The bank card switching clearing and settlement system is operated by a switching company for its members. The system allows clients to withdraw cash or conduct payment transactions via ATM/POS at any commercial banks that are members of the switching company.

The bank card switching, clearing and settlement system is established and linked by two domestic card switching companies namely Banknetvn and Smartlink.

The types of the system services include domestic switching, international switching, inter bank remittance and electronic payment portal.

The domestic switching services link the ATM/POS system of the member banks with domestic switching companies allowing card holders to implement online payment transactions via ATM/POSs. The Banknetvn is the switching center for inter bank card transactions.

The international switching services: At present the Banknetvn is collaborating with several bank card and switching associations such as China UnionPay, Union Card – UC (Russia) and other members of Asian Payment Network.

The interbank electronic remittance services: The interbank electronic remittance services are based on switching and linking ATM system infrastructure of the member banks. The system provides to clients the remittance services via real time ATM, Internet banking and Mobile banking channels of the member banks.

Payment portal service: The payment portal allows the exchanging and processing data of electronic transactions, supporting for license granting and settling in the internet banking environment. The Banknetvn is assigned as an intermediate entity linking credit institutions with online selling agents. The clients shall pay for commodities via internet banking.