Information you need to know to avoid disruption of banking transactions from July 1

To ensure compliance with this regulation and avoid service disruptions, banks have issued notices recommending that customers update the biometric information of their legal representatives. The update can be done directly on the banking application or at the bank's branches and transaction offices.

Specifically, for corporate clients, authentication must ensure a correct match between the identity documents and the biometric data of the legal representative. Authentication can be performed through biometric data stored on the citizen identification card, electronic identification account, or biometric data collected directly in some special cases (such as foreigners, Vietnamese people of unknown nationality).

After July 1, if reconciliation is not completed, corporate customers will not be able to continue using payment and withdrawal services via electronic channels.

Banks recommend that customers should not wait until July 1, 2025 to implement, to avoid system overload or unexpected incidents affecting the financial activities of businesses.

The verification of paper and biometric information is not only a legal requirement but also a measure to enhance safety and security in electronic transactions. In the context of increasingly sophisticated fraud methods, strict authentication of the legal representative of the enterprise is an important part of the strategy to protect customers and ensure uninterrupted payment operations.

Previously, from January 1, 2025, bank accounts, e-wallets and securities accounts of individual customers will also be suspended from transactions if biometric information authentication has not been completed.

According to statistics, by April 2025, the entire banking industry has completed biometric verification for more than 108 million individual customer records through chip-embedded citizen identification cards or VNeID identification applications, equivalent to more than 92% of the total number of individual payment accounts with transactions on digital channels.

For the institutional customer group, there have been over 530,000 profiles authenticated with biometric information, accounting for about 41% of the total number of institutional accounts conducting transactions on the digital platform.

In addition, about 20.9 million e-wallet users have also completed biometric verification with chip-embedded citizen identification cards through the applications of wallet providers, reaching 73.15% of the total number of active e-wallets.

The application of biometric authentication and related regulations is expected to contribute to the formation of a safer and more transparent digital financial transaction environment, especially in the field of e-commerce. However, to ensure their rights and avoid disruptions when using the service, users need to proactively update and raise awareness of security issues in the context of increasingly strong digital transformation.

Source: https://doanhnghiepvn.vn/kinh-te/thong-tin-can-biet-de-tranh-bi-gian-doan-giao-dich-ngan-hang-tu-ngay-1-7/20250526083216021