Regulations on management and operation of the Interbank Electronic Payment System

This Circular regulates the management, operation and use of the National Interbank Electronic Payment System (IBS) to make payments and settlements between units participating in this payment system in Vietnamese Dong (VND), US Dollar (USD), European Common Currency (EUR) and other foreign currencies decided by the Governor of the State Bank of Vietnam (SBV) from time to time.

Quy định quản lý, vận hành Hệ thống Thanh toán điện tử liên ngân hàng (ảnh minh họa)

Regulations on management and operation of the Interbank Electronic Payment System (illustrative photo)

The National Payment System is a comprehensive system including: National Processing Center; National Backup Processing Center; software installed at members and member units to process payment orders.

According to the Circular, the activities of the National Processing Center include: Receiving and checking the validity of electronic documents; Processing valid payment orders, canceling valid payment orders; notifying upon request about payment orders and payment order processing results to members and member units related to that payment order.

Check payment orders with members and member units in the National Interbank Financial Transaction System; Refuse to make payments for invalid payment orders, invalid payment order cancellation orders, payment orders sent after the National Interbank Financial Transaction System stops receiving payment orders; Refuse to make payments for high-value payment orders, payment orders in foreign currencies for members who do not have the ability to pay in the corresponding currency.

Notify the payment order status to the order initiator after the time of stopping receiving payment orders; Automatically send the low-value clearing result message to the Payment Account Processing Component and check and compare data to account for members participating in the low-value clearing settlement during the day; Processing the net settlement result from other systems is carried out according to the provisions of Article 21 of this Circular.

Documents used in TTLNH are paper documents or electronic documents according to current laws on accounting document regime.

The basis for making payment orders is the documents used in the payment transaction.

Payment orders are made in the form of electronic documents in accordance with the correct form, meeting data standards decided by the Governor of the State Bank.

Regulations on using payment services: Payment orders in Vietnamese Dong with a value of 500,000,000 VND or more must use high-value payment services.

Payment orders in Vietnamese Dong with a value of less than 500,000,000 VND can use the high value payment service or the low value payment service.

Payment orders in foreign currency must use foreign currency payment services.

The costs of construction, installation, maintenance, development and upgrading of the National Payment System shall be paid by the State Bank. The costs of construction, installation, maintenance, development and upgrading of the operations of other systems of members and member units to serve the payment system activities of members and member units shall be paid by members and member units.

When participating in using services on the National Interbank Payment System, members and member units must pay service fees for participating in the National Interbank Payment System, annual fees and domestic payment service fees according to the State Bank's regulations on the fee schedule for payment services via the State Bank.