeiting, erasing information shown on Licenses, transferring, leasing or hiring out Licenses; entrusting another entity or person or choosing another entity or person as agents to provide licensed services shall be strictly prohibited.

Chapter III

PROVISION OF PAYMENT INTERMEDIARY SERVICES

Article 7. Risk management, safety and confidentiality assurance

1. Intermediary payment service providers must develop and implement internal regulations and comply with the State Bank's regulations regarding the principles of management of risks arising from e-banking operations, and provisions of current laws on the prevention and control of money laundering and other provisions of the relevant Vietnamese laws.

2. Intermediary payment service providers must satisfy the requirements concerning assurance of the safety and security for banking information technology systems; the safety and confidentiality for the provision of electronic banking services in accordance with the State Bank's regulations.

3. Intermediary payment service providers must comply with regulations on the establishment, use, preservation and storage of electronic documents in accordance with the laws on electronic banking transactions.

Article 8. Assurance of solvency[20]

1. Providers of services supporting authorized collection and payment services must agree with co-operative banks on security measures for provision of these services, including the opening of collateral or escrow accounts for services supporting authorized collection and payment services or leaving margins or taking other measures.   

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Providers of e-wallet services shall be obliged to ensure total balance of all collateral or escrow accounts for the provision of electronic wallet services opened at co-operative banks is not less than total balance of electronic wallets of all customers at the same time.

3. Collateral or escrow accounts for the provision of electronic wallet services may be used for:

a) Depositing payments into checking accounts or debit cards that merchants open at acquiring banks;

b) Sending reimbursements to checking accounts or debit cards of customers (electronic wallet holders) in the following cases:

(i) Customers withdraw money from electronic wallets to their checking accounts or debit cards;

(ii) Customers no longer need electronic wallets;

(iii) Providers of electronic wallet services cease providing such services to customers;

(iv) Providers of electronic wallet services terminate their business, are deprived of licenses, are dissolved or bankrupt in accordance with laws;

c) Depositing payments into merchant accounts of providers of public services in the event that customers use electronic wallets to make payments, pay fees or charges for legal public services as provided in law;

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Article 9. Provision of electronic wallet services[21]

1. Application requirements for opening electronic wallets:

a) Individual electronic wallets:

(i) Information of the applicant for the opening of electronic wallets which is requested by the provider of electronic wallet service and conforms to regulations laid down in clause 2 of this Article;

(ii) The applicant’s old 9-digit or new 12-digit ID card or passport remaining valid, birth certificate (applicable to Vietnamese citizens aged under 14 years); immigration visa or any document proving exemption from the immigration visa requirement which is granted to the applicant for electronic wallet (applicable to foreign nationals);

b) Corporate electronic wallets:

(i) Information of the corporate applicant for the opening of electronic wallets which is requested by the provider of electronic wallet services and conforms to regulations laid down in clause 2 of this Article;

 (ii) One of documents evidencing the organization applying for opening of electronic wallet is established and operated on a legal manner, including establishment decision, enterprise registration certificate, investment certificate and other documents required by law;

(iii) Documents evidencing the status of representation held by the legal representative or the authorized representative of the organization applying for opening of electronic wallet, enclosing old or new-version ID card or passport thereof;

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d) Customers can register and send their applications for the opening of electronic wallets directly to main offices, branches and transaction offices of providers of electronic wallet services or through online transaction channels of providers of electronic wallet services, or by other means prescribed in regulations of providers of electronic wallet services and in conformance to laws.

2. Information about the customer applying for the opening of electronic wallets, including:

a) Individual electronic wallets:

(i) Vietnamese citizens must provide their full name, date of birth, nationality, telephone number, number of old 9-digit or new 12-digit ID card, passport remaining valid, date and place of issuance;

(ii) Foreign nationals must provide their full name, date of birth, nationality, telephone number, number of passport remaining valid, date and place of issuance, entry visa (if any);

b) Corporate electronic wallets:

(i) Corporate entities must provide full and abbreviated transactional name; corporate ID code and tax identification number (if the tax identification code is different from the corporate ID code); headquarter’s address; transaction address; telephone number;

(ii) Corporate entities must provide information about the legal representative of the corporate applicant for the opening of electronic wallet as provided in point a of this clause;

c) Providers of electronic wallet services must set out rules and regulations on registration for the opening and use of their electronic wallets and must publicly notify them to customers prior to the submission of application for the opening of electronic wallets.  In addition to information requirements laid down in point a and b of this clause, providers of electronic wallet services may set out other information requirements suited for specific customers and conforming to regulations of laws provided that they give clear notices and instructions to customers.

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a) If the guardian or legal representative of an electronic wallet holder is a person, the application for an electronic wallet must additionally include old 9-digit or new 12-digit ID card or passport remaining valid of that guardian or legal representative, and other documents evidencing the legal status of guardianship or representation of the guardian or legal representative to that electronic wallet holder.  Information about the guardian or legal representative shall be subject to regulations laid down in point a of clause 2 of this Article;

b) If the guardian or legal representative of the electronic wallet holder is a legal entity, the application for the opening of electronic wallet must additionally include one of the documents evidencing that such entity is established and operated legally, documents evidencing the legal status of guardianship or representation of that entity to the electronic wallet holder. All information about the guardian or legal representative shall be subject to point b of clause 2 of this Article while all information about the legal representative of that entity shall be subject to point a of clause 2 of this Article.

4. Authentication of information about the customer applying for an electronic wallet:

a) Electronic wallet holder must provide updated and accurate information included in the application for opening of electronic wallets to the provider of electronic wallet services, and must bear responsibility for the authenticity of such provided information;

b) Provider of electronic wallet services shall be responsible for checking and verifying documents submitted to apply for opening of electronic wallet, and ensuring that they are provided in a full and valid manner as provided in clause 1, 2 and 3 of this Article.

5. Linking electronic wallets to payment accounts or debit cards of customers (electronic wallet holders) at affiliated banks:

a) Providers of electronic wallet services must request customers to succeed in the connection of their electronic wallets to their payment accounts or debit cards opened at affiliated banks before they start using electronic wallets;

b) Electronic wallets must be linked to Vietnamese-dong payment accounts or debit cards (linked to Vietnamese-dong payment accounts) that customers open at affiliated banks;

c) Providers of electronic wallet services must agree with affiliated banks or providers of electronic switching and clearing services on procedures and approaches for the connection of electronic wallets to their payment accounts or debit cards;

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6. Use of electronic wallets:

a) Electronic wallets may be replenished from:  

(i) Payment accounts or debit cards of customers (electronic wallet holders) opened at banks;

(ii) Money transfers received from other e-wallets under the control of the same providers of e-wallet services;

b) Customers may use electronic wallets for:

(i) Paying for legitimate goods and services;

(ii) Transferring money to other e-wallets under the control of the same providers of e-wallet services;  

(iii) Withdrawing money from e-wallets to make deposits into payment accounts or debit cards (electronic wallet holders) issued by banks.

c) Total maximum limit on transactions performed via a personal electronic wallet of a customer at a provider of electronic wallet services (including payments for legal goods and services and money transfers from this electronic wallet to the other opened by the same provider of electronic wallet services) shall be 100 (one hundred) million of Vietnamese dong per month;

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dd) Any act of using e-wallets to carry out transactions for money laundering, terrorism financing, fraudulent and other law-breaking purposes; hiring or leasing out, borrowing or borrowing out electronic wallets or purchasing or selling electronic wallet information, shall be strictly prohibited;   

e) Providers of electronic wallet services shall not extend credit to customers using electronic wallets, pay interest on electronic wallet balances or any act that may result in increase in monetary value in an electronic wallet compared to that loaded into that electronic wallet.

7. Providers of electronic wallet services must provide tools for the state bank to oversee the provision of electronic wallet services.  Surveillance tools must meet the following requirements:

a) These tools must allow the supervision of the quantity of electronic wallets (already issued, activated or active), total balance of electronic wallets of all customers at the time of access to such tools;

b) These tools must allow the oversight of total balances in payment guarantee accounts for electronic wallet services, information of each payment guarantee account for electronic wallet services opened at partner banks, including the account holder's name, account code and balance determined at the time of access to these tools;

c) These tools can authorize access to data collected in a reporting month (from the initial day to the last day of the month) on the 5^th day of the following month at the latest, including the following data:

(i) The number of electronic wallets and total balances in electronic wallets (already issued, activated and active) determined at the end date of the reporting period; the number and total value of top-up, withdrawal, payment and other transactions in electronic wallets which are daily counted each month; 

(ii) The number and total value of debit-side and credit-side transactions of collateral or escrow accounts for the provision of electronic wallet services which are daily counted each month;

(iii) Information about 10 top electronic wallets having the large number of transactions and 10 top electronic wallets creating the highest transaction value which are arranged in line with specific customers (including business merchants, individual or institutional customers, but excluding individuals or entities accepting payments), comprising information about opening, closing balances; the number and total value of top-up, withdrawal transactions of specific affiliate banks; the number and total value of payment and money transfer transactions; the number and total value of other transactions (if any) (only taking into account transactions successfully processed by payment facilitation systems).  The number of electronic wallets to be reported may change upon the State Bank’s request.

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1. The clearing house may adopt regulations on admission (or cessation) of new members in their electronic clearing system in which clearing members are required to meet the following requirements:   

a) They have been accepted as direct members of the IBPS;

b) They have already set electronic clearing limits prescribed in clause 2 of this Article and have already been committed to monitoring and managing electronic clearing limits in order to ensure the processing of payment transactions via electronic clearing systems conforms to regulations laid down in point c of clause 4 of this Article; 

c) They have granted the State Bank (Transaction Office) indefinite-term and irrevocable written authorizations to act on its own initiative to withdraw money from (debit) their payment accounts and dispose of escrow collateral (when setting electronic clearing limits) in order to carry out electronic clearing transactions or risk distribution obligations in the event that clearing members signing indebtedness agreements with banks due to inadequate capital available for electronic clearing transactions are incapable of repaying loan debts in accordance with regulations laid down in point c of clause 6 of this Article;

d) They have entered into written commitments with clearing houses on their payment capability to make timely and full payments on any obligation arising from settlement of electronic clearing transactions under the provisions of clause 5 and 6 of this Article. 

2. Electronic clearing limits:

a) Clearing members shall establish, maintain and manage electronic clearing limits to settle payment transactions via electronic clearing systems. Electronic clearing limits shall be established by clearing houses based on the proposal of clearing members and must conform to internal regulations on the mechanism for establishment, modification and management of electronic clearing limits on condition that escrow need to be provided for establishment of electronic clearing limits in accordance with regulations laid down in clause 3 of this Article. Establishment or modification of electronic clearing limits must be in writing or in electronic form via channels of electronic communication between clearing houses and clearing members;

b) Establishment of electronic clearing limits:

In order to set initial electronic clearing limits, clearing members need to send clearing houses requests for setting electronic clearing limits and provide escrow collateral to the State Bank (Transaction Office) to set such limits as per clause 3 of this Article. Within 1 working day of receipt of these requests for setting electronic clearing limits from clearing members, clearing houses shall consult the State Bank (Transaction Office)’s confirmation about provision of escrow collateral by clearing members and internal regulations on the mechanism for establishment, modification and management of electronic clearing limits before deciding to set electronic clearing limits and informing clearing members;

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(i) Clearing members may request clearing houses to consider adjusting electronic clearing limits to meet demands for payment transactions performed via electronic clearing systems, internal regulations of electronic clearing systems on the mechanism for establishment, modification and management of electronic clearing limits, and value of escrow collateral provided for setting their electronic clearing limits at the State Bank (Transaction Office):

- In case of decision on any increase in electronic clearing limits, clearing members must additionally submit valuable papers and/or request any increase in amounts temporarily blocked on payment accounts in order to assure provision of escrow collateral used for setting electronic clearing limits under clause 3 of this Article.   Immediately after clearing members finish additionally providing escrow collateral used for setting electronic clearing limits at the State Bank (Transaction Office), clearing houses shall make modification and update increase in electronic clearing limits for requesting clearing members;

- In case of decision on any decrease in electronic clearing limits, within 1 working day of receipt of the requests from clearing members, clearing houses shall update decrease in electronic clearing limits and inform clearing members and the State Bank (Transaction Office). After making decrease in electronic clearing limits, upon requests from clearing members and based on assurance of the provision of escrow collateral used for setting electronic clearing limits under clause 3 of this Article, the State Bank (Transaction Office) shall return valuable papers and/or escrow to clearing members in accordance with the State Bank’s regulations on return of valuable papers and escrow in the IBPS.

(ii) Clearing houses may act on their own accord to adjust electronic clearing limits of clearing members if there is any change in the rate of escrow provided for setting of electronic clearing limits in accordance with point c of clause 3 of this Article, or clearing members are affected by any decrease in escrow value during the process of settlement of electronic clearing transactions as provided in clause 6 of this Article. In case of decision on any decrease in electronic clearing limits, clearing houses must completely update electronic clearing limits of clearing members at the subsequent electronic clearing session after receipt of decision from the State Bank’s Governor on changes in the rate of escrow to be provided to set electronic clearing limits or information from the State Bank (Transaction Office) about any devaluation in clearing members’ escrow.

3. Escrow collateral provided for setting electronic clearing limits:

a) Clearing members may leave cash and/or valuable papers at the State Bank (Transaction Office) as collateral for the establishment of electronic clearing limits, including:

(i) Valuable papers and value of these valuable papers used for setting electronic clearing limits shall be subject to the State Bank’s regulations on overdraft and overnight lending in the interbank electronic payment sector;

(ii) Escrow sum is an amount temporarily blocked in a clearing member's payment account opened at the State Bank (Transaction Office) for establishment of electronic clearing limits;

b) Whenever clearing members establish initial electronic clearing limits as provided in point b of clause 2 of this Article, the minimum rate of escrow to be provided shall be 10% of value of electronic clearing limit. In case of any increase in electronic clearing limit made as provided in point c(i) of clause 2 of this Article, the escrow rate shall equal 100% of value of the increased electronic clearing limit;

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(i) Increasing the rate of clearing member’s escrow in order to ensure safety for operation of electronic clearing systems where necessary or upon recommendations about surveillance of electronic clearing systems;

(ii) Increasing the rate of escrow to be provided by clearing members who have not strictly adhered to commitments on conformance to electronic clearing limits for the purpose of settlement of payment transactions via electronic clearing systems under point c of clause 4 of this Article;

(iii) Increasing the rate of escrow to be provided by clearing members that cause incapability of settling electronic clearing transactions or shortage in deposits available in payment accounts opened at the State Bank (Transaction Office) for the settlement of low values in the IBPS;

(iv) Clearing members that do not observe regulations and operational rules of electronic clearing systems, regulations on members of the IBPS shall have to apply the higher rate of escrow than other clearing members;

d) Clearing member’s valuable papers and escrow money used as collateral for establishment of electronic clearing limits shall not serve as the same collateral for other purposes that clearing members leave at the State Bank.

4. Processing of payment transactions through electronic clearing systems:

Clearing houses shall design the operational procedures of electronic clearing systems: shall regulate transaction sessions, clearing and settlement time length, data checking and review, ensuring timely, full and accurate settlement for clearing members according to electronic clearing results, and conforming to the following principles:  

a) The maximum Vietnamese-dong value of payment order through an electronic clearing system shall not exceed the maximum value of low-value payment orders on the IBPS;

b) In order to process all debit payment transactions via an electronic clearing system, prior written agreements or authorizations must be obtained;

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5. Settlement of electronic clearing transactions:

a) In order to settle electronic clearing transactions, clearing houses must register use of netting services for other systems of the IBPS under the regulations of the State Bank on management, operation and use of the IBPS;

b) Clearing houses shall regulate the specific clearing time at end of each transaction session according to each approach to processing payment orders or services of electronic clearing systems, ensuring such time is consistent with the time of operation of the IBPS and settlement of electronic clearing transactions under the provisions of clause 5 and 6 of this Article;

c) Clearing houses shall send the amounts of electronic clearing transactions to the IBPS in order to enter them in the clearing members’ relevant payment accounts under regulations on management, operation and use of the IBPS.  The amounts of electronic clearing transactions sent to the IBPS must ensure that clearing members’ payment obligations in clearing sessions do not exceed electronic clearing limits of these members.   Measures to be taken to deal with the case in which a clearing member is incapable of making payments shall be subject to regulations laid down in clause 6 of this Article.

6. Measures to be taken to deal with cases in which clearing members are in short position to the clearing for the settlement of electronic clearing transactions:

a) If there is at least a clearing member incapable of payment during the process of the settlement of electronic clearing transactions, handling procedures shall be regulated as follows:  

(i) Clearing members carry out overdraft within their assigned limit prescribed in accordance with regulations of the State Bank on overdraft and overnight lending in the interbank electronic payment sector in order to handle the results of settlement of electronic clearing transactions;

(ii) In case where a clearing member has used up the authorized overdraft limit and there is not enough balance for the settlement of electronic clearing transactions, the amounts of electronic clearing transactions shall be moved to pending settlement lines.  If the balance is adequate, these amounts shall be further processed;

(iii) The clearing house carry out the enquiry on the IBPS to check the status of processing of electronic clearing results in the pending queue; informs and requests insolvent clearing members to take timely actions to increase balance (Credit) in their payment accounts by using their capital or through transactions performed on the currency market or by lending each other on the interbank market under the regulations of the State Bank for the settlement of electronic clearing transactions; 

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(v) At the time of suspension of high-value payment orders in the IBPS, an insolvent clearing member shall have to sign the Indebtedness Agreement with a bank due to shortage of funds for settlement of electronic clearing transactions (according to the form given in Appendix No.06 hereto), sending it to the State Bank (Transaction Office) in order to be eligible to receive loans for the settlement of clearing transactions at the interest rate equaling the overnight lending interest rate decided by the State Bank over periods of time.  Simultaneously, the State Bank (Transaction Office) shall inform the clearing house to temporarily suspend that clearing member from using payment services via electronic clearing systems and prepare risk management plans prescribed in point b and c of this clause;

b) If there is at least a clearing member having to sign the Indebtedness Agreement with a bank due to the shortage of capital for the settlement of clearing transactions:

(i) At the beginning of the working day following the date on which a loan is offered for the settlement of electronic clearing transactions and before the time of the clearing house’s sending electronic clearing results, the clearing member signing the Indebtedness Agreement with a bank due to the shortage of funds for the settlement of electronic clearing transactions must repay both the principal and interest to the State Bank.   If that clearing member fails to make debt repayment, the State Bank (Transaction Office) shall implement measures to recover debt incurred from the loan funding the settlement of electronic clearing transactions (including the principal and interest) according to the principles in which the principal is collected first and the interest is collected later, specifically as follows:

- Actively withdraw money from (debit) the Vietnamese-dong payment account of the clearing member opened at the State Bank (Transaction Office);

- Request the valuable papers depository to transfer the right to own these valuable papers from the clearing member to the State Bank with respect to those valuable papers that the clearing member provides as escrow at the State Bank (Transaction Office) for the establishment of electronic clearing limit;

(ii) By end of the business day following the date of grant of loan used for settlement of electronic clearing transactions, if debt is not able to be recovered even after applying debt recovery measures under point b(i) of this clause, the State Bank (Transaction Office) shall charge off all outstanding debts into overdue debts owed; shall apply the interest rate on overdue outstanding principal and the interest rate on deferred loan interest equal to the interest rate on outstanding debt incurred from overdue overnight loan and the interest rate on deferred payment of overnight loan interest in accordance with the State Bank’s regulations on overdraft and overnight lending in the interbank electronic payment service; shall inform the clearing house of residual outstanding debt that needs to be recovered (including loan principal and interest). The clearing house shall distribute risk-sharing obligations to other clearing members to repay debts to the State Bank (Transaction Office) in accordance with point c of this clause;

c) Distributing risk-sharing obligations among clearing members if any clearing member already signing the Indebtedness Agreement with a bank due to shortage of funds available for the settlement of electronic clearing transactions is incapable of repaying loan debts (including both loan principal and interest):

(i) On the working day subsequent to the date on which the State Bank (Transaction Office) informs the clearing house of not yet recovering all debts incurred from loans used for the settlement of electronic clearing transactions, and total remaining amount of loan debt (including both principal and interest) that clearing members signing the Indebtedness Agreement with a bank due to the shortage of funds available for the settlement of electronic clearing transactions as provided in point b(ii) of this clause have to repay, the clearing house shall determine risk-sharing obligations distributed to the rest of clearing members according to the following formula:

Ai =

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x M

D – D(x)

Where:

Ai: the amount of money that the clearing member i must pay to the State Bank as the repayment of loan debt (including principal and interest) in order to share risks because the clearing member signing the Indebtedness Agreement with a bank due to the shortage of funds available for the settlement of electronic clearing transactions is incapable of repaying such loan debt (including principal and interest);

Di: Revenues gained from the payment of Debts owed by the clearing member i in the clearing session where the clearing member signing the Indebtedness Agreement with a bank due to the shortage of funds available for the settlement of electronic clearing transactions appears;

D: Total revenue gained from payments of Debts incurred in the clearing session where the clearing member signing the Indebtedness Agreement with a bank due to the shortage of funds available for the settlement of electronic clearing transactions appears;

D(x): Revenues gained from the repayment of Debts incurred in clearing sessions involving the clearing member signing the Indebtedness Agreement with a bank due to the shortage of funds available for the settlement of the electronic clearing transaction;

M: Total outstanding loan debt (including principal and interest) that the clearing member signing the Indebtedness Agreement with a bank due to the shortage of funds available for the settlement of the electronic clearing transaction is obliged to repay to the State Bank;

(ii) After calculating and determining the amount of money that each clearing member is obliged to repay as a way to share risks, the clearing house shall inform the State Bank (Transaction Office) of such amount to take away (debit) funds from the payment account of the clearing member at the State Bank (Transaction Office) and recover outstanding loan debts (including principal and interest) of the clearing member signing the Indebtedness Agreement with a bank due to the shortage of funds available for the settlement of the electronic clearing transaction; concurrently, shall inform clearing members of the aforesaid event;

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(iv) By end of the working day on which the clearing house determines and informs clearing members of obligations to share risks, if any clearing member is insolvent (has credit balance) in its payment account for discharge of its risk-sharing obligations, the State Bank (Transaction Office) shall proceed to dispose of assets put up as escrow collateral used for guarantee for the establishment of electronic clearing limit of that clearing member in order to recover the outstanding amount of money by withdrawing money from (debiting) escrow funds used for setting electronic clearing limit (if any) of that clearing member, or request valuable papers depository organizations to transfer the right to own these valuable papers from that clearing member to the State Bank. Concurrently, the State Bank (Transaction Office) shall inform the clearing house and clearing members to request them to calculate and adjust clearing members’ electronic clearing limits;

d) Reimbursement of the amounts that clearing members pay as a way to share risks:

(i) Within 5 business days of receipt of the clearing house’s notice of risk-sharing obligations sent to clearing members, if the clearing member signing the Indebtedness Agreement with a bank due to the shortage of funds available for the settlement of electronic clearing transactions is incapable of repaying loan debts (including principal and interest), it shall be obliged to take all necessary actions to repay loans (including principal and interest) in full to the State Bank (Transaction Office). After such duration, in case of having not yet being fully paid outstanding debt (including principal and interest) incurred from the loan used for the settlement of electronic clearing transactions, the State Bank (Transaction Office) shall discretionarily withdraw money from (debit) the payment account that the clearing member opens at the State Bank (Transaction Office) to recover the outstanding debt, and shall inform the clearing house of the received amount; 

(ii) Based on the received amount specified in the notice of the State Bank (Transaction Office) and the ratio (%) of the remaining amount that each clearing member has to repay as a way to assume joint obligations to total amount payable (including principal and interest), the clearing house shall calculate reimbursements to specific clearing members that have already fulfilled risk-sharing obligations and inform them to the State Bank (Transaction Office) to make remittances to (credit) the payment account of the clearing member; concurrently, shall inform clearing members of this;

(iii) If a clearing member signing the Indebtedness Agreement with a bank due to the shortage of funds for the settlement of electronic clearing transactions goes bankrupt, the State Bank shall be entitled to the repayment of debts in accordance with laws on corporate bankruptcy and transfer recovered amounts to risk-sharing clearing members at the defined distribution ratios. 

Chapter IV

RIGHTS AND RESPONSIBILITIES OF INVOLVED PARTIES

Article 10. Rights of e-payment infrastructure supply service providers

1. Setting out the terms of service; requesting customers to provide complete and accurate relevant information before and during use of services; refusing to provide the service if the customer does not fully meet eligibility requirements, does not comply with terms of service, service provider’s regulations or violates other arrangements.

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3. Regulating service fees and rates of service charges conforming to regulations currently in force.

4. Designating banks or other entities as partners in contracts to provide and develop services on a basis of ensuring safety, efficiency and conformance to requirements set forth in Licenses and legislative regulations.

5. Exercising other rights agreed upon in contracts with banks, customers and partners in compliance with legislative regulations.

Article 11. Responsibilities of e-payment infrastructure supply service providers

1. Responsibilities to customers:

a) Providing customers with instructions for use;

b) Handle or respond to customer complaints or review requests;

c) Compensate for any damage to customers due to system errors, customer information disclosure and other errors caused by service providers;

d) Cooperating with customers in checking and collating data on daily transactions;

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e) Notifying fees and rates of charges to customers before they use services.

1a.[23] Responsibilities to service supply partners:

a) Provider of electronic payment gateway services must reach specific agreements in writing with co-operative banks on the rights and obligations of the parties in the service provision process, clearly defining the responsibilities of each party for the selection and conclusion of cooperation contracts with merchants and responsibilities to supervise and inspect merchants during the contract performance process;

b) In case where a provider of electronic payment gateway services signs a contract or an agreement directly with merchants (this agreement is made without a cooperative bank’s participation), they must:

(i) Request merchants to open current accounts at banks to receive payments from the provision of goods and services;

(ii) Develop and implement internal rules and regulations regarding the process and procedures for identification and verification of accepting units; regularly updating information about merchants; setting selection criteria and procedures for development of merchants;

(iii) Evaluate and classify merchants by risk levels; regularly monitor, supervise and take measures to strictly inspect and manage merchants’ operation in the process of effecting contracts;

(iv) Provide merchants with instructions about professional, technical and information security measures and processes necessary for payments made through intermediary payment services;

c) Contents of a contract between an electronic payment gateway service provider and a merchant in the cases specified at Point b of this Clause must include the following specific regulations:

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(ii) Clearly stipulating that merchants are responsible for the legality of the goods and services to be supplied and are committed not to perform prohibited transactions prescribed by law;

(iii) Requesting merchants to commit not to charge customers additional fees when they make payments through intermediary payment services in any form.

2. Cooperating with customers and partners in implementing risk management measures, ensuring safety and information security for the use and provision of services.

3. Taking on other obligations agreed upon in contracts with banks, customers and partners.

4.[24] Responsibilities to clearing houses:

a) Clearing houses shall develop and issue internal rules and regulations on the organization and operation of their electronic clearing systems in accordance with this Circular and current laws on payment activities, including but not limited to the followings:

(i) Standards and requirements of members participating in the electronic clearing systems;

(ii) Temporary suspension and termination of membership in electronic clearing systems;

(iii) Payment procedures and mechanism for management of risks in electronic clearing systems;

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 (v) Operation hours of the electronic clearing system, including order receipt, clearing transaction processing, settlement, the number of electronic clearing sessions;

(vi) Inquiry, comparison and error handling and complaint review;

(vii) Response to the electronic clearing system disconnection due to maintenance, servicing or technical failure and emergencies;

(viii) Rights and obligations of members of the electronic clearing system, including the obligations to share risks arising from the processing of electronic clearing transactions;

(ix) Fee policies;

b) Establishing a system for receiving and clearing payment transactions of members, ensuring that the electronic clearing system operates safely and smoothly;

c) Promptly monitoring, managing and updating electronic clearing limits of clearing members; applying effective warning measures so that clearing members can promptly increase their electronic clearing limits, ensuring compliance with the provisions of Point c of Clause 4 of Article 9a of this Circular;

d) Preparing and sending electronic clearing results to the IBPS for prompt, full and accurate settlement of electronic clearing transactions for clearing members;

dd) Receiving electronic clearing results sent by the IBPS to clearing members;

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Article 12. Rights of providers of services supporting payment services

1. Setting out the terms of service; requesting customers to provide complete and accurate relevant information before and during use of services; refusing or ceasing to provide the service if the customer does not fully meet eligibility requirements for use of services, does not comply with terms of service, service provider’s regulations or violates other arrangements.

2. Regulating safety measures for use.

3. Regulating service fees and rates of service charges conforming to regulations currently in force.

4. Designating banks or other entities to sign contracts to provide and develop services on a basis of ensuring safety, efficiency and conformance to requirements set forth in Licenses and legislative regulations.

5. Exercising other rights agreed upon in contracts with banks, customers and partners in compliance with legislative regulations.

Article 13. Responsibilities of providers of services supporting payment services

1. Responsibilities to service customers:

a) Regulating and informing the terms and conditions for use of the services through appropriate communication channels (e.g. websites of service providers, flyers and contract forms/registration forms, etc.). Entities providing services and/or cooperating with banks must enter into agreements with customers with the following contents prior to use of the services:

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- Fees and charges;

- Sample statement of transaction details, balance notification provided to customers during their use of services;

- Method of receiving review requests and complaints; time limit for handling review requests and complaints and handling of results of review and complaints, which are specified at Points d, d1, d2, d3, d4, dd, dd1 and d2 of this Clause[25];

- Force majeure[26];

- Refund policies, including terms and conditions, procedures, time and refund costs;

- Rights and responsibilities of the customer;

- Obligations of the customer in case of failure, damage, loss and other fraudulent transactions;

- Address and contact telephone number of the provider of intermediary payment services;

b) Instructions for use provided for customers;

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d)[27] Applying at least two forms of receiving requests for review or complaints via telephone exchanges (with voice recording function, available 24/24 hours a day and 7/7 days a week) and head offices/branches of service providers; ensuring the authentication of basic information that customers have provided to service providers;

d1)[28] Designing the form of request for review and complaint that customers can use in case of needing such review or complaint. In case of receiving information through telephone exchanges, service providers must request customers to add more documents to the requests for review or complaints within the prescribed time limits set by service providers as official grounds for handling of these requests. In order to authorize other persons to act on their behalf to submit review requests or complaints, customers must comply with regulations of laws on authorization;

d2)[29] Specifically regulating the time limit for customer’s submission of review requests or complaints, which is not less than 60 days from the date on which a transaction subject to the review request or complaint takes place;

d3)[30] Immediately taking measures to suspend the provision of the service at the request of the customer due to any suspicion of fraud or loss and bear full responsibility for all financial losses incurred to the customer due to the use of the service after its temporary suspension;

d4)[31] The time limit for handling requests for review or complaints shall not exceed 45 working days from the date of receipt of the customer's request for review or complaint for the first time in one of the forms specified at Point d of this Clause;

dd)[32] Handling of review or complaint response results:

- Within a maximum period of 05 working days from the date of notification of the results of the review and response to the complaint to the customer, the service provider shall reimburse the customer for their losses in accordance with the agreement and current regulations of law with respect to losses incurred through no fault of the customer and/or due to non-force majeure causes under the agreement on terms and conditions for use of services;

- Upon the expiration of the time limit for review and complaint response actions specified at Point d4 of this Clause, in case of failure to determine which has caused such losses or which party has caused such losses, within the next 15 working days, the service provider shall agree with the customer on a plan to respond or pay interim reimbursements to the customer until the authority’s final conclusion clearly identifying the fault and liability of the parties is drawn;

dd1)[33] If the case shows a sign of crime, the service provider shall notify the competent authority in accordance with the criminal procedures law and report to the State Bank (the Payment Department, Branches of the State Bank in provinces, cities where they are located); at the same time, notify customers in writing of the processing status of the request for review or complaint.  The handling of review and complaint response results shall fall under the settlement responsibility of the competent regulatory authority. In case a competent regulatory authority notifies review or complaint response results finding that there is none of criminal signs, within 15 working days of receipt of the conclusion from the competent regulatory authority, the service providers shall negotiate with customers on the plans to handle findings obtained from the implementation of the review and handling of the complaint;

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e) As for e-wallet services, service providers shall be responsible for requiring their customers to have payment accounts opened at banks before using the services; providing full information on a periodic and unscheduled basis about payment transactions, balances and limits related to the service use at the request of customers.

2.[35] As for banks:

a) Cooperative banks:

(i) Fully and promptly satisfying obligations arising from transactions as agreed between the a payment intermediary service provider and a co-operative bank and in accordance with the law;

(ii) Reaching specific agreements in writing on the rights and obligations of the parties in the service provision process, clearly defining the responsibilities of each party for the selection and conclusion of cooperation contracts with merchants and responsibilities to monitor payment transactions arising at merchants, and the implementation of agreements with merchants;

(iii) Cooperating with co-operative banks and partners in checking and verifying daily transaction data generated from the accounts of the payment intermediary service provider opened at the cooperative bank according to the agreement between parties;

b) As for affiliated banks:

Electronic wallet service providers shall be responsible for cooperating with providers of electronic switching and clearing services and affiliated banks to check, verify and provide full and accurate updates to information about customers applying for the opening of e-wallets.

3.[36] In case where a provider of electronic payment gateway services signs a contract or a agreement directly with a merchant (this agreement is made without a cooperative bank’s participation), they must:

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b) A contract between a service provider and a merchant must specify the following contents:

(i) Rights and responsibilities of contracting parties;

(ii) Clearly stipulating that the merchant is responsible for the legality of the goods and services to be supplied and is committed not to perform prohibited transactions prescribed by law;

(iii) Requesting the merchant to commit not to charge customers additional fees when they make payments through intermediary payment services in any form.

4. Implementing measures for risk management, safety and information security assurance for the provision of services.

5. Taking on other obligations agreed upon in contracts with banks, customers and partners.

Article 14. Bank’s rights[37]

1. Bank’s rights:

a) Choosing non-bank entities to cooperate or conduct technical tests on one or certain intermediary payment services;

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c) Exercising agreed rights and implementing arrangements with intermediary payment service providers and related parties.

2. Cooperative bank’s rights:

a) Requesting payment intermediary providers to provide necessary information related to payment transactions through intermediary payment services in accordance with law;

b) Rejecting transactions if e-wallet service providers do not have collateral or escrow accounts as prescribed in Article 8 of this Circular;

c) If cooperative banks are affiliated banks, cooperative banks shall have the rights prescribed in clause 3 of this Article.  

3. Cooperative banks shall have the rights to request providers of electronic wallet services to provide customer information for the connection of their electronic wallets to their payment accounts and/or debit cards opened at affiliated banks.

Article 15. Bank’s responsibilities[38]

1. Bank’s responsibilities:

a) Only collaborating in providing intermediary payment services with non-bank entities licensed by the State Bank;

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2. Cooperative bank’s responsibilities:

a) Cooperating with intermediary payment service providers and partners in checking and verifying daily transaction data generated from the accounts of intermediary payment service providers opened at cooperative banks according to the agreements between parties;

b) Making payment for payment transactions to related parties in accordance with regulations of the State Bank and cooperation contracts for the provision of services to providers of intermediary payment services;

c) Opening collateral or escrow accounts for e-wallet service providers and ensuring that these accounts are not used together with those for the provision of services supporting authorized collection and payment services (if any), are separated from other ordinary payment accounts of e-wallet service providers; managing measures for guarantee for the solvency of providers of services supporting authorized collection and payment services, and the purposes of using the collateral or escrow accounts for e-wallet services in accordance with the signed cooperation contracts with e-wallet service providers and the provisions of this Circular;

d) Cooperating with intermediary payment providers to design the processes and procedures for handling of customer’s complaints related to payment transactions through intermediary payment services.

3. In case where cooperative banks sign contracts or agreements directly with merchants (these agreements involve intermediary payment service providers), they must:

a) Formulate and implement internal regulations on the process and procedures for identification and verification of merchants; regularly update information about merchants; design criteria and procedures for the selection and expansion of merchants; evaluate and classify merchants according to the levels of risks; regularly monitor, supervise and take measures to strictly inspect and manage merchant's operation in the process of implementing the contracts already in effect; instruct merchants on professional, technical and information security measures and processes for payments made through intermediary payment services;

b) A contract between a cooperative bank and a merchant must include the following specific terms and conditions:

(i) Rights and responsibilities of contracting parties;

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(iii) Requesting the merchant to commit not to charge customers additional fees when they make payments through intermediary payment services in any form.

c) In case merchants accepting direct payments are intermediary payment service providers (i.e. entities providing goods or services and accepting payment through one or several intermediary payment services of their own), co-operative banks shall be responsible for managing and supervising the operation of merchants as per point a, point b of this clause.

4. If cooperative banks are affiliated banks, cooperative banks shall have the responsibilities prescribed in clause 5 of this Article.  

5. Affiliated banks shall be responsible for cooperating with providers of electronic switching and clearing services and e-wallet service providers to check, verify and provide full and accurate updates to information about customers signing up for e-wallets.

Article 15a. Responsibilities of clearing members[39]

1. Proactively monitor, manage and promptly supplement the Credit balance on their checking accounts opened at the State Bank (Transaction Office) to ensure the solvency to make the final settlement of electronic clearing transactions and fully and promptly fulfill the obligations arising from participation in the electronic clearing system.

2. Set, maintain and manage electronic clearing limits in compliance with regulations in force. Proactively monitor, supervise and promptly increase electronic clearing limits to ensure that customers' payment transactions through the electronic clearing systems are performed smoothly and without interruption.

3. Comply with regulations on the system operation and management of clearing houses.

Chapter V

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Article 16. Reporting and information provision[40]

1. Intermediary payment service providers shall be responsible for reporting and providing information to the State Bank as follows:

a) Reporting on intermediary payment services on a quarterly or yearly basis by using the form given in the Appendix No. 02 hereto;

b) Providing information about collateral or escrow accounts for e-wallet services within 05 working days from the date of signing cooperation contracts/agreements for the provision of intermediary payment services with cooperative banks, the opening and use of collateral or escrow accounts for e-wallet services, including:

(i) Account number, account opening date, account issuing and management bank;  

(ii) Copy of the cooperation contract/agreement for the provision of intermediary payment services with cooperative banks, the opening and use of collateral or escrow accounts for e-wallet services;

c) Reporting on the risk of fraud or falsification via email at tt@sbv.gov.vn within 24 hours after detecting cases related to such risk causing financial damage to customers using intermediary payment services and sending documentary (paper) or electronic reports prepared according to Appendix 04 to this Circular to the State Bank within 03 working days of receipt of these reports via emails;

d) Reporting on any incident that causes any disruption to the provision of payment intermediary services for more than 2 hours via the email address tt@sbv.gov.vn within 24 hours from the time of occurrence and sending documentary (paper) or electronic reports according to Appendix 05 enclosed herewith within 03 days after completing the troubleshooting. This regulation does not apply to the cases in which the incident notification is required in accordance with the Circular No. 20/2018/TT-NHNN dated August 30, 2018 of the Governor of the State Bank on the supervision of payment systems and its amendments, supplements and replacements (if any);

dd) Reporting forms:

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(ii) Documentary (paper) report which is sent directly or by post to the State Bank (Payment Department) in the event of failure to make reports through the electronic reporting system, bearing the signature of the legally authorized representative of the reporting organization;    

e) Reporting periods and deadlines prescribed in point a of this clause shall be regulated as follows:

(i) The reporting quarter shall start from the 1^st day of the quarter and end on the last day of the quarter (providers of payment intermediary services shall be required to make the first, second and third Quarter reports); the submission deadline shall be the 5^th day of the first month of the following quarter at the latest;

(ii) The reporting year shall start on January 1 and ends on December 31; the submission deadline shall be the 15^th day of the first month of the year immediately succeeding the reporting period at the latest. 

2. Intermediary payment service providers and banks shall be responsible for ensuring confidentiality for information related payment transactions performed through intermediary payment services, customer’s personal information, information about checking accounts, debit cards of customers, and shall be allowed to provide information in the following cases:

a) Information may be provided upon customer’s request;

b) Information shall be provided in compliance with laws.

3. Intermediary payment service providers shall be responsible for seconding their officers presiding over reporting and provision of information to the State Bank (Payment Department) and handling possible risks and incidents.

4. Cooperative banks of intermediary payment service providers shall be responsible for providing information about collateral or escrow accounts for security for discharge of payment obligations of e-wallet services through the online information collection system of the State Bank.

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Entities and persons committing violations against this Circular shall be subject to administrative penalties, or criminal prosecution if their violations are serious; in case where any loss or damage results from such violations, compensation must be paid under law.

Chapter VI

IMPLEMENTATION

Article 18. Payment Department

1. Take charge of receiving and cooperating with related entities in conducting the assessment of applications for Licenses.

2. Within 15 working days of receipt of complete application documentation prescribed in Clause 2 of Article 16 of Decree No. 101/2012/ND-CP, the Payment Department shall be responsible for reviewing such documentation and seeking opinions on it from the Departments, Administrations or relevant authorities affiliated to the State Bank.

3. Synthesize opinions from relevant authorities, verify submitted documentation and seeking the decision on grant or refusal of the grant of Licenses from the Governor of the State Bank.

4. Taking charge of consulting with the State Bank's Governor on any action against issues related to the grant, withdrawal or re-grant of Licenses.

5. Take charge of receiving reports on the implementation of intermediary payment services from intermediary payment service providers and banks.

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7.[42] Collaborate with the Information Technology Department in establishing the electronic reporting system to receive, synthesize, exploit and store reporting data in accordance with Article 16 hereof.   

8.[43] Provide information for the Bank Supervision and Inspection Agency, State Bank branches of centrally affiliated cities and provinces in case of discovering any suspicious breach or act against laws on the provision of payment intermediary services.  

9.[44] Lead and cooperate with Bank Supervision and Inspection Agency and State Bank branches of centrally affiliated cities and provinces in the inspection of compliance with regulations on provision of payment intermediary services.

10.[45] Cooperate with the Bank Supervision and Inspection Agency and State Bank branches of centrally affiliated cities and provinces in inspection of compliance of providers of payment intermediary services with laws.

11.[46] Lead and cooperate with entities concerned in giving counsels to the State Bank’s Governor on the rate of escrow funds to be provided for setting electronic clearing limits. 

Article 19. Information Technology Department[47]

1. Within the maximum duration of 15 business days of receipt of the request from the Payment Department, the Information Technology Department shall be responsible for considering, assessing and requesting the Payment Department in writing to give its certification of technical requirements, technological solutions, security and confidentiality capability and technical staff, ensuring provision of payment intermediary services by the organizations requesting licenses.

2. Lead and cooperate with Bank Supervision and Inspection Agency in the inspection of compliance with regulations on safety and security for electronic transactions performed by providers of payment intermediary services in accordance with regulations.

3. Cooperate with the Bank Supervision and Inspection Agency and State Bank branches of centrally affiliated cities and provinces in inspection of compliance of providers of payment intermediary services with laws.

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5. Preside over and collaborate with the Payment Department in the establishment and maintenance of operations of the electronic reporting system to receive, synthesize, exploit and store reporting data in accordance with Article 16 herein.   

6. Study and develop technical solutions to meet demands for development and expansion of the National Electronic Information Interbank System, enabling receipt and processing of clearing results received from the clearing house’s system.

7. Study and develop technical applications enabling the information exchange and feedback on electronic clearing limits between the State Bank (Transaction Office) and the clearing house, and the handling of electronic clearing results.

Article 20. Bank Supervision and Inspection Agency[48]

1. Receive information from the Payment Department as provided in clause 8 of Article 18 and consider taking any possible action prescribed in laws.

2. Perform duties to give counsel and support to the State Bank’s Governor to carry out the state management of anti-money laundering acts likely to arise from the provision of payment intermediary services.

3. Cooperate with the Payment Department and the Information Technology Department in the inspection of compliance with regulations on provision of payment intermediary services.

4. Take charge of inspecting the provision of payment intermediary services by the National Payment Corporation of Vietnam to ensure its compliance with laws.

Article 20a. Transaction Office[49]

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2. Record electronic clearing results in payment accounts of the parties involved.

3. Take measures to deal with the cases in which clearing members are incapable of making payments as provided in clause 6 of Article 9a herein.

Article 20b. Branches of the State Bank located in centrally-affiliated cities and provinces[50]

1. Undertake the inspection of the provision of payment intermediary services by providers of payment intermediary services that are other than banks and are based in cities or provinces in accordance with laws, except those prescribed in clause 4 of Article 20 herein.  

2. Receive information from the Payment Department as provided in clause 8 of Article 18 and consider taking any possible action prescribed in laws.

3. Cooperate with the Payment Department in inspecting the compliance with regulations on the provision of payment intermediary services.

Chapter VII

ENFORCEMENT PROVISIONS[51]^,[52]^,[53]

Article 21. Entry into force

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Article 22. Transitional provisions

From the effective date of this Circular, non-bank entities that have been permitted by the State Bank to pilot the provision of one or several intermediary payment services specified in Article 2 of this Circular shall be responsible for completing the procedures and sending the application for Licenses as prescribed in Article 5 of this Circular to the State Bank for its review and issuance of these Licenses.

After 9 months from the effective date of this Circular, the State Bank’s written documents permitting non-bank entities to pilot the provision of payment services and intermediary payment services will expire.

Article 23. Implementation responsibilities

The Office Chief, the Director of the Payment Department, Heads of affiliates of the State Bank, Directors of the State Bank branches in centrally-affiliated cities and provinces, Chairpersons of the Governing Boards (the Boards of Directors), and Directors General (Directors) of providers of payment intermediary services, and providers of payment intermediary services, shall be responsible for implementing this Circular./.

CERTIFYING THIS IS THE CONSOLIDATED DOCUMENT

PP. GOVERNOR
DEPUTY GOVERNOR




Dao Minh Tu

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