Press release on issuance of Circular No. 08/2024/TT-NHNN
Hanoi, June 25, 2024 – The Governor of the State Bank of Vietnam (SBV) has issued Circular No. 08/2024/TT-NHNN stipulating the management, operations and usage of the National Inter-bank Electronic Payment System. The new Circular replaces Circular No.37/2016/TT-NHNN dated December 30, 2016 stipulating the management, operations and usage of the National Inter-bank Electronic Payment System – the National Inter-bank Payment System.
The new Circular is composed of 10 Chapters with 49 Articles, specifically as follows:
Chapter I: “General provisions”, comprising of 11 Articles (from Article 1 to Article 11) and stipulating: the governing scope and the subjects of application; the interpretation of terms; the main components and functions of the National Interbank Payment System; the operations of the National Interbank Payment Processing Center; the operations of the backup system; the documents used for the interbank payment; the storage of the electronic data of the transactions; the issuance, management, and usage of the digital signatures; the debt payment in the National Interbank Payment System; the regulations on the use of the payment services; the costs and fees for the services in the interbank payment.
Chapter II: "Payment Orders in the Interbank Payment", comprising of 4 Articles (from Article 12 to Article 15) and stipulating: the procedures for creating a payment order; the verification of the validity of a payment order; the accounting at the members and member entities; the accounting and processing of payment orders at the SBV Central Banking Department.
Chapter III: "Clearing settlements among the members and the net settlement results from other systems", comprising of 6 Articles (from Article 16 to Article 21) and stipulating: the net debt limits; the escrow for the establishment of the net debt limits; the resolution for the insufficiency of the net debt limits in low-value payments; the implementation of the clearing settlements; the monitoring and notification of the situations of the clearing settlements; the resolution of the net settlement results from other systems.
Chapter IV: "Resolving the fund insufficiencies in the interbank payment", comprising of 3 Articles (from Article 22 to Article 24) and stipulating: the principles for processing a payment order, a pending order, a settlement and release; the resolution of the cases when a payment account does not have a sufficient balance to make the payment or the settlement; the resolution of the cases when a member has an overdue clearing outstanding debt.
Chapter V: "Resolving errors in the inter-bank payment", comprising of 6 Articles (from Article 25 to Article 30) and stipulating: the principles for correcting errors in the National Interbank Payment System; cancelling and returning a payment order at a member or a member entity; resolving the error at the originating member/entity in case the error is caused by a member or a member entity; resolving the error at the receiving member/entity in case the error is caused by a member or a member entity; cancelling and returning a payment order at the request of a customer; investigation and responses to investigation requests.
Chapter VI: "Comparison, reporting and handling of reports", comprising of 4 Articles (from Article 31 to Article 34) and stipulating: the comparison of the payment results; the daily reporting at the Central Banking Department; preparing and processing reports at the members and member entities of the National Interbank Payment System; the monthly reporting requirements.
Chapter VII: "Participation, use of services and withdrawal from the National Interbank Payment System", comprising of 4 Articles (from Article 35 to Article 38) and stipulating: the participation in the National Interbank Payment System; the requirements for using the services of the National Interbank Payment System; the suspension and temporary suspension of the use of services in the National Interbank Payment System; the termination of the status of a member or a member entity in the National Interbank Payment System.
Chapter VIII: "Regulations on the management and operations of the National Interbank Payment System", comprising of 2 Articles (Article 39 and Article 40) and stipulating: the Management Board of the National Interbank Payment System; the operating unit of the National Interbank Payment System.
Chapter IX: "Authority and Responsibilities of the SBV entities", comprising of 8 Articles (from Article 41 to Article 46) and stipulating: the authority and responsibilities of the members and member entities; the Central Banking Department; the Finance and Accounting Department; the Payment Department; the Information Technology Department; the SBV municipal and provincial branches.
Chapter X: "Enforcement", comprising of 3 Articles (from Article 47 to Article 49) and stipulating: the transitional provisions; the effectiveness; the implementation.
The new Circular takes effect from August 15, 2024.
Translated by Le Hang