Press release on the issuance of the Circular on management, operation and utilization of the National interbank electronic payment system
The Governor of the State Bank of Vietnam (SBV) issued the Circular No.37/2016/TT-NHNN dated December 30, 2016 on the management, operation and utilization of the National interbank electronic payment system.
The issuance of the Circular aims to manage, operate and utilize efficiently the National interbank electronic payment system in line with the development of the information technology, infrastructure of telecommunication network and the increasing trend of transforming from the decentralized to the centralized payment platform. Additionally, the Circular regulates the foreign currency payment and the payment transactions of the sale and the purchase of the government bonds by members of the interbank payment system.
The Circular includes 10 Chapters, 53 Articles and 1 appendix with the main substances as follow:
Chapter I: Provisions on the Governing scope, Implementers, Interpretation of terms, components and the major functions of the interbank payment system, voucher used in the interbank payment system, debt refund via the interbank payment system, provisions on using payment services and fees applied to the interbank payment system.
Chapter II: Provisions on the management and operation of the interbank payment system including monitoring the interbank payment system, the working time applied in interbank payment system and the Operation of National Processing Center, operation of the backup system, Information Inquiry and reconciliation.
Chapter III, IV and V: specific provisions on payment orders in the interbank payment system; handling the final accounting for clearing transactions between members and the net settlement results from other systems; handling the fund shortage in the interbank payment transactions.
Chapter VI: Provisions on handling the errors in the interbank payment system, including: adjustment principles and error handling in the interbank payment system, abolishment and the return of payment orders; Inquiry and inquiry respond, technical error handling in the interbank payment system.
Chapter VII regulates the scheme of reporting, and Chapter VIII regulates the participation, service utilization and withdrawal from the interbank payment system.
Chapter IX: Provisions on authorities and responsibilities of the entities. Chapter X prescribes the implementation terms. The Circular includes 1 appendix regarding to the forms using in the interbank payment system.
The Circular takes effect from January 15, 2018.