Tiếng Việt- 1 Decision No. 349/2002/QD-NHNN of April 17th, 2002, on the issuance of the regulation on the setting up, issuance, management and use of secrecy code in the inter-bank electronic payment system.
- 2 Decision No. 309/2002/QD-NHNN of April 09th, 2002, on the issuance of the regulation on inter-bank electronic payment.
- 3 Decision No. 1571/2005/QD-NHNN of October 31, 2005, on the amendment, supplement of several articles of the regulation on inter-bank electronic payment issued in conjunction with the Decision No. 309/2002/QD-NHNN dated 9 April 2002 of the Governor of the State Bank
- 4 Decision No. 33/2006/QD-NHNN of July 28, 2006, on the amendment, supplement of article 13 of the regulation on Inter-bank electronic payment issued in conjunction with the Decision No. 309/2002/QD-NHNN dated 9 April 2002 of the Governor of the State Bank
- 5 Decision No. 1014/2005/QD-NHNN of July 11, 2005, on the amendment, supplement of several articles of the technical process of electronic money transfer operation in the state bank system issued in conjunction with the Decision No. 134/2000/QD-NHNN2 dated 18 April 2000 by the Governor of the State Bank
- 6 Decision No. 34/2006/QD-NHNN of July 28, 2006, on the amendment, supplement of paragraph 1, article 1 of the Decision No. 1014/2005/QD-NHNN dated 11/7/2005 of the Governor of the State Bank on the amendment, supplement of several articles of the technical process of electronic money transfer operation in the State Bank system issued in conjunction with the Decision No.134/2000/QD-NHNN2 dated 18 April 2000 by the Governor of the State Bank
- 1 Decree No. 64/2001/ND-CP promulgated, on payment activities via payment service-providing organization.
- 2 Law no. 51/2005/QH11 of November 29, 2005 on E-transactions
- 3 Law No. 03/2003/QH11 of June 17, 2003, on accounting
- 4 Decree of Government No. 35/2007/ND-CP of March 08, 2007 on banking e-transactions
- 5 Decree No. 96/2008/ND-CP of August 26, 2008, defining the functions, tasks, powers and organizational structure of The State Bank of Vietnam.
- 6 Law No. 46/2010/QH12 of June 16, 2010, on the State Bank of Vietnam
- 7 Law No. 47/2010/QH12 of June 16, 2010, on credit institutions
- 8 Decree No. 26/2007/ND-CP of February 15, 2007, detailing the implementation of the law on e-transactions of digital signatures and digital signature certification service
- 1 Circular No. 23/2011/TT-NHNN of August 31, 2011, implementing the scheme of administrative procedure simplification in payment activity and other areas under the resolution of the Government on the simplification of administrative procedures within the jurisdiction of the State Bank of Vietnam
- 2 Circular No.13/2013/TT-NHNN of June 11, 2013, on amending and supplementing a number of articles of the Circular No. 23/2010/TT-NHNN regulating on the management, operation, and use of inter-bank electronic payment system
| THE STATE BANK OF VIETNAM | SOCIALIST REPUBLIC OF VIET NAM |
| No.: 23/2010/TT-NHNN | Hanoi, November 09, 2010 |
REGULATING ON THE MANAGEMENT, OPERATION, AND USE OF INTER-BANK ELECTRONIC PAYMENT SYSTEM
Pursuant to the Law No. 46/2010/QH12, of June 16, 2010, on State Bank of Vietnam;
Pursuant to the Law No. 47/2010/ QH12, of June 16, 2010, on Credit Institutions;
Pursuant to the Accounting Law, of June 17, 2003;
Pursuant to the Law on Electronic Transactions, of November 29, 2005;
Pursuant to the Government’s Decree No. 96/2008/ND-CP , of August 26, 2008, defining functions, task, powers and organizational structure of the State Bank of Vietnam;
Pursuant to the Government’s Decree No. 35/2007/ND-CP , of March 8, 2007, on banking electronic transactions;
Pursuant to the Government’s Decree No. 64/2001/ND-CP , of September 20, 2001, on payment activities via payment service-providing organizations;
Pursuant to the Government’s Decree No. 26/2007/ND-CP , of February 15, 2007, detailing the implementation of the law on e-transactions of digital signatures and digital signature certification service,
The State Bank of Vietnam regulates on management, operation, use of Inter-bank Electronic Payment System to implement the payment and settlement among units participating in this payment system as follows:
SECTION 1. GENERAL REGULATIONS
Article 1: Scope of regulation and subjects of application
This Circular regulates the management, operation, and use of the Inter-bank Electronic Payment System to implement the payment and settlement in VND among units participating in this payment system.
Article 2: Interpretation of terms
In this Circular, these terms below shall be construed as follows:
1. Inter-bank electronic payment (abbreviated as IBP) shall be the process of treatment of inter-bank payment transactions from the initiation of the payment order until the completion of payment order, which is performed through the computer network.
2. Direct member (abbreviated as member) shall be a unit of the system of State Bank of Vietnam or payment service provider which is allowed to directly connect to the IBP system by the management board of IBP System.
3. Direct member unit (abbreviated as a member unit) shall be an organization of member that is allowed to directly connect to the IBP system at request of member by the management board of IBP System.
4. Indirect members shall be organizations that open accounts at direct members and implement payment through direct members of the IBP system.
5. Payment order shall be a message made by a member unit and used for payment in the IBP system. The payment order may be a payment order that is credited or debited.
6. Credit payment order shall be a payment order of an order sender used to debit a certain amount to his account at the drawing unit, and to credit that amount to the receiver's account at the receiving unit.
7. Debit payment order shall be a payment order of an order sender used to debit a certain amount to the receiver's account at the receiving unit, and credit that amount to the order sender's account at the initializing-order unit.
8. Urgent payment order shall be a payment order with the low value that is requested for urgent transfer by customer.
9. High value payment order shall be a payment order with an amount equivalent to or higher than stipulated level on high value payment or urgent payment order.
10. Low value payment order shall be a payment order with an amount less than stipulated level on high value payment.
11. Order sender shall be an organization or an individual that delivers the payment order.
12. Oder receiver shall be an organization or an individual that receives the payment order.
13. Unit initializing the payment order (abbreviated as the initializing-order unit) shall be a member or a member unit that sets up and deals with the payment order (outgoing) on behalf of an order sender.
14. Unit receiving the payment order (abbreviated as the receiving-order unit) shall be a member or a member unit that receives and deals with the payment order (incoming) on behalf of an order receiver.
15. Message shall be electronic information reflecting the content of a payment order or notice related to the payment that needs to be implemented and be transmitted through the computer network between units participating in the IBP system.
16. Message confirmation shall be electronic information used to confirm the status of payment orders in the IBP system.
17. Settlement shall be the determination and payment of final value among related members to complete their payment obligations
18. Real time gross settlement shall be the performance of payment obligations between members or member units on the basis of dealing immediate settlement of each payment order.
19. Settlement of low value clearing results (abbreviated as clearing settlement) shall be the performance of payment obligations between parties participating in the direct clearing payment after having balanced between total receivable amounts and payable amounts.
20. Net debit limit shall be the maximal value provided for low value payment operations to be participated in the clearing settlement.
21. User shall be the person who operates the IBP program in accordance with his assigned task.
Article 3: The structures and main functions of IBP System
1. IBP System is the overall system includes: High-value payment sub-system, low-value payment sub-system, and sub-system processing payment deposit.
2. High-value payment sub-system: is a structural part of IBP System which performs the real time gross settlement to high-value payment and urgent payment orders.
3. Low-value payment sub-system: is a structural part of IBP System, which performs payment of the low-value payment amounts.
4. Sub-system processing payment deposit: is a structural part of IBP System, which performs checking, accounting of the high-value payment orders and handles low-value payment results.
5. National center processing inter-bank electronic payment (abbreviated as National Processing Service Center - NPSC) is the system of technical equipments included hardwares, softwares, communication network and secrecy security which is located at the Department of Informatics and Technology to implement the functions of High-value payment sub-system, low-value payment sub-system, and sub-system processing payment deposit, and check the system.
6. Backup National center processing inter-bank electronic payment (abbreviated as Backup National Processing Service Center - BNPSC) is the system of technical equipment included hardwares, softwares, communication network and secrecy security which is located at Son Tay town (Ha Noi) to perform the function of provision against disasters for the National Processing Center .
7. Regional center processing inter-bank electronic payment (abbreviated as Regional Processing Center - RPC) is the system of technical equipment included hardwares, softwares, communication network and secrecy security which is located at the State Bank of Vietnam’s branches in Hanoi city, Ho Chi Minh city, Da Nang city, Hai Phong city, Can Tho city, and State Bank’s Operation Department (abbreviated as Operation Department) to perform some of functions of IBP System for members, member units in provinces and cities where placed the RPC, and other provinces and cities that have connected to the RPC.
Article 4: Vouchers used in IBP
1. Payment orders shall be prepared on the basis of vouchers used in the IBP in accordance with current regime.
2. Vouchers used in the IBP shall be payment orders in paper or in form of electronic vouchers.
3. Payment orders must be made in accordance with sample form, satisfy the data standards and have sufficient copies (if being paper vouchers) in accordance with regulations of the State Bank.
Article 5: Accounts used in IBP System
1. Accounts used in IBP System:
a) Payment deposit account of members;
b) Clearing payment Account;
c) Account of collection and payment in lieu of customers;
d) Other appropriate accounts
2. For members
a) At the Head-office, following accounts shall be used:
- Account of collection and payment in lieu of customers (each member unit participating the IBP system shall be provided with a detailed account);
- Clearing payment account;
- Other relevant appropriate accounts (Account "Deposit payment of customers", other internal accounts)
- In respect of members without branches shall not be required to open the account of collection, payment in lieu of customers.
b) At member units, following accounts shall be used:
- Account of collection, payment in lieu of customers (detailed account shall be opened for making payment with the Head-office);
- Clearing payment accounts;
- Payment deposit accounts;
- Other relevant appropriate accounts (Account "Deposit of customers", other internal accounts).
3. For National Processing Center, following accounts shall be used:
a) Payment accounts of members participating in the IBP;
b) Clearing payment accounts;
c) Other appropriated accounts.
Article 6: Debit payment in the IBP system
1. The Debit payment in the IBP system shall be the treatment of following debit payments in the internal system of the State Bank and implicitly considered as the authorized debit payment (the Contract of authorization is not required):
a) Transferring the cash between units of the State Bank;
b) Transferring the deficient differences (the counted amount is actually less than the amount stated in the voucher) upon transfer cash between units of the State Bank in accordance with the minutes on the counting result of the Council of counting;
c) Charging for the assignment of important printed papers between units of the State Bank;
d) Paying for the purchase of foreign currencies in lieu of units of the State Bank;
dd) Transferring the receipt differences that are less than payment of the State Bank 's units to the BOD after the settlement has been approved;
e) Paying valuable papers that become due;
g) Making debit payment in cases of refusing the acceptance of debit payment order and transition of the settled data of money transfer;
h) The debt payment of advances must have written request of the Heads of the units of the State Bank that receive debt, within permitted scope of regime on advances.
i) Paying for result of settling account of receivable and payable amounts of credit organization’s branches opened at State Bank.
2. Debt payment between members which are not units of State Bank must have contract of authorization and be approved by Executive Committee of IBP System (hereinafter abbreviated as Executive Committee).
3. Debt payment between members which are units of State Bank and members which are not units of State Bank shall comply with regulations of State Bank.
Article 7: Regulations on high-value and low-value payment
1. High value payment shall be a payment with the value of from VND 500,000,000 (five hundred million VND) and more.
2. Low value payment shall be a payment with the value of less than 500,000,000 (five hundred million VND).
Article 8: Construction, maintenance, development expenditures of IBP System and Charges in IBP
1. The expenditures for construction, installation, maintenance, development and improvement of operations of IBP System of part owned by State Bank will be paid by the State Bank. The expenditures for operations of IBP System of part owned by members will be paid by themselves.
2. Charge levels and types shall comply with regulation of the State Bank.
SECTION 2: REGULATION ON THE MANAGEMENT AND OPERATION OF THE IBP SYSTEM
Article 9: Checking of IBP System
1. Department of Informatics and Technology will daily check the technical status of IBP System regarding balance data, low-value payment limit data, payment data, software system, equipment, and communication network at National Processing Center, Backup National Processing Center, and Regional Processing Centers.
2. Regional Processing Centers will frequently monitor, supervise the operating status of IBP System regarding the equipment and communication network, payment data at their Centers and the State Bank of Vietnam’s branches in provinces, cities in their locations; announce and coordinate with Department of Informatics and Technology and other relevant parties in order to handle incidents happening
Article 10: Checking validity of payment orders
Payment orders in the IBP system shall be made in form of electronic vouchers in accordance with regulations of the State Bank. During the usage process, members or member units must check and take full legal responsibilities for legality of vouchers. Following information needs be checked:
1. Type and format of the data;
2. Validity (authorized) of data initiator;
3. Date, month of general check;
4. The uniqueness;
5. Compulsory elements for a payment order;
6. Code of confirmation message;
7. Code of participating units, code of terminal access devices and code of approvers.
Article 11: Working time applicable to the IBP
1. Points of time applicable to the IBP are provided for as follows:
a) Points of time of performing technical check and initializing data of the first day of the IBP System will fall on 7:30 am of the working day.
b) Cut off time for deliver of low-value payment orders and high-value payment orders by units shall respectively fall on 15:00 pm and 16:00 pm of the working day;
c) From 15:10 pm onward, payment units shall perform settlement of low value clearing as prescribed in Article 28 of this Circular.
d) From 16:15 pm onward, payment units shall perform works of the end of the day, reconcile, and verify the data with the National Processing Center.
e) In special cases due to technical, communication breakdown incidents or due to huge quantity of vouchers arising by the end of transaction hours, regional processing Center and State Bank’s branches in provinces, centrally-run cities may propose the National Processing Center to prolong the time for money transfer of the IBP system (by phone, or by other forms if it is agreed upon by the parties) in order to continue the processing of payment vouchers already received in the day, but the prolonged time shall not be in excess of 15 minutes.
2. Participants in the IBP system must comply with provisions on points of time applicable to the IBP system as mentioned above to ensure the convenient, accurate, timely payment and asset safety.
3. National Processing Center, regional Processing Center must regularly arrange personnel to receive, process payment orders and ensure the smooth and safe operation of the IBP system.
Article 12: Diary entry of transactions
The settlement process of transactions shall be automatically imported in diary data files by the IBP system. Daily, diary files must be saved in information carriers (magnetic tapes, floppy discs, hard discs, CD-ROM, USB) and be preserved in accordance with prescribed regime as in the case of preservation of electronic vouchers. In necessary cases (inspection, control, dispute settlement, etc...), units shall be responsible for presenting diary files to competent authorities. The diary-entry shall be provided for as follows:
1. In respect of each member, member unit, the diary-entry shall be made for transaction requests and result message;
2. In respect of the National processing center, regional processing center, the diary-entry shall be made for operation messages and processing results.
Article 13: Issuance, management and use of electronic signatures participating in IBP System
1. Electronic signatures are classified in 4 types:
a) Electronic signature of the person who issues Payment Order (abbreviated as the order issuer);
b) Electronic signature of the person who checks Payment Order (abbreviated as the order checker);
c) Electronic signature of the person who approves Payment Order (abbreviated as the order approver);
d) Electronic signature of the person who are assigned task of transmitting and receiving payment data (abbreviated as communicated electronic signature).
2. Electronic signatures are classified to manage and use as follows:
a) Electronic signature of the order issuer and order checker will be issued and managed by members and member units.
b) Electronic signature of the order approver and communicated electronic signature are issued and managed by Department of Informatics and Technology in accordance with Regulation on the issuance, management, use of digital signature, digital deed and digital signature certification service promulgated together with the Decision No. 04/2008/QD-NHNN , of February 21, 2008, of the Governor of state bank.
c) Decentralization of user which is organized at member units shall be prescribed by heads of units and ensure principle in which the order issuer is independent with the order approver.
Article 14: Inquiry and Comparison
1. Inquiry
Members and member units shall make inquiry and search on information by sending message requesting for the inquiry or via website providing information. The IBP system shall automatically verify the validity of these requests and provide response information.
2. Comparison
Comparison work shall be made daily at the point of time when the IBP system finishes the processing work at end of day:
a) The data that have been accounted during a day at the National processing center and regional processing center shall be original basis for the comparison of payment results;
b) In principle, entire arising payment orders must be compared for the correctness between data at the National processing center, regional processing center and those of member units in a day, except for irresistible cases such as technical breakdown of information transmission;
c) The comparison of payment orders shall be made for each separate day. In case of breakdown that makes the comparison impossible to complete in a day as provided, it shall be allowed to prolong to the following working day after the breakdown has been overcome. The comparison shall, however, reflect payment orders for the day when they occurred, despite the fact that comparison is performed in the following working day;
d) Regional processing center shall get data of inter-provincial payment orders from the National processing center and combine with the data of payment orders in the area under its management to transfer to member units for comparison;
e) Member units shall get data and compare with the data of payment orders actually transferred and received during a day in accordance with the guidance in clause 2 Article 41 of this Regulation.
In case of difference, member units must inform and cooperate with regional processing center and the National processing center for settlement.
Article 15: The extension of operating time
In case, due to work requirements, the occurrence of errors in the IBP system of the National processing center, regional processing center, member units or due to other reasons that affect the payment process, the temporary operating time may be extended; The extension of operating time shall be decided upon by the Executive Committee of the system and be notified to all units in the IBP system
Article 16. Transmission of files and messages
1. Besides payment orders, the IBP system also deals with the following files or messages:
a) Files or messages requesting for the confirmation;
b) Files or messages on clearing results;
c) Reporting files or message;
d) Files or messages of inquiry;
e) Files or message on operations (through interface gateway) between the IBP system and other payment systems.
2. Requests upon deal with files or messages
a) Files or messages must be automatically coded upon delivery and decoded upon receipt;
b) Files or messages shall, depending on their type, be verified for the validity in accordance with following elements:
- Structure of file or message and compulsory elements,
- Examination number on quantity of payments and money amounts
3. Changes in form of file or message
Transaction files or messages between the IBP system and other payment system shall be automatically converted into appropriate forms before sending or after receiving.
Article 17: Operation of National Processing Center
1. To perform the dealing with payment orders, valid high-value cancellation orders; notice as required of payment orders and payment order processing results to regional Processing Centers and members related to those payment orders.
2. To perform procedures as prescribed in order to forward the payment orders, low-value cancellation orders to units receiving orders; except for irresistible cases;
3. To make verification with the provincial processing center and the unit initializing order in the event of suspicion or discovery of errors in payment orders, cancellation orders with high value
4. To compare payment orders with Regional Processing Centers and member units in IBP System;
5. To refuse to make payment of high-value payment orders, urgent payment orders, invalid cancellation orders, or refuse transmission of payment orders, invalid low-value cancellation orders.
6. To refuse to make payment of high-value payment orders, urgent payment orders; settlement of low value clearing for members whose payment accounts are not provided with sufficient money.
Article 18: Operation of Regional Processing Center
1. To require the initiators to make and send the Payment Orders or Cancellation Orders in accordance with regulation, ensure the validity of electronic vouchers aiming to prevent all acts of corruption or abuse causing damage for customers;
2. To notify to the units initiating orders of having performed Payment Orders and answering information relating to those payment orders;
3. To compare the performed Payment Orders with units initiating orders and National Processing Center.
4. To return the payment order to the unit initiating order, if after stipulated time, account of the unit initiating order is not provided with sufficient money for making payment (credit payment order) under provisions in this Regulation
5. To request the National Processing center and other regional processing centers to confirm their receipt of payment orders transferred by them and information relating to those payment orders;
6. To coordinate with the National Processing center, members and member units to settle errors arising during the operating process of the IBP system and the movement to the backup system
Article 19: Operation of the backup System
1. For National Processing Center
a) In case where the National processing center meets irresistible breakdowns and cannot operate as usual, the Head of Executive Committee of the system shall consider and make decision on switching the backup National processing center.
b) All data and processing results in the backup National processing center shall have the same legal validity as for the National processing center.
c) The switching of operation to the National processing center after the breakdowns have been overcome shall begin on the following working day;
d) The National Processing center shall inform all members, member units on this switching
2. For Regional Processing Center
a) In case a regional processing center happens irresistible breakdowns and cannot operate as usual, Managers of the State Bank's branches in provinces, cities where placing the regional processing center occurring the breakdown shall report to the Executive Committee on the development of the breakdown, if the required time for overcoming breakdown is more than 4 hours, the Executive Committee shall make decision on the switching operations of the regional processing center to the backup regional processing center;
b) All data and processing results at the back-up regional-processing center shall have the same legal validity as in the case of the regional-processing center
c) When the breakdowns have been overcome, the switching of operation of the IBP system into normal status shall begin on the following working day. The transmission of data from the back-up regional processing center to the (main) regional processing center shall be performed at the end of a working day through the computer network or by information carriers such as magnetic tapes, hard discs, CD-ROM, USB, etc;
d) On receipt of the notice of the switching to the backup regional processing center, members and relevant member units are responsible for coordinating with the regional processing center, the National processing center to promptly deploy and maintain the operation of the back-up regional processing center until the main regional processing center is restored and operates as usual
dd) The National Processing center must notice all units in the IBP system of this switching. Members, other member units shall temporarily stop payments for member units relating to regional processing center that is meeting breakdown until they receive the notice from the National Processing center on the readiness for operation of the backup regional processing center
e) The data at the backup regional processing center shall be verified as follows:
- Members and member units shall send the report on the total of outgoing and incoming payment orders prior to the time of receiving the notice on the switching to the backup regional processing center.
- Operating officers at the backup regional processing center shall consolidate and verify the data retained in the center with the reporting data of units. In case where the data are alike and the total of outgoing payment orders are equal to the total of incoming payment orders, the back-up regional processing center shall be permitted to officially operate;
- Members and member units shall take full legal responsibilities for their reporting data;
- In case of difference in data, relevant members and member units shall coordinate with the backup regional processing center and the National processing center for settlement;
- In respect of the BOD, which has to move to the backup system because of breakdown, shall also comply with provisions as in the case of a regional processing center. Beside, its function of account management shall be performed in the National processing center.
SECTION III. ACCOUNTING IN IBP SYSTEM
Article 20: Procedures for making a Payment Order
1. For Payment Order that is initiated from paper vouchers:
a) The person who makes the payment order (accountant who manages customers' account) shall perform initiation of payment order in accordance with following procedures:
- To verify the validity, legality of payment vouchers of customers;
- To determine, classify of payment order for settlement;
- To compare, verify the account balance of customers;
- To insert data in accordance with stipulated forms shown on the screen: sending unit, receiving unit, amount of money, name and address, Identity Card No., or Passport No. of the sender, account of sender, unit serving order sender, name and address, Identity Card No., or Passport No. of receiver, account of receiver, unit serving order receiver, content of money transfer;
- To re-control the inserted data and sign a electronic signature (internally) in the electronic vouchers;
- To sign on vouchers, transfer inserted vouchers and data to the order checker
b) In respect of person controlling order (chief accountant or authorized person):
- Based on relevant vouchers, the person controlling order shall insert again following elements for verification of the data inserted by person who makes the payment order: receiving unit, unit serving order sender, unit serving order receiver, amount;
- If any error is discovered, the person controlling order shall return it to the person who makes the payment order for correction;
- If the data is correct, the person controlling order shall sign his/her electronic signature (internally) in the payment order, sign on the vouchers and transfer them to the order approver.
c) The person who approves orders (account holder or authorized person, particularly for members being state banks, the person who approves orders shall be heads of units or authorized persons):
- To verify the correctness between data on the original voucher and data on the screen;
- If any error is discovered, the approver shall return it to the person who makes order or the person who controls order for correction;
- If the data is correct, the approver shall sign on the voucher and sign his/her electronic signature in the payment order for sending.
2. For Payment Order that is made from electronic voucher:
In case where the incoming order being an electronic voucher of the internal payment system of members:
a) If electronic voucher is valid but has insufficient information: the person who makes order shall supplement insufficient contents in accordance with provisions on the preparation of payment order; the person who controls order and the approver shall re-examine elements as in the case of a paper voucher to secure the accuracy, then sign their electronic signatures in the payment order for sending;
b) General Directors/Directors of units shall decide whether if it is required for the approver to sign his/her electronic signature in the payment order and to be responsible for this decision when the incoming electronic voucher is valid, with sufficient information, and ensure the security, safety, and accuracy of data; or complying with Point a Clause 2 of this Article.
3. After the approver has verified and signed electronic signature, it shall be printed into 2 copies: one kept as voucher diary, one used for the Debit or Credit notice sent to customers.
Article 21: The accounting of payment orders with high value or low value, which have been accepted, at the initiating unit (including the result of clearing payment performed in provinces, cities and regions).
1. The accounting of high-value or urgent payment order
a) In respect of a credit payment order
Debit: Appropriate account (payment deposit of customers);
Credit: Account "Collection, payment in lieu of customers" or other appropriate internal payment account (detailed account for payment to the Head office)
b. In respect of a debit payment order
Debit: Account "Collection, payment in lieu of customers" or other appropriate internal payment account (detailed account for payment to the Head office)
Credit: Other Receivables pending payment.
- Upon receipt of the notice on the acceptance of debit transfer from the receiving unit, the initiating unit shall pay for customers and make a transfer slip for accounting:
Debit: Other Receivables pending payment (in respect of a debit payment order of customer);
Credit: Appropriate account (payment deposit of customers).
In case where the initiating unit receives the notice on the refusal of a debit payment order (which state clearly the reasons for refusal), they shall verify the validity and perform following accounting entries:
Credit: Account "Collection, payment in lieu of customers" or other appropriate internal payment account (detailed account for payment to the Head office)
Debit: Other Receivables pending payment
2. The accounting of low value payment orders and the result after making clearing payment in the locality
a) On sending of payment orders to the clearing payment in the locality,
- In respect of a credit payment order, following accounting entries shall be made:
Debit: Appropriate account;
Credit: Account "Clearing payment".
- In respect of a debit payment order, following accounting entries shall be made:
Debit: Account "Clearing payment";
Credit: Appropriate account.
Before processing and accounting for debit payment orders (if permitted), a notice on the acceptance of debit transfer must be received from receiving member and it shall be kept with the debit order.
b) Upon receipt of payment orders through the clearing payment in locality, following accounting entries shall be made:
- In respect of a credit payment order:
Debit: Account "Clearing payment";
Credit: Appropriate account.
- In respect of a debit payment order:
Debit: Appropriate account;
Credit: Account "Clearing payment".
c. Upon receipt of the clearing payment results sent from the regional processing center after each processing time of the clearing payment results, following accounting entries shall be made:
- In case where the difference in the clearing payment is collected (receivable):
Debit: Account "Collection, payment in lieu of customers" or other appropriate internal payment account (detailed account for payment to the Head office);
Credit: Account "Clearing payment".
- In case where the difference in clearing payment must be paid (payable):
Debit: Account "Clearing payment";
Credit: Account "Collection, payment in lieu of customers" or other appropriate internal payment account (detailed account for payment to the Head office).
At the end of a transaction day, the balance of the account "Clearing payment" must be zero.
Article 22: The accounting of payment orders at the receiving unit
1. At the Head office of member:
a. The accounting of payment orders:
- In respect of credit payment orders (high value or urgent one)
+ In case where the beneficiary being an individual or organization has account at the Head Office, following accounting entries shall be made:
Debit: Payment deposit account at the State Bank;
Credit: Appropriate internal account.
+ In case where the beneficiary being an individual or an organization has account at branches of the system, following accounting entries shall be made:
Debit: Payment deposit account at the State Bank;
Credit: Account "Collection, payment in lieu of customers" or other appropriate internal payment account (detailed accounts of each branch unit, headquarter).
- In respect of debit payment orders
+ In case where individuals and units that must pay have account at the Head office, following accounting entries shall be made:
Debit: Account "Appropriate internal deposit";
Credit: Payment deposit account at the State Bank.
+ In case where individuals or units that must pay have account at branches of the same bank, following accounting entries shall be made:
Debit: Account "Collection, payment in lieu of customers" or other appropriate internal payment account (detailed account of each branch unit, operation center);
Credit: Payment deposit account at the State Bank.
b. The accounting of payment orders in the clearing payment and the processing results of clearing payment where the Head office participates as a direct member and BOD is the organizer shall be made as follows:
- Orders that are sent out for clearing payment in the locality as well as received from other members, shall be similarly dealt with and accounted in accordance with the guidance in points a and b clause 2 Article 21 of this Circular.
- On receipt of the clearing payment result from the BOD, it shall be processed as follows:
+ If the result is a receivable, following accounting entries shall be made:
Debit: Account "Deposit at the State Bank";
Credit: Account "Clearing payment".
+ If the result is a payable, following accounting entries shall be made:
Debit: Account "Clearing payment";
Credit: Account "Deposit at the State Bank".
c. Upon receipt of the clearing payment result from the regional processing centers:
- On the basis of the payment list sent by the BOD, based on the total of receivable or payable differences, the accounting shall be made respectively between the payment deposit account at the State Bank and the account "Clearing payment".
Based on the detailed result of the payment list sent by the BOD, the detailed accounting shall be made between the account "Clearing payment" and the account "Collection, payment in lieu of customers" or other appropriate internal payment account (detailed account of each branch unit, headquarter).
2. At member units (branches):
a) The accounting of payment orders
+ In respect of credit payment orders:
Debit: Account "Collection, payment in lieu of customers” or other appropriate internal payment account (detailed account for payment to the Head office);
Credit: Appropriate account.
+ In respect of debit payment orders
Debit: Appropriate account;
Credit: Account "Collection, payment in lieu of customers" or other appropriate internal payment account (detailed account for payment to the Head office).
b) In case where payment orders are received through clearing payment in locality, and the clearing payment results are received after each processing time of the clearing payment results, they shall be processed and accounted in accordance with points b and c clause 2 Article 21 of this Circular;
c) Dealing with authorized debit payment orders that customers fail to have sufficient payment capacity:
- Receiving unit shall immediately inform customers to deposit money into their accounts for performance of the debit payment order within the acceptable time in accordance with provisions (not in excess of 2 working hours from the receipt of the debit payment order at the maximum);
- During the acceptable time as prescribed, if customers' accounts are provided with sufficient funds by them for the performance of debit payment order, the receiving unit shall make accounting as follows:
Debit: Account of customer;
Credit: Account "Collection, payment in lieu of customers" or other appropriate internal payment account.
- After the acceptable time as prescribed, if customers still fail to provide sufficient funds to their accounts for the performance of the incoming debit payment order, the receiving unit shall make an outgoing debit payment order for return to the initiating unit, which clearly states the content of refusal, and account for the incoming transfer order as follows:
Debit: Account "Receivables"
Credit: Account "Collection, payment in lieu of customers" or other appropriate internal payment account;
The outgoing debit payment order for sending to the initiating unit shall be made in accordance with refused contents:
Debit: Account "Collection, payment in lieu of customers" or other appropriate internal payment account;
Credit: Account "Receivables"
Receiving unit shall open a book for monitoring incoming debit payment orders that are not accepted for payment, to get data for making report on the performance of electronic payment in accordance with applicable provisions.
Article 23: The accounting and processing of payment orders at the Operation Department of SBV
Based on the list made by electronic data (according to Forms No. TTLNH-10, TTLNH-11, TTLNH-12, TTLNH-13, TTLNH-14, TTLNH-15 attached to this Circular) to perform the control, accounting, auditing and preservation.
1. In respect of high value and urgent payment orders, following accounting entries shall be made
a. For a credit payment order
Debit: Payment account of unit that sends the payment order;
Credit: Payment account of unit that receives the payment order.
b. For a debit payment order:
Debit: Payment account of unit that receives the payment order;
Credit: Payment account of unit that sends the payment order.
2. In respect of accounting low-value clearing payment results:
a. For members who must pay:
Debit: Payment account of members;
Credit: Account "Clearing payment".
b. For members who are entitled to receive:
Debit: Account "Clearing payment";
Credit: Payment account of members.
3. Processing of low-value clearing payment results for units of SBV
Based on the low-value clearing results, the Operation Department will make a Payment Order, process as in case of a high-value payment order and send to units of SBV.
Article 24. The performance of inter-bank payment in regional processing center
Upon performance of inter-bank payment in regional processing center, the accounting shall not be carried out, but following works shall be performed:
1. Sending message guiding the requests for clearing settlement after the clearing of vouchers;
2. Verifying and classifying following payments to make the payment order and deal with in accordance with procedures as stated in respective Articles of this Circular:
a) High value payment;
b) Low value payment;
c) Debt payment with authorization.
3. Receiving message of notice confirmation and clearing results from the National processing center to consolidate, then send them to units and the State Bank’s branches in provinces, cities in locality.
Section IV: THE PERFORMANCE OF CLEARING SETTLEMENT BETWEEN MEMBERS
1. Setting up of the net debt limit
a) Members participating in the low-value payment services shall, by themselves, set up a limit of net debt and submit it to the BOD. The BOD shall verify the arithmetical correctness, combine with situation of performance of low-value payment, valuable papers deposited by members and inform the result to these units for implementation;
b) The net debt limit shall be calculated based on the difference between total of incoming payment orders with low value and outgoing payment orders with low value within a certain period of time;
c) The setting up of net debt limit shall be carried out every 6 months during the first 5 days in January and July annually;
d) Members possessing valuable papers shall implement the setting up of net debt limit in accordance with provision in Article 26 of this Circular;
e) For members who fail to possess valuable papers as prescribed by law, the State bank shall have specific regulation on the setting up of net debt limit.
2. The adjustment of net debt limit
a. The BOD may request members participating in low-value payment services to adjust increasingly limits of net debt if these limits are too low or too high after considering previous net debt of these members;
b. Each member may change the limit of net debt and must inform the result to the BOD after completing all procedures for the change of net debt limits;
c. In necessary case, the Director of BOD may accept the request for the increase of net debt limits of members participating in clearing settlement without notifying in advance. However, this acceptance may be cancelled immediately if necessary deposit valuable papers are not sufficiently supplemented by those members within stipulated time;
d. The BOD shall immediately notify members participating in low-value payment services of information relating to the change of above limits.
3. The management of net debt limit
a. At the beginning of working day, the National processing center shall update for regional processing centers on the limit of net debt that is notified by Operation Department (the net debt limit at the beginning of the day). At each point of time during a working day, this limit may be changed (increase or decrease), depending on the payment operations of members and member units (current net debt limit). Periodically every 10 seconds, the National processing center shall recalculate the current net debt limit of each member and update for regional processing centers on it. Current net debt limit of each member shall be calculated by the net debt limit that has been set up at the beginning of the day adding to total of receivable amounts and subtracting payable amounts. Members must regularly supervise their net debt limits to maintain them at an appropriate level.
b. In case where the operation is not carried out because the request for payment is refused due to the lack of net debt limit, members must at once inform the National processing center and related customers of this payment request, at the same time take necessary measures for dealing with obstacles including the increase of their net debt limit.
Article 26: Valuable paper used for deposit
1. Valuable papers used for deposit (hereinafter abbreviated to as deposited valuable paper) in order to set up the net debit limit in the low-value payment include:
a) The State Treasury Bills;
b) The State Bank Bills;
c) The State Treasury Bonds;
d) Bonds of central construction works;
dd) Public debts for fatherland construction;
e) Government bonds issued by the Vietnam development bank (before as Fund for development support) as appointed by the Prime Minister;
g) Bonds issued by the Vietnam development bank and guaranteed for paying 100% of originals and interests when become due by the Government;
h) Bonds issued by the Social policy bank and guaranteed for paying 100% of originals and interests when become due by the Government;
i) Bonds of local authorities that are issued by People’s Committees of Hanoi and Hochiminh cities;
k) Other valuable papers in accordance with provisions of the State Bank.
2. The calculation of deposit valuable papers
a) The BOD shall collect deposited valuable papers from members in order to participate in low-value payment, with the remaining value equal to 10% of net debt limit notified by BOD to members;
b) The BOD may adjust the money amount that is equivalent to the value of valuable paper deposited by members within permitted scope to secure the payment capacity of these members;
c) After the calculation of the money amount of deposited valuable papers, the decimal part less than 100 million Dong shall be made even up the nearest integer.
3. Time for sending the deposited valuable paper
Members participating in clearing settlement shall provide deposited valuable papers to the BOD at the following points of time:
a) In case where deposited valuable papers belong to the type stated in Point a clause 2 of this Article, they shall be submitted to the BOD at the notifying time on the limits of net debt which are set up or subject to the increasing adjustment. In case of the increase of net debt limit as provided for in point c clause 2 of this Article, the deposited valuable papers shall be submitted at the provided point of time on the same day of dealing with clearing settlement relating to this increase;
b) In case where deposit valuable papers belong to the type stated in Point b, clause 2 of this Article, they shall be submitted at the end of month after completing the calculation of the minimal money amount of deposit valuable papers.
4. Price determination of deposited valuable papers
The value of deposit valuable papers participating in low-value payment shall be determined in accordance with the remaining value of each type of valuable papers at the price determination point of time.
5. The return of deposited valuable papers
a) When the value of valuable papers deposited at the BOD is in excess of minimal money amount that has been calculated in accordance with Point b, clause 2 of this Article, respective members participating in clearing settlement may request for the return of deposited valuable papers equivalent to the above-mentioned excessive part;
b) Upon the receipt of valid request for the return of deposited valuable papers, the BOD shall complete procedures for the return of those deposited valuable papers on the following working day.
6. The transfer of deposited valuable papers
In case where any member lacking payment funds, after having carried out solutions as provided for in Article 31 of this Circular, but still fails to have enough funds for payment, the BOD shall perform the transfer of deposit valuable papers of this member at the nearest transaction session of the monetary market or security market. Procedures for the transfer of deposited valuable papers shall be in accordance with provisions of the State Bank.
Article 27: Dealing with the lack of net debt limit in low-value payment
In case the amount in the payment order is in excess of net debt limit, they shall be processed operations as follows:
- To notify the member to immediately increase the net debit limit in accordance with point c clause 2 Article 25 of this Circular in order to perform the dealing with the payment order.
- The payment order shall be performed only when the net debt limit is sufficient.
- The payment orders exceeding the net debit limit shall be cancelled at the moment of stopping the sending of low-value payment orders. Members and member units may perform inquiry service in order to check situation of these payment orders.
Article 28. The performance of clearing settlement
The clearing payment result of low value payment amounts due to the transition of low value and sent by regional processing centers shall be cleared by the National processing center and the last result shall be accounted to payment account of each unit at the BOD. Specifying:
1. At the National processing center
a) Sending messages that provide the guidance on the request for clearing settlement to regional processing centers to get net data of low value;
b) Receiving internal clearing result of each regional processing center and combining with inter-provincial clearing results in the National processing center to clear once more. This clearing result shall be informed to regional processing centers;
c) The National processing center shall perform the clearing settlement:
The accounting shall be made in accordance with the guidance provided for in clause 2, Article 23 of this Circular.
d) The National processing center shall inform the result of clearing settlement to regional processing centers;
2. At regional processing centers
a) On receipt of a request for the sending of clearing result from the National processing center, regional processing centers shall carry out the clearing and send the message requesting for the clearing settlement and clearing results to the National processing center;
b) Receiving the message of confirmation and clearing results from National Processing Center.
Article 29. The supervision of clearing settlement
1. Supervising time
The BOD shall supervise the clearing settlement through the IBP system one hour prior to the stipulated time for settlement sessions in the morning and half an hour for settlement sessions in the afternoon.
2. The order of supervising contents shall be as follows:
a) Verifying and determining the development of funds through the inquiry on the IBP system, monitoring daily diary file.
b) Informing the development of funds to members; anticipating the possibility for the lack of funds and requesting members to take necessary measures for supplementation;
c) Verifying the supplementation of fund to payment account of members who have been informed about the lack of funds before.
SECTION V. DEALING WITH THE LACK OF FUNDS IN IBP
Article 30: Dealing with queue and clearance
1. When payment account of a member lacks money, the National Processing center shall retain payment orders in the queue. When the deficient account of that member unit is supplemented with money, the National processing center shall process the payment order in accordance with the following order: first come – first process. In case where a payment order of a big money amount in the queue obstructs the settlement of other payment orders in the queue, the National processing center may, in the first place, transfer (reverse the queue) unprocessed payment orders in accordance with the order: first come – first process while they still remain the net debt for the big amount that they have received before but kept in the queue due to the deficiency of money.
The queue line shall be managed as follows:
a) Making periodical verification of payment accounts;
b) Sending requests that have been performed the clearing settlement to make settlement in case of sufficient funds;
c) Dealing with requests for cancellation in accordance with the principle: first comes – first process.
2. Units participating in the payment shall be only entitled to cancel payment orders in the queue before the completion of accounting entries; and low value payment orders that have not yet been cleared. The implementation shall be in accordance with following order:
a) On receipt of a cancellation order of a payment order from the initiating unit, the regional processing center shall base on the diary to verify the validity of the cancellation order;
b) If it is a valid operation, the cancellation order shall be transferred to the National processing center;
c) The National processing center shall check the queue, if the operation is in the queue, the cancellation shall be performed; Cancellation result shall be informed to the initiating unit. If the operation is not in the queue, the system shall send the notice on the development of the operation to the initiating unit.
Article 31. Dealing with the case of lacking of payment funds
1. In respect of high value payment order:
a) To supplement funds from funds resources of the members;
b) To supplement funds through operations on monetary market;
c) To temporarily transfer that payment order to the queue; and it shall be processed when sufficient money is provided;
d) The BOD makes overdraft payment or provides loans for members in accordance with provisions of the State Bank;
e) At the end of working day, if respective payment accounts have not yet been provided with sufficient money, high-value payment orders retained in the queue line shall be automatically cancelled. Members and member units shall carry out the inquiry service to verify the development of these payment orders.
2. In respect of low value payment clearing results:
a) Supplement funds from funds resources of the members;
b) Supplement funds through operations on monetary market;
c) The BOD makes overdraft payment in accordance with provisions of the State Bank;
d) At the end of working day, if members who lack funds, still fail to supplement sufficient money for payment of net amounts payable, the BOD shall carry out the clearing payment lending in accordance with provisions of the State Bank.
Article 32. Responsibility for sharing the deficient amounts in the clearing settlement
1. Determination of responsibilities
When any member who lack payment fund, after having carried out all solutions provided for in clause 6, Article 26 of this Circular, still fails to have sufficient payment funds, the State Bank may distribute this deficient amount to other members participating in clearing settlement for sharing as a temporary loan. If any member who fails to bear the distributed deficiency, the State Bank shall request the remaining members participating in clearing settlement to take over the share in this outstanding amount in form of temporary lending. The sharing rate of deficient amount of funds to members participating in clearing settlement shall be based on the respective valuable papers deposited by them in the BOD. In case of bankruptcy of the member who lacks funds, all members who have taken part in sharing the deficient amount of funds of this bankrupt member shall be entitled to enjoy the payment of debts in accordance with provisions of applicable laws on the bankruptcy of enterprises.
2. The share of deficiency in the clearing settlement
a) On receipt of the notice on the distributed amount for sharing the deficient amount, respective distributed members shall send their distributed amount to the account "Deposit" in the BOD at the time determined for payment;
b) On the basis of the notice on distributed amounts, members participating in clearing settlement shall recalculate the outstanding of clearing settlement including the money amount contributed to the distributed deficient amount and send the amended notice on clearing settlement to the BOD for the settlement in accordance with designated time.
3. The return of deficient amount
Any member lacking fund for the implementation of clearing settlement shall refund on time the temporary loan in addition to the interest that is determined in accordance with provisions on overnight lending of the State Bank.
SECTION VI. DEALING WITH THE ERRORS IN THE INTER-BANK ELECTRONIC PAYMENT
Article 33. Principles for adjustment of errors in the IBP system
1. Ensuring the consistency of data between the initiating unit, the receiving unit and the National processing center. Errors shall be corrected at the place where they occur. To strictly forbid the arbitrary correction of data, adjustment of errors in the IBP system.
2. When errors are discovered, measures for adjustment shall be immediately taken to avoid the delay in the payment process. The correction of errors shall comply with principles, methods of error correction by accountants in general and regulations of the IBP system.
3. Any unit, individual, who causes errors or violates principles, methods of error correction shall, depending on the seriousness of errors, be subject to the punishment in accordance with provisions and take full material responsibilities for errors that they cause to related parties.
Article 34. The cancellation and return of payment orders of members and member units
1. Principles
a. A payment order shall be only cancelled in following cases:
- It has been prepared but has not yet been transferred;
- It has been transferred but still in the queue for payment.
b. A payment order shall be only returned in following cases:
- Authorized debit payment order shall be returned only when the initiating unit has not yet paid to customers under the payment order or has paid, but then recovered this payment.
- Credit payment order shall be returned only when the unit that has received the incoming payment order has not yet credited to accounts of customers or credited, but customers have returned.
2. Documents on the cancellation and return of payment orders:
a. Documents on the cancellation of a payment order shall include:
- Cancellation order of a debit payment order: which has the same effect as a credit payment order, made by the initiating unit and sent to the receiving unit to cancel the debit payment order with errors (refund entire money amount);
- Cancellation order of a credit payment order: which is made by the initiating unit to cancel the credit payment order that has not been transferred or has already been transferred but still in the queue (has not been dealt with due to the lack of funds).
b. Documents on the return of a payment order shall include:
- Request for the return of a payment order: which is made by the initiating unit and sent to the receiving unit to request for the return of credit payment order with errors and; is basis for making an outgoing credit payment order of the receiving unit to repay to the initiating unit but on the basis of the full recovery of amount that has been paid or transferred by customers;
- Notice on the refusal of a request for the return of a payment order: which is made by the receiving unit to refuse the request for the return of a credit payment order because they fail to recover money from customers.
3. When member units cancel or return the payment orders, they must perform as promptly as in the case of the settlement of urgent payment orders.
Article 35. Dealing with errors at the unit that initiates payment orders
1. The settlement of errors before transmission of a payment order
a) If any error in the payment order is discovered before the approver signs the electronic signature for sending, the person making order shall base on original documents to correct it;
b) If any error in the payment order is discovered after the approver has signed the electronic signature, a minutes on the cancellation of the wrong payment order shall be made, which states clearly the order code, time and date of cancellation order and is supported by signatures of the approver, checker and person making order related to the payment order with errors. The minutes shall be kept in a separate file for preservation, and a correct payment order shall be prepared for sending.
2. The dealing with errors that are discovered after transmission of payment order
When any error is discovered such as incorrect amount of money (excessive or deficient), incorrect position of Credit and Debit, the initiating unit shall make an immediately verification and inquiry to the receiving unit to take timely measures for dealing. The initiating unit shall make a minutes for defining reasons and personal responsibility clearly and process as follows:
a) In case of deficiency:
Based on the minutes, the initiating unit shall make a supplemental payment order of the deficient amount to send to the receiving unit. The supplemental payment order must state clearly: "supplemental transfer in accordance with debit (or credit) payment order No. ......... dated .................. the amount that has been transferred ............." and accounting entries shall be made in accordance with the guidance in Article 21 of this Circular.
b. In case of excess:
- In respect of an overvalued credit payment order:
Based on the minutes to make a request for the return of a credit payment order of the excessive amount, then immediately send to the receiving unit together with making a transfer order and make following accounting entries:
| Debit: Account "Receivables" (sub-account of individual causing errors) Credit: Appropriate account | The excessive amount on the credit payment order |
To record it in "The book for monitoring requests for the return of credit payment orders that have been transferred".
On receipt of a credit payment order from the receiving unit that repays the above-mentioned excessive money amount, the initiating unit shall:
To record it out "The book for monitoring requests for the return of credit payment orders that have been transferred" and make following accounting entries:
| Debit: Account "Collection, payment in lieu of customers" or other appropriate internal payment account (detailed account for payment to the Head office) Credit: Account "Receivables" (Sub-account of individual causing errors) | The money amount collected and returned by the receiving unit |
In case where the receiving unit refuses the request for the return of the credit payment order for the above excessive amount, because it fails to collect it from customer, the initiating unit shall set up a settlement Committee in accordance with current provisions to determine the responsibility and compensation of the individual who has caused errors.
- In respect of an overvalued debit payment order:
Based on the minutes to make a cancellation order of debit payment order, then immediately send to the receiving unit to cancel the excessive amount on the debit payment order, and make following accounting entries:
| Debit: Appropriate account (one of following accounts): + “Other Receivables pending payment” (if not yet paid to customers) + "Deposit of customers" (if already paid to customers) + "Receivables" (if money has been paid and the account "Deposit of customers" has not enough balance). Credit: Account "Collection, payment in lieu of customers" or other appropriate internal payment account (detailed account for payment to the Head office). | Excessive money on the debit payment order |
In case where the payment has been made to customer, but the balance of deposit account of the customer is not sufficient to perform the order of cancellation of a debit payment order for the excessive amount, the initiating unit shall record into the account "Receivables" (account of individual causing errors), then take all measures for collection of the excessive amount, if the collection fails, the initiating unit shall define the responsibility for the compensation in accordance with provisions of current regime.
On receipt of the notice on the money amount transferred by the receiving unit, the initiating unit shall process and account as follows:
| Credit: Appropriate account (one of following accounts): + "Other receivables pending payment" (if not yet paid to customers) + "Deposit of customers" (if already paid to customers) + "Receivables" (if money has been paid and the account "Deposit of customer" has not enough balance) Debit: Account "Collection, payment in lieu of customers" or other appropriate internal payment account (detailed account for payment to the Head office) | The excessive amount in the debit payment order |
c. In case of error in credit and debit position:
The initiating unit must make a minutes together with a cancellation order of a debit payment order (in respect of the wrong credit payment order) or a request for the cancellation of a credit payment order (in respect of a wrong debit payment order) to cancel entirely the wrong payment order, after that make a correct payment order for sending to the receiving unit.
- The dealing with a credit payment order in this case:
+ Which should have been credited and accounted:
Debit: Appropriate account;
Credit: Account "Collection, payment in lieu of customers" or other appropriate internal payment account (detailed account for payment to the Head office).
+ But has been debited and accounted:
Debit: Account "Collection, payment in lieu of customers" or other appropriate internal payment account (detailed account for payment to the Head office);
Credit: Appropriate account.
+ Now, it shall be adjusted by: making a cancellation order of debit payment order to send to the receiving unit and account:
| Debit: Appropriate account Credit: Account "Collection, payment in lieu of customers" or other appropriate internal payment account (detailed account for payment to the Head office) | Entire amount of money transferred wrongly |
+ After that, making a correct credit payment order for sending out.
- The dealing with a debit payment order in this case:
+ Which should have been debited and accounted:
Debit: Account "Collection, payment in lieu of customers" or other appropriate internal payment account (detailed account for payment to the Head office)
Credit: Appropriate account
+ But has been credited and accounted:
Debit: Appropriate account
Credit: Account "Collection, payment in lieu of customers" or other appropriate internal payment account (detailed account for payment to the Head office)
+ Now, it shall be adjusted by making a request for the return of credit payment order to send to the receiving unit and make a transfer order then make following accounting entries:
| Debit: Account "Receivables" (sub-account of individual causing errors) Credit: Appropriate account | Entire amount of money transferred wrongly |
+ After that, making a correct debit payment order for sending out;
+ On receipt of the credit payment order from the receiving unit to repay the amount transferred wrongly, the initiating unit shall record to the account "Receivables" to settle the amount transferred wrongly.
Article 36. Dealing with errors at the unit that receives payment order
1. The dealing with payment order with errors due to technical errors or payment orders that are discovered to be faked:
In these cases, the receiving unit shall not be permitted to make accounting entries but verify with the sending unit; at the same time inform the regional-processing center for coordination and taking measures of solution.
2. In case where the value of a wrong payment order lacks
Upon receiving a supplemental payment order to transfer the deficient amount from the initiating unit, the receiving unit shall compare and verify strictly the payment order with lacked value and the supplemental payment order, if they are valid, it shall perform the accounting entries as in the case of another regular correct payment order.
3. In case where the value of a wrong payment order is excessive:
a. In case where the excessive value is discovered before the accounting entry is made to the account of the customer: If the receiving unit receives a notice of the inquiry from the initiating unit on the excessive transfer of money before its receipt of the payment order, the receiving unit shall record in the book for monitoring payment orders with errors to take timely measures for settlement;
Upon its receipt of an incoming payment order, the receiving unit shall verify, compare the notice it has received, if the inquiry notified is confirmed to be sent by the sending unit, it shall process as follows:
- In case of a credit payment order, following accounting entries shall be made:
| Debit: Account "Collection, payment in lieu of customers or other appropriate internal payment account (detailed account for payment to the Head office) Credit: Account "Payables" (detailed account) Credit: Account of customer | The total amount
The exact amount |
- In case of a debit payment order, the following accounting entries shall be made:
| Debit: Account of customer Debit: Account "Receivables" (detailed account) Credit: Account "Collection, payment in lieu of customers" or other appropriate internal payment account (detailed account for payment to the Head office) | The exact amount The excessive amount The total transferred amount |
Upon receiving a request for the return of a credit payment order for the excessive amount (in case where the credit payment order is excessive wrongly) or an order of cancellation of a debit payment order for the excessive amount (in case where the debit payment order is excessive wrongly) from the initiating unit, the receiving unit shall process as follows:
- In respect of a credit payment order that is excessive wrongly:
Based on the request for the return of the credit payment order to make an outgoing credit payment order to repay the initiating unit the excessive amount, and to record:
| Debit: Account "Payables" Credit: Account "Collection, payment in lieu of customers" (detailed account for payment to the Head office) | The excessive amount in the excessive-wrongly credit payment order
|
- In respect of a debit payment order that is wrong due to excess:
Based on the cancellation order of the debit payment order to record:
| Debit: Account "Collection, payment in lieu of customers" Credit: Account "Receivables" | The excessive amount in the wrong debit payment |
b. In case of receiving a notice from the initiating unit after the payment has been made to customers, the receiving unit shall record in the book for monitoring payment orders with errors and process as follows:
- In respect of a credit payment order that is wrong due to excess:
Upon receiving a request for the return of the credit payment order for the excessive amount transferred by the initiating unit, if it is correct after control, the receiving unit shall process as follows:
+ In case where the balance in customers' account is sufficient: Based on the request for the return of credit payment order, the receiving unit shall make an out-going credit payment order to return the excessive amount to the initiating unit:
| Debit: Account "Deposit of customer" Credit: Account "Collection, payment in lieu of customers" or other appropriate internal payment account (detailed account for payment to the Head office) | The excessive amount payable to the initiating unit |
+ In case where the balance in customers' account is not sufficient to collect, the receiving unit shall record it in the book for monitoring the unperformed request for the return of credit payment order and request customers to deposit money to their account to perform this request for return. When the required deposit is sufficiently made, accountant shall record putting this request from the return monitoring book and make a credit payment order for sending to the initiating unit and make accounting entries as guided above;
+ In case where a customer can not make payment or it is impossible to identify a customer, the receiving unit shall cooperate with local government and law protecting agencies such as Police, Court, etc, to take any measure for the collection of amounts. If the collection fails to proceed or fully succeed, the receiving unit may refuse the acceptance of request for the return of credit payment order by making a notice on the refusal of the request for the return of the credit payment order and stating clearly the reasons thereof and transfer the collected funds (if any) to the initiating unit and record putting the unperformed request for the return of the credit payment order from the book.
4. The adjustment of other errors
In respect of a payment order with wrong address of customer (A payment order that has been transmitted correctly to the receiving unit but nobody receives or the order receiver has account at other bank), with wrong name, account No. of payment order receiver (correct name but wrong account No. or vice versa), symbol of vouchers, of profession types, the receiving unit shall process as follows:
a. For credit (debit) payment orders that the receiving unit has received, but has not yet made accounting entries, shall be accounted to the account "Payables (receivables)", then a payment order shall be made to return to the initiating unit. The continuous transfer of money is strictly forbidden.
b. For performed payment orders, the receiving unit shall process as similarly as stated in Point b, clause 3, of this Article.
Article 37. The cancellation and return of payment order upon customers' request
1. The processing at the initiating unit:
Upon receipt of a request for the return of a credit payment order or a cancellation order of a debit payment order of customer, the initiating unit shall verify the validity of these vouchers and compare with the payment order that is going to be cancelled. If they are invalid, unit shall return them to customer. If they are valid, unit shall process as follows:
a. In case of a payment order that has not yet been performed or sent: it shall be processed in accordance with procedures for the cancellation of payment orders, the initiating unit shall send its customers a notice on the acceptance of the cancellation order and not perform that payment order (not performing any accounting entry);
b. In case of a payment order that has been performed and sent but still retained in the queue at the National processing center (because the payment account has not been provided with sufficient money), it shall be processed in accordance with cancellation procedures (accounted) of the payment order:
- In respect of a cancellation order of a credit payment order:
+ Based on the valid request for the cancellation of customers, accountant of money transfer shall supplement essential elements of the cancellation order in accordance with applicable provisions (Form No. TTLNH-05) and sign his electronic signature in the cancellation order;
+ The approver shall control again elements of newly made cancellation order and the request for cancellation of customers to ensure the accuracy and correctness. If everything is correct, the approver shall sign his electronic signature in cancellation order for sending;
+ The initiating unit shall record it in the book for monitoring cancellation orders of credit payment orders that have been sent (not accounting in balance sheet).
The National processing center shall send the initiating unit a notice on the implementing result of the request for cancellation. The initiating unit shall print and verify information stated in the notice, if the cancellation is successful, both person making order and approver shall sign for confirmation in the notice and perform following accounting entries:
Debit: Account "Collection, payment in lieu of customers" or other appropriate internal payment account (detailed account for payment to the Head office);
Credit: Appropriate account of customers (that has been deducted for previous transfer).
If the cancellation is not successful (because the payment order has not been retained in the queue), the initiating unit shall process in accordance with procedures for the return request as guided in Point c, clause 1 of this Article.
- In respect of an order of cancellation of an authorised debit payment order:
Based on the cancellation order, the initiating unit shall deduct the amount of money from account of customers that has been credited before to transfer to the receiving unit:
Debit: Following appropriate accounts:
- "Other receivables pending payment" (in case where customers have not yet been paid);
- "Deposit" of transfer unit (in case where customers have been paid).
Credit: Account "Collection, payment in lieu of customers" or other appropriate internal payment account (detailed account for payment to the Head office).
c. If the payment order has been dealt with and sent, the National processing center has made accounting entries, the initiating unit shall make a request for the return of the payment order and:
- In respect of a request for the return of a credit payment order:
+ Based on the valid request for the cancellation of customers, the person making order shall supplement essential elements of the request for the return in accordance with applicable provisions (Form No. TTLNH-06) and sign his electronic signature in the return request.
+ The approver shall control again elements of newly made request for the return and the request for cancellation of customers to ensure the accuracy and correctness. If everything is correct, the approver shall sign his electronic signature in the return request for sending to the receiving unit;
+ The initiating unit shall record it in the book for monitoring requests for the return of credit payment orders that have been sent (not accounting in balance sheet);
+ Upon receipt of sufficient money amount (of the cancelled credit payment order) returned by the receiving unit, the initiating unit shall account and repay to customers. Based on the credit payment order of the receiving unit, it shall record to put this credit payment order out the book for monitoring requests for the return of sent credit payment orders and perform following accounting entries:
Debit: Account "Collection, payment in lieu of customers or other appropriate internal payment account (detailed account for payment to the Head office).
Credit: Appropriate account of customers (that has been deducted for previous transfer)
- In respect of a cancellation order of an authorised debit payment order:
Based on the cancellation order, the drawing unit shall deduct an amount of money from account of customers that has been credited previously in order to transfer to the receiving unit:
Debit: following appropriate accounts:
- “Other receivables pending payment” (in case where customers have not yet been paid);
- “Deposit of transfer unit” (in case where customers have been paid).
Credit: Account "Collection, payment in lieu of customers" or other appropriate internal payment account (detailed account for payment to the Head office).
2. The processing at the receiving unit:
Upon receipt of a request for the return (in respect of a credit payment order), or a cancellation order (in respect of a debit payment order) from the initiating unit, the receiving unit shall verify the validity of the return request (or cancellation order) and collate them with the received payment order and settle in accordance with procedures for the return.
a. If any error in the request for the return is discovered, the receiving unit shall make a notice on the refusal of the request for the return of the credit payment order (stating clearly the reasons for the refusal) to return to the initiating unit (not performing any accounting entry);
- If the cancellation order has any error, the receiving unit shall settle it as in the case of an incoming credit payment order with errors.
b. If the request for the return (or cancellation order) is valid, the receiving unit shall settle as follows:
* In respect of cancellation or return of an incoming payment order that has not yet been performed:
The receiving unit shall immediately send a notice on the acceptance of the return request or cancellation order to the initiating unit and settle as follows:
- In case of cancellation of an incoming credit payment order:
+ Based on the incoming credit payment order (cancelled credit payment order), following accounting entries shall be made:
| Debit: Account "Collection, payment in lieu of customers" or other appropriate internal payment account (detailed account for payment to the Head office) Credit: Account "Receivables" | The money amount stated in the cancelled credit payment order |
+ Based on the request for cancellation to make an outgoing credit payment order for return to the initiating unit, and make following accounting entries:
| Debit: Account "Payables" Credit: Account "Collection, payment in lieu of customers" or other appropriate internal payment account (detailed account for payment to the Head office) | The money amount stated in the credit payment order to be returned to the initiating unit |
- In case of cancellation of an incoming debit payment order:
+ Based on the incoming debit payment order (the cancelled debit payment order), to make following accounting entries:
Debit: Account "Receivables";
Credit: Account "Collection, payment in lieu of customers" or other appropriate internal payment account (detailed account for payment to the Head office).
+ Concurrently, based on the incoming cancellation order to account:
Debit: Account "Collection, payment in lieu of customers" or other appropriate internal payment account (detailed account for payment to the Head office);
Credit: Account "Payables".
* In respect of the cancellation of a payment order that has been performed:
- In respect of the request for the return of an incoming credit payment order:
+ If the incoming credit payment order has been performed, the receiving unit shall immediately send the request for the return to customer for notice. Only in case where the customer accepts (in writing) or pay cash, and make a payment voucher to deduct his account for refund, the receiving unit can implement the request for the return, and perform following accounting entries:
Debit: Appropriate account (that has been credited in accordance with the cancelled credit payment order);
Credit: Account "Collection, payment in lieu of customers" or other appropriate internal payment account (detailed account for payment to the Head office).
And then, the receiving unit shall send the notice on the acceptance of the request for return to customer and the initiating unit for knowledge.
+ In respect of the return request that is not accepted for refund by customer, the receiving unit shall make a notice on the refusal of the request for the return, stating clearly the reasons and send to the initiating unit (not accounting in balance sheet).
- In respect of an incoming cancellation order of a debit payment order:
Based on the incoming cancellation order, the receiving unit shall account:
Debit: Account "Collection, payment in lieu of customers" or other appropriate internal payment account (detailed account for payment to the Head office);
Credit: Appropriate account (that has been debited before).
And then, the receiving unit shall send a notice on the acceptance of the cancellation order to customer and the initiating unit for knowledge.
If the request for cancellation of a credit payment order or a debit payment order attached to a correct payment order for replacing the cancelled payment order, the receiving unit shall open a book for strictly monitoring payment orders to avoid making twice payment to customers.
Article 38. Verification and response to the verification
In case where several elements in the payment order are discovered to be inaccurate (except for such elements as: bank code, the nature of debit and credit, implementing date, amount of money, type of payment), the settlement shall be made as follows:
1. Unit that sends payment order must make verification to correct information or the receiving unit shall make verification to request the sending member to correct information.
2. Procedures for the settlement of verifying message include:
a) Making message
- The person making order imports data;
- The approver shall control and sign his electronic signature;
- Sending message to the regional processing center; printing the content of the message and both two persons sign in the printed message.
b. Receiving message
- The approver shall check electronic signature;
- Both the person making order and approver shall sign in the printed message.
3. Preservation of verifying documents and response to the verification
Documents on verifying and response to the verification with sufficient signatures shall be kept with the original transfer order and be the basis for making payment to customers.
Article 39. Dealing with technical errors in the IBP system
1. Common errors
a. In case where hardware, software, database and communication line occur errors, operations cannot be implemented due to errors of terminal access device, the notification of errors shall be performed as follows:
- Errors occurring at members and member units: they shall be informed to the regional processing center and National processing center;
- Errors occurring at the regional processing center: they shall be informed to the National processing center, relevant members and member units;
- Errors occurring at the National processing center: they shall be informed to regional processing centers or the entire system;
- Errors occurring at the State bank’s branches of provinces, cities: they shall be informed to the national processing center and regional processing center connecting.
b. Mode of notice transmission: through computer network, by fax or telephone;
c. Members, member units and regional processing centers shall be responsible to report and promptly settle occurring errors within the scope of their management; and coordinately settle other arising errors of the IBP system upon request.
2. Irresistible errors
Irresistible error is the error arising from events beyond the control scope of the person who manages, conducts the IBP system and unpredictable. The settlement shall be performed as follows:
a) Reporting to the executive committee of the system on the development of irresistible errors;
b) The executive committee shall consider and make decision on solution. If it is necessary to use the backup system, the executive committee shall decide on the time for moving to the backup system and make notification as follows:
- Moving to the backup National processing center: regional processing centers; members and member units shall be informed;
- Moving to backup regional processing center: other regional processing centers and units under the management of the regional processing center that is subject to this movement shall be informed.
c. The media of notice transmission: through computer network, by Fax, or by telephone;
d. Methods, contents of copy and preservation of data for backup system must comply with procedures as provided for in operating process of inter-bank electronic payment system.
3. The settlement of cases that cannot send or receive payment orders due to technical breakdown or failure of information transmission
a) In respect of an outgoing payment order
- When payment order has been sent, but member units have not yet received the confirmation from the regional processing center due to technical breakdowns, they shall implement as follows:
+ Making inquiry to accurately update the current status of the payment order at the regional processing center.
+ Payment orders that have not yet been completely performed after making inquiry shall be settled as follows:
* Re-sending unfinished payment order to complete the transfer of money.
* After re-sending, if the payment order still can not be completely performed, member units shall make the cancellation order (in the queue) of payment order. Based on the result of successful cancellation sent by the regional-processing center, the person making order and the approver shall sign for confirmation and preserve this result in the paper. After the success of the cancellation and completion of necessary procedures, member units may make another payment order with new accounting entries for replacing the order that has been cancelled before or for repaying to customers.
* In case where the re-sent payment order is still unsuccessful and can not be cancelled, member units shall make the minutes to record above breakdowns. Based on the collating result of orders transferred at the end of the day and the result of the coordination in settlement between member units and the National processing center, member units shall decide on keeping or remain accounted entries or repay money or make new payment order for customers.
- Because of technical breakdowns, the outgoing collating table at the end of the day may not be in balance, member units shall make inquiry to the regional processing center to update the development of different orders, and make the minutes to confirm the current status. The last result of outgoing collating table shall be based on the latest status of payment orders and the result of coordination in settlement between members and the National processing center.
b. In respect of incoming payment order
- In case where some technical breakdowns make the decryption and the receipt of file of incoming payment orders impossible, member units shall request the National processing center to change the status of file and go on the receipt, decryption, reexamination and the print of incoming payment orders.
c. In case of occuring technical breakdowns on the outgoing payment orders or incoming payment orders, member units shall verify, collate carefully to avoid the sending many times (for the outgoing payment order) or excessive accounting (for the incoming payment order)
d. The breakdown that makes the connection to the regional processing center or the State bank’s branches in provinces, cities impossible:
- In case of breakdowns of computer, modem, telephone, etc, which make member units unable to connect to the regional processing center or the State bank’s branches in provinces, cities to get the confirmation, collating result and other information. Member units shall inform the standing executive committee through other means (Fax, telephone, etc) on those breakdowns. In respect of incomplete payment orders, member units shall make payment to customers only when above breakdowns are overcome and the last status of payment orders is confirmed.
e) In respect of some other special technical breakdowns:
- The system may meet some other special technical breakdowns, in each specific case, the executive committee shall consider and make decision on suitable technical measures for solution.
SECTION VII. REPORT AND DEALING WITH REPORTS
Article 40: Daily reports at the Operation Center of the State Bank
1. The preparation of report on daily money transfer of the IBP system
After the completion of collation of daily money transfer, the BOD shall make (create) a report on daily payment of entire IBP system in form of electronic voucher, including following types:
a. Operation consolidation under each member unit (Form No. TTLNH-10);
b. Operation consolidation under the member (Form No. TTLNH-11);
c. Balance-sheet of money transfer (Form No. TTLNH-12);
d. Accounting statement (Form No. TTLNH-13);
dd. Consolidation of actualization results (Form No. TTLNH-14);
e. Consolidation of accounting results (Form No. TTLNH-15).
2. Dealing with reports:
a) Payment controller of the BOD must control again the report on daily money transfer (including electronic and paper voucher) and verify balances in accordance with applicable provisions to ensure the accuracy and correctness of report making steps and data reflected in forms;
b. Daily report of the entire IBP system shall be preserved after having been completely controlled and collated for the correctness in accordance with provisions and the controller of payment shall directly sign in the report. The preservation of daily report on money transfer of entire IBP system shall be performed as follows:
- For paper voucher: All reporting forms (with sufficient signatures and seal) shall be archived under applicable provisions on paper voucher;
- For electronic voucher: Daily report on money transfer of entire IBP system shall be archived under applicable provisions on electronic voucher.
1. In respect of member units
a) Report on outgoing money transfer (Form No. TTLNH-16);
b) Report on incoming money transfer (Form No. TTLNH-17);
c) Collation of outgoing money transfer (Form No. TTLNH-18);
d) Collation of incoming money transfer (Form No. TTLNH-19);
e) Payment statement result of member unit (Form No. TTLNH-20).
2. The settlement of reports
a. Control
- Debit (Credit) turnover in Form No. TTLNH-16 must be equal to that in Form No. TTLNH-18;
- Debit (Credit) turnover in Form No. TTLNH-17 must be equal to that in Form No. TTLNH-19;
- The difference between collating results in Form No. TTLNH-18 and TTLNH-19 must be zero.
b. The settlement of reports with errors
In the event of errors, member units shall contact with the National processing center for coordination and processing.
3. The preparation of reports at Head office of members:
a. Report on outgoing money transfer (Form No. TTLNH-16);
b. Report on incoming money transfer (Form No. TTLNH-17);
c. Collation of outgoing money transfer (Form No. TTLNH-18);
d. Collation of incoming money transfer (Form No. TTLNH-19);
dd. Payment result of member unit (Form No. TTLNH-20);
g. Payment result of member (Form No. TTLNH-21).
4. Reports on daily electronic money transfer of both Head office and member units shall, after being used for collation and consolidation of reports, be archived in accordance with current provisions.
Units shall make monthly report in accordance with provisions on current regime of reporting and information of the State Bank.
SECTION VIII. CONDITIONS OF AND PROCEDURES FOR PARTICIPATION IN THE IBP SYSTEM
Article 43: Membership conditions
1. All members participating in the IBP system must be organizations supplying payment services and comply with following conditions:
a) Having a payment account at the Banking Operation Department;
b) Maintaining the balance of payment account to secure the performance of the payment orders and clearing settlement through the IBP system;
c) Setting up, maintain and manage net debit limit in case participating in low-value payment service;
d) Registering name, position, sample signature and contact address of officers who are assigned or authorized to perform the IBP of their unit;
e) Registering terminal access device, communicative channel and possessing electronic signature issued by the Department of Informatics and Technology.
2. Units of the State Bank system shall only be required to comply with points d, e clause 1 of this Article.
Article 44: Member unit conditions
Member units participating in IBP System must comply with the following conditions:
1. Having the consent of the member directly managing it;
2. Registering name, position, sample signature and contact address of officers who are assigned or authorized to perform the IBP of unit;
3. Registering terminal access device, communicative channel and possessing electronic signature issued by the Department of Informatics and Technology.
Article 45. Procedures for the participation in and withdrawal from the IBP system
1. Payment services suppliers wishing to participate in the IBP system shall submit a dossier (Form No. TTLNH-01) to the Executive Committee of the IBP system. If being accepted, such dossier shall be entitled to perform high-value payment service.
2. Members wishing to participate in low-value payment service must have:
- Registration for use of low-value payment service (Form No. TTLNH-01);
- A BOD’s written confirmation on having set up the net debt limit.
3. Members wishing to participate in debt payment service must have:
- Registration for use of debt payment service (Form No. TTLNH-01);
- A contract of authorization made prior for debt payment among members. The contract must include the following elements:
+ The daily maximum limit used for debt payment among members;
+ The maximum limit of a debt payment order without debt confirmation;
+ The effect time limit of contract.
4. In case organizations attached member wishing to become member units of the IBP system, that member shall register list of units participating in system (Form No. TTLNH-03) and send it to the Executive Committee. If being accepted, such member unit shall be enjoyed rights to perform high-value payment and low-value payment services, authorized debt payment of member that it belongs to.
5. Members and member units wishing to withdraw from the IBP system shall submit an application for the withdrawal from the system to the Executive Committee of the IBP system 30 days prior to the planed date of the withdrawal from the IBP system (Form No. TTLNH-02).
6. Dossier of participation in or withdrawal from the system, registration for service use, may be sent via post to the State bank (the Executive Committee of the IBP system) or directly file at office of the State bank.
7. Within 30 working days, after receiving full and valid dossier, the Executive Committee of the IBP system shall inform the result of dossier processing to members and member units that apply for the participation in (or withdrawal from) the system and all members participating in the IBP system via post or computer network of the State bank.
Upon receipt of the notice from the Executive Board on the acceptance of the application for the withdrawal from the system, members and member units shall stop the participation in the IBP system at the time stipulated by the Executive Board.
Article 46. Head office of Members
1. To manage payment and settlement activities, net debt limits of the IBP system within the scope of their management.
2. To receive and process electronic data from the National processing center by the end of working day. The content of data includes:
a. Accounted amount receivable (payable) to payment accounts of Head office;
b. Accounted amount receivable (payable) of each member unit, through this data, the Head office shall account and settle accounts "Collection, payment in lieu of member units".
c. The detailed description of each incoming and outgoing payment order of all member units in the IBP system.
Article 47. Rights and obligations of members and member units
1. Members and member units shall have right:
a) To use all payment services that they are permitted to perform and supplied by the IBP system.
b) To request the National processing center to give the confirmation on its receipt of payment order sent by them and to supply information relating to the implementation of that payment order;
c) To request the National Processing Center to cancel the payment order in accordance with provisions stated in this Circular;
d) To directly complain about members who cause errors, lateness in the implementation of payment order with a compensation level limited within the amount of money to be transferred and fine for the delay in payment in accordance with current regime.
e) To request units receiving orders to accept the compensation order for the lateness in the payment of debit transfers with valid authorization. The compensation level shall be limited within the amount to be transferred and fine for the delay in payment in accordance with provisions of current regime.
2. Members and member units shall have obligations:
a) To comply with provisions on the preparation and sending of payment order through the IBP system and to be responsible for the accuracy of data and contents relating to that payment order.
b) To coordinate with the National processing center, the regional processing center, other members and member units to deal with errors arising during the operating process of the IBP system and movement to the backup system;
c) In case where the initiating unit violates provisions on the preparation, sending of payment order or data, contents in payment order are not correct leading to the lateness in the payment, the loss of money and causing other material damages, that unit shall be responsible for the damages caused by their fault;
d) To comply with provisions on charges and charge management in the IBP in accordance with Article 8 of this Circular;
dd) Not to reveal or provide information taken through the IBP system to any subject who has no relevant responsibility;
e) To take responsibility for sharing deficient amounts with other members in case where any member suffers from the lack of capital for the clearing settlement.
SECTION IX. THE MANAGEMENT OF IBP SYSTEM
Article 48. The Executive Committee of the IBP system
1. The Governor of State Bank shall decide on establishment of the Executive Committee of the IBP system with following members: Committee Head and Representatives of Heads of several units at the Head office of the State Bank and Commercial Bank.
2. The Executive Committee shall implement tasks that are prescribed in Regulation issued by the Governor.
Article 49. The Operation Department of the SBV (BOD)
1. To implement functions of the regional processing center
To associate with the National processing center to carry out procedures of high value and low value payments between headquarters of members.
2. Supervision and management of payment accounts.
a) The supervision and management of payment account balance of members:
- Every day, at the commencement of a working day, the BOD shall determine the balance of payment account of members to perform payment activities during a day of units;
- To settle arising money transfers of member units in case where their capital are in need of supplement;
- To update (at the end of the day) and synchronize payment accounts in the accounting system of the BOD.
- To update information on the development of payments accounts.
b) Through the National processing center, the BOD shall immediately and at any time, provide following information under electronic forms to member units:
- The balance of payment accounts;
- The development of requests for the transfer of money;
- File of money transfer operations that have been settled;
- The development of requests for clearing settlement;
- The development of requests for the settlement pending treatment in the queue;
- The development of cancelled requests for the settlement.
3. Managing the clearing settlement
a) To monitor, control the maintenance of net debt limit of members under provisions of the State Bank;
b) To monitor, calculate and maintain the limit for payments that do not use the limit;
c) To deal with operations relating to the deposit of valuable vouchers;
d) To supervise the clearing settlement in accordance with provisions stated in Article 29 of this Circular.
4. To implement functions of a member participating in the IBP system.
To fully comply with provisions of a member participating in the IBP system.
Article 50: The Department of Finance and Accounting
1. To manage the accounting of payments by transfer through the IBP system of the units of SBV
a) To control and collate the accounting and payment data of the transfers between units of SBV;
b) To consolidate the daily, monthly accounting data of transfers of units of SBV;
c) To make yearly settlement of payments by transfer among units of SBV in accordance with regulation.
2. To implement functions of a member participating in the IBP system
To fully comply with provisions of a member participating in the IBP system.
Article 51. The Payment Department
To monitor the control and collation of the IBP system.
Article 52. The Informatic and Technology Department
1. To manage, operate the National Processing Center, Backup National Processing Center.
2. To cooperate with units: the State Bank’s Branches in Hanoi, Ho Chi Minh, Da Nang, Hai Phong, Can Tho cities and the Operation Department in management, operation of regional processing centers.
Article 53. The State Bank’s Branches in provinces and cities
1. To request the National Processing Center and regional processing center to give the confirmation on receipt of payment orders sent by them and to supply information relating to the implementation of those payment orders;
2. To cooperate to connect member units in area to participate in the IBP system;
3. To ensure the technical conditions in their management area for the smoothly operation of IBP system.
4. To cooperate with National Processing Center, regional processing center, members and member units to resolve errors arising in the process of operation of the IBP systems as well as movement to the backup system.
SECTION X. DISPUTE AND DISPUTE SETTLEMENT
Article 54. The settlement of disputes arising due to breakdown of the IBP system
1. Settlement of disputes among members.
a) When disputes occur, participating members shall solve by conciliation measure on the basis of mutual belief;
b) In case where disputes cannot be resolved through mutual conciliation, parties may request the executive committee of the IBP system to resolve. Upon the consideration of files submitted by parties, the executive committee shall give out measure for the settlement or hold a meeting among parties involved in the disputes to listen to opinions of parties before giving out measure for the settlement;
c) In case where parties do not satisfy with settlement measure of the executive committee, they may request for the solution in accordance with provisions of applicable laws.
2. Settlement of disputes with customers
When any dispute with customers arises, the involved parties shall be responsible for providing, exchanging data with each other and report to competent authorities for solution.
Article 55. Procedures and time for complaint and dispute settlement
1. In the event of error and lateness in payment, members may directly submit a complaint to the party that causes damages to them. The time limit for complaining is one month at the most from the date when the receiving unit receives payment order; Within 10 days from the date of its receipt of the complaint, the complaint receiving party must explain clearly reasons for those errors and lateness. If errors are caused by the complaint receiving party, the receiving party shall be responsible for compensation for suffering party within one month from the receiving date of the complaint.
2. In case where disputing parties request the executive committee to resolve, they must submit an application for conciliation attached with necessary data to the executive committee. On receipt of request for the dispute reconciliation from relevant members and through the verification of received data, the executive committee shall carry out the dispute conciliation on the basis of satisfactory, appropriate analysis and settlement between parties. Within 15 days, after getting the opinion of the executive committee, relevant members shall be responsible for the implementation of this opinion.
3. In case where dispute is solved by an economic Court, disputing parties shall comply with sufficient procedures as provided for by applicable laws.
SECTION XI: VIOLATIONS AND DEALING WITH VIOLATIONS
1. Operations occur many times in the queue of the National processing center due to inappropriate supervision of the balance of payment accounts or improper management payments;
2. To leak or disclose information which are indissoluble relating to the IBP system;
3. To assign unauthorized person to prepare, transmit transactions through the IBP system;
4. To intentionally delay procedures for the return of payments which have been performed with errors;
5. To transfer money into account of receiver after stipulated time;
6. To be late in crediting in deposit account of the designated receiving party, although customers have received notice on their transfer of money from bank after their transfer of money;
7. Not to comply with the timely pledge of vouchers at request of the State bank;
8. To obstruct the operation of the IBP system due to the violation of Regulations and Circulars of the State Bank.
Article 57. Dealing with violations
Any act of violation of this Circular shall, depending on the nature, seriousness, be subject to administrative punishment in accordance with law on administrative punishment in banking area or be prosecuted for criminal liability and be responsible for material compensation for damages caused by them in accordance with provisions of applicable laws.
SECTION XII. IMPLEMENTING PROVISIONS
This Circular takes effect on January 01, 2011 and replaces the following documents:
- The Decision No. 309/2002/QD-NHNN dated 9/4/2002 of the Governor of SBV on the regulations of inter-bank electronic payment;
- The Decision No. 349/2002/QD-NHNN dated 17/4/2002 of the Governor of SBV on the regulations of the setting up, issuance, management and use of secrecy code in the inter-bank electronic payment system building;
- The Decision No. 1571/2005/QD-NHNN dated 31/10/2005 of the Governor of SBV on amendment, supplement of several articles of the regulation on inter-bank electronic payment issued in conjunction with the Decision No. 309/2002/QD-NHNN dated 09/04/2002 of the Governor of the state bank.
- The Decision No. 1014/2005/QD-NHNN dated 11/7/2005 of the Governor of SBV on the amendment, supplement of several articles of the technical process of electronic money transfer operation in the state bank system issued in conjunction with the Decision No. 134/2000/QD-NHNN2 dated 18/04/2000 by the Governor of the state bank;
- The Decision No. 33/2006/QD-NHNN dated 28/07/2006 of the Governor of the state bank of Vietnam on the amendment, supplement of Article 13 of the Regulation on inter-bank electronic payment issued in conjunction with the Decision No. 309/2002/QD-NHNN dated 09/4/2002 of the Governor of the state bank;
- The Decision No. 34/2006/QD-NHNN dated 28/7/2006 of the Governor of the State Bank on the amendment, supplement of clause 1, article 1 of the Decision No. 1014/2005/QD-NHNN dated 11/7/2005 of the Governor of the state bank on the amendment, supplement of several articles of the technical process of electronic money transfer operation in the state bank system issued in conjunction with the Decision No.134/2000/QD-NHNN2 dated 18/4/2000 by the Governor of the state bank.
Article 59: Implementation organization
1. The Payment Department shall guide professional operations relating to the IBP System.
2. The Department of Finance and Accounting shall guide the detail accounting at units of SBV participating in the IBP system.
3. The Department of Informatics and Technology shall guide and check implementation of the technical Process of the IBP system operation.
4. Chief of office, and heads of units of the SBV, Directors of the SBV’s branches in provinces and centrally-run cities, General Directors (Directors) of members shall be responsible for implementing this Circular.
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| FOR THE GOVERNOR OF THE STATE BANK |
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- 1 Decision No. 33/2006/QD-NHNN of July 28, 2006, on the amendment, supplement of article 13 of the regulation on Inter-bank electronic payment issued in conjunction with the Decision No. 309/2002/QD-NHNN dated 9 April 2002 of the Governor of the State Bank
- 2 Decision No. 34/2006/QD-NHNN of July 28, 2006, on the amendment, supplement of paragraph 1, article 1 of the Decision No. 1014/2005/QD-NHNN dated 11/7/2005 of the Governor of the State Bank on the amendment, supplement of several articles of the technical process of electronic money transfer operation in the State Bank system issued in conjunction with the Decision No.134/2000/QD-NHNN2 dated 18 April 2000 by the Governor of the State Bank
- 3 Decision No. 349/2002/QD-NHNN of April 17th, 2002, on the issuance of the regulation on the setting up, issuance, management and use of secrecy code in the inter-bank electronic payment system.
- 4 Decision No. 1014/2005/QD-NHNN of July 11, 2005, on the amendment, supplement of several articles of the technical process of electronic money transfer operation in the state bank system issued in conjunction with the Decision No. 134/2000/QD-NHNN2 dated 18 April 2000 by the Governor of the State Bank
- 5 Decision No. 1571/2005/QD-NHNN of October 31, 2005, on the amendment, supplement of several articles of the regulation on inter-bank electronic payment issued in conjunction with the Decision No. 309/2002/QD-NHNN dated 9 April 2002 of the Governor of the State Bank
- 6 Decision No. 309/2002/QD-NHNN of April 09th, 2002, on the issuance of the regulation on inter-bank electronic payment.
- 7 Circular No.13/2013/TT-NHNN of June 11, 2013, on amending and supplementing a number of articles of the Circular No. 23/2010/TT-NHNN regulating on the management, operation, and use of inter-bank electronic payment system
- 8 Circular No. 37/2016/TT-NHNN dated December 30, 2016, management, operation and use of the national interbank electronic payment system
- 9 Circular No. 37/2016/TT-NHNN dated December 30, 2016, management, operation and use of the national interbank electronic payment system
- 1 Law No. 46/2010/QH12 of June 16, 2010, on the State Bank of Vietnam
- 2 Law No. 47/2010/QH12 of June 16, 2010, on credit institutions
- 3 Decree No. 96/2008/ND-CP of August 26, 2008, defining the functions, tasks, powers and organizational structure of The State Bank of Vietnam.
- 4 Decision No. 04/2008/QD-NHNN of February 21, 2008, on the issuance of regulation on the issuance, management, use of digital signature, digital deed and digital signature certification service of the State Bank of Vietnam
- 5 Decree of Government No. 35/2007/ND-CP of March 08, 2007 on banking e-transactions
- 6 Decree No. 26/2007/ND-CP of February 15, 2007, detailing the implementation of the law on e-transactions of digital signatures and digital signature certification service
- 7 Law no. 51/2005/QH11 of November 29, 2005 on E-transactions
- 8 Law No. 03/2003/QH11 of June 17, 2003, on accounting
- 9 Decree No. 64/2001/ND-CP promulgated, on payment activities via payment service-providing organization.