On August 11, 2022, in Nha Trang city of Khanh Hoa province, the Central Banking Department of the State Bank of Vietnam (SBV), in coordination with SWIFT, organized the SWIFT Community Update Vietnam Seminar.
The Seminar aimed to update the operational situations, new policies, standards, applications and solutions of SWIFT for the credit institutions and the foreign bank branches using SWIFT in Vietnam.
Ms. Nguyen Thi Huong, Deputy Director General of the Central Banking Department, chairs delivers an opening remark at the Seminar
At the Seminar, SWIFT experts exchanged and provided specific guidance about the implementation and application of ISO 20022 standard for the electronic data interchange among the members using SWIFT for international payments. The transition to ISO 20022 would start from November 2022, and end in November 2025.
Mr. Erwin Purnaryadi, SWIFT expert, introduces about the application of ISO 20022
In addition, SWIFT experts also provided some update and introduced about the pilot implementation of a number of new standards, applications and solutions developed by SWIFT in order to help SWIFT members to shorten the time, enhance the security and the conveniences in the international payment transactions.
Mr. Guan Quan Tan, SWIFT expert, makes a presentation about SWIFT Go and SWIFT new applications and solutions
At the Seminar, the representatives of the first four banks using SWIFT Go (Vietcombank, Citibank, JP Morgan Chase, HDBank) shared their information and experience in using this service. Accordingly, SWIFT Go has met the demand for transferring small-value amounts of money for payment of the commercial banks in the recent months.
Representatives of the four banks share their information and experience in using SWIFT Go
In addition, the participants also mentioned the obstacles related to the technical infrastructure and the compliance with the SBV’s regulations in the implementation of ISO 20022 standard, SWIFT Go and other new applications and solutions developed by SWIFT. Ms. Nguyen Thi Huong, Deputy Director General of the Central Banking Department, provided some guidance for the banks to resolve the current obstacles; reviewed and assessed the situation of the international payment operations, the results from the implementation of the functions and tasks of VIETSWIFT Committee over the past time, and the plan for the future. Ms. Nguyen Thi Huong also requested SWIFT members to continue to fully implement the requirements of the Customer Security Program for 2022, urgently conduct the transition to ISO 20022 standard as required by SWIFT in order to ensure smooth international payment operations.
Le Hang