The globalization and economic integration and the informatics technology development lead payment operations to an extensive expansion with a faster speed and increase of both quantity and value of the transactions. The development of payment system also comprises various risks for payment operations requiring the central banks to oversee it closely and effectively.
The objectives of the SBV oversight of the national payment systems:
- To ensure the stability, safety and the effectiveness for national payment system as well as other payment systems, tools and services in the economy.
- To enhance the role of national payment system as the most effective channel for the monetary policy transmission and implementation.
- To prevent the payment system risks, especially the systematic risks, and contribute to maintaining financial stability.
- To ensure the legal interests and obligations of participating members of the payment systems.
- To protect users of payment tools and services, strengthening the public confidence in banking sector.
The main contents of the SBV's oversight of payment operations:
Since 2008, the SBV has established a professional unit operated under the Payment Department to supervise payment systems. On the basis of assigned functions and mandates, the Payment Department cooperates with relevant entities to research and gradually implement the tasks of supervising in accordance with the international requirements for payment supervision of a central bank, specifically:
- To formulate a set of data criteria on payment system, information collection system, database, and formulating periodical reports on the system oversight and operations.
- To organize and implement the overseeing activities including:
+ Overseeing the IBPS with online oversight, synthesizing and analyzing information, results and reports on IBPS operations daily and overseeing the compliance;
+ Overseeing the retail payment systems;
+ Formulating the periodical reports on other payment systems (every 6 months).
In order to complete the legal framework, accelerate the capacity of comprehensive oversight for payment systems in Vietnam in accordance with international standards and the specific conditions of Vietnam, the SBV Governor issued the Decision No 1490/QD- NHNN dated July 29, 2014 to promulgate the SBV’s strategy for payment system supervision for the period 2014 – 2020.