Thông tư 08/2024/TT-NHNN quy định về quản lý, vận hành và sử dụng Hệ thống Thanh toán điện tử liên ngân hàng Quốc gia do Thống đốc Ngân hàng Nhà nước Việt Nam ban hành
| Số hiệu | 08/2024/TT-NHNN |
| Loại văn bản | Thông tư |
| Cơ quan | Ngân hàng Nhà nước Việt Nam |
| Ngày ban hành | 25/06/2024 |
| Người ký | |
| Ngày hiệu lực | |
| Tình trạng |
|
THE STATE BANK OF VIETNAM |
THE SOCIALIST REPUBLIC OF VIET NAM |
|
No. 08/2024/TT-NHNN |
Hanoi, June 25, 2024 |
CIRCULAR
PRESCRIBING MANAGEMENT, OPERATION AND USE OF NATIONAL INTERBANK ELECTRONIC PAYMENT SYSTEM
Pursuant to the Law on the State Bank of Vietnam dated June 16, 2010;
Pursuant to the Law on Credit Institutions dated January 18, 2024;
Pursuant to the Law on Electronic Transactions dated June 22, 2023;
Pursuant to the Government’s Decree No. 52/2024/ND-CP dated May 15, 2024 prescribing non-cash payment;
Pursuant to the Government's Decree No. 102/2022/ND-CP dated December 12, 2022 prescribing functions, tasks, powers and organizational structure of the State Bank of Vietnam (SBV);
At the request of the Director of the Payment Department;
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Chapter I
GENERAL PROVISIONS
Article 1. Scope and regulated entities
1. Scope
This Circular introduces regulations on management, operation and use of the National Interbank Electronic Payment System (NIEPS) serving payment and settlement between the units participating in this system in Vietnamese dongs (VND), US dollars (USD), Euros (EUR) and other foreign currencies decide by the Governor of the State Bank of Vietnam (hereinafter referred to as “SBV”) in each period.
2. Regulated entities
Participants and affiliated participants of NIEPS, NIEPS operator, electronic clearing house (ECH) managers, and relevant units of SBV.
Article 2. Definitions
For the purposes of this Circular, these terms shall construed as follows:
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2. “high-value payment service” means a service provided by the NIEPS to process payment orders in VND using the real-time gross settlement method.
3. “low-value payment service” means a service provided by the NIEPS to process payment orders in VND using the clearing settlement method.
4. “foreign payment service” means a service provided by the NIEPS to process payment orders in foreign currencies using the real-time gross settlement method.
5. “order-creating unit” means a participant or affiliated participant that creates and processes (sends) a payment order on behalf of its client.
6. “order-receiving unit” means a participant or affiliated participant that receives and processes a (received) payment order on behalf of its client.
7. “affiliated participant” means an entity of or affiliated to a participant that participates in NIEPS at the request of that participant.
8. “NIEPS operator” means the unit that directly takes charge of operating the NIEPS.
9. “net debit cap” means the maximum value of low-value payments to be settled by clearing.
10. “participant’s solvency” means the balance on the participant’s checking account opened at the SBV Operations Center plus that participant’s existing overdraft limit at a given time.
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12. “payment order” means an electronic message used for making a payment in the NIEPS.
13. “credit order” means a payment order that is created by the order-creating unit to debit a certain amount from a client’s account opened at the order-creating unit and credit the same amount to another client’s account opened at the order-receiving unit.
14. “debit order” means a payment order that is created by the order-creating unit to debit a certain amount from a client’s account opened at the order-receiving unit and credit the same amount to another client’s account opened at the order-creating unit.
15. “low-value payment order” means a payment order in VND made using low-value payment services.
16. “high-value payment order” means a payment order in VND made using high-value payment services.
17. “foreign currency payment order” means a payment order in a foreign currency made using foreign currency payment services.
18. “electronic message authentication code” means the symbol of an electronic file containing information about the status of payment orders in the NIEPS.
19. “approver” means a competent person of a participant or affiliated participant. If an affiliated participant is an affiliated unit of the SBV, the approver shall be its head or his/her authorized person.
20. “controller” means chief accountant, acting chief accountant or an authorized person of a participant or affiliated participant who takes charge of controlling payment orders.
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22. “recipient” means an organization or individual that receives payment orders via a participant or affiliated participant.
23. “sender” means an organization or individual that requests a payment order to be created via a participant or affiliated participant.
24. “settlement” means a process of determination and payment of the final value between relevant participants to fulfill a payment obligation.
25. “clearing settlement” means fulfillment of payment obligations among the participants involving in a payment by directly offsetting total amount receivable against total amount payable.
26. “real-time gross settlement” means the real-time settlement of payment orders individually to fulfill payment obligations among participants or affiliated participants.
27. “interbank electronic payment” means the processing of interbank payments by the computer network from the creation of the payment order until the payment order is completely executed.
28. “ECH (electronic clearing house) manager” means an intermediary payment service provider that is licensed by SBV to provide financial switching and electronic clearing services, and to make direct connection to the NIEPS to perform electronic clearing settlement operations.
29. “participants” includes SBV, banks, foreign bank branches and State Treasuries that participate in the NIEPS.
30. “electronic message” means an electronic file that contains information about a payment order or a notification related to the payment to be made, and is transmitted between participants in the NIEPS through the computer network.
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32. “BNPSC” stands for Backup National Payment Service Center, which is a system located in the backup data center and operated as a backup system for the NPSC.
33. “margin ratio” means a percentage (%) of the net debit cap deposited using financial instruments and money.
Article 3. Primary modules and functions of the NIEPS
1. NIEPS is an integrated system that consists of: NPSC; BNPSC; software installed in participants and affiliated participants to process payment orders.
2. Processing modules include: high-value payment module; foreign currency payment module; low-value payment module; checking account processing and data verification module.
3. The high-value payment module is meant to process real-time gross settlement for payment orders in VND using high-value payment services.
4. The foreign currency payment module is meant to process real-time gross settlement for foreign currency payment orders using foreign currency payment services.
5. The low-value payment module is meant to process low-value payment orders using low-value payment services.
6. The checking account processing and data verification module is meant to inspect and record high-value payment orders, foreign currency payment orders, process results of low-value clearing and net settlement from other systems.
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1. Receive and check the validity of electronic records.
2. Process valid payment orders, and valid cancellation orders; notify payment orders and processing results to relevant participants and affiliated participants as requested.
3. Compare payment orders with participants and affiliated participants in the NIEPS.
4. Reject invalid payment orders, invalid cancellation orders, and payment orders sent after the NIEPS’s prescribed payment order reception time.
5. Reject high-value payment orders and foreign currency payment orders from participants whose account balances in corresponding currencies are not sufficient.
6. Notify the status of payment orders to order-creating units after the cut-off time for receipt of payment orders.
7. Automatically send electronic messages about low-value clearing results to the checking account processing and data verification module to record such results for participants involving clearing settlement on the same day.
8. Process net settlement results from other systems in accordance with Article 21 of this Circular.
Article 5. Operations of BNPSC
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2. During its operation, the BNPSC has the same functions as those specified in Article 4 of this Circular.
3. All data and processing results of the BNPSC have the same legal validity as those of the NPSC.
Article 6. Interbank electronic payment records
1. Interbank electronic payment records may be physical or electronic documents as prescribed in current regulations of law on accounting records.
2. Interbank electronic payment records are used as the basis for creation of payment orders.
3. Payment orders shall be created in the form of electronic documents according to the template and data standards decided by the SBV’s Governor.
Article 7. Retention of transaction data
1. Electronic data to be retained include:
a) Electronic data about transaction requests and electronic messages containing results which will be retained by each participant or affiliated participant;
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2. Electronic data and documents shall be managed in accordance with regulations of law on archiving.
Article 8. Issuance, management and use of electronic signature certificates and electronic signatures on the NIEPS
1. There are 3 types of electronic signatures, including:
a) The creator’s digital signature;
b) The controller’s digital signature;
c) The approver’s digital signature.
2. Division of powers among creators, controllers and approvers of participants and affiliated participants shall be decided by their competent persons as long as creators must be independent from controllers and approvers.
3. SBV shall issue electronic signature certificates to approvers and electronic signature certificates for verifying connections (connection certificates) between software programs installed at participants, or affiliated participants, and the NPSC.
4. Issuance, management and use of approver's electronic signature certificates and electronic signature certificates for verifying connections with the NIEPS shall comply with SBV’s regulations.
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1. A prior authorization contract is required for debt payment made between participants that are not SBV's units.
2. A prior written agreement is required for debt payment made between participants that are SBV’s units and participants other than SBV’s units.
3. An authorization contract or written agreement on debt payment between participants shall have the following contents as a minimum:
a) Intraday limit on debt payment between the participants;
b) Limit on a debt payment order which does not require debt verification;
c) Validity period of the authorization contract or written agreement.
Article 10. Terms of payment service
1. High-value payment services must be used if the value of a payment order in VND is at least VND 500.000.000 (five hundred million).
2. Either high-value payment services or low-value payment services can be used if the value of a payment order in VND is smaller than VND 500.000.000 (five hundred million).
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Article 11. Expenditures and service charges in interbank electronic payment
1. Expenditures on development, installation, maintenance and upgrading of the NIEPS shall be paid by the SBV. Expenditures on development, installation, maintenance and upgrading of other systems of participants and affiliated participants to serve their interbank electronic payment shall be paid by such participants and affiliated participants.
2. When using services of the NIEPS, participants and affiliated participants shall pay the initial registration fee, annual fee and domestic payment service charges according to SBV’s regulations on schedule of charges for payment services rendered via SBV.
Chapter II
PAYMENT ORDERS USED IN INTERBANK ELECTRONIC PAYMENT
Article 12. Creation of payment orders
1. Regarding a payment order created from physical records:
a) The creator shall follow these steps:
(i) Check the validity and legitimacy of transaction documents of the client;
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(iii) Compare and check the client’s account balance;
(iv) Enter the following information: the order-creating unit (name, bank code), amount, name, address, account number (if any), ID number or personal identification number or passport number of the order sender or enterprise ID number (if the order sender is an enterprise), the unit serving the order sender, the order-receiving unit (name, bank code), name, address, account number (if any), ID number or personal identification number or passport number, date of issue and issuing authority of the order recipient or enterprise ID number (if the order recipient is an enterprise), the unit serving the order recipient, payment description and other information relevant to the interbank transaction, payment to state budget, trading of Government bonds and other types of transactions (if any) using Form TTLNH-04 in the Appendix enclosed herewith;
(v) Double check the entered data and add the electronic signature to the payment order;
(vi) Sign records and transfer such records and entered data to the controller;
b) The controller shall:
(i) Based on relevant records, verify data, entered by the order creator, about: the order-receiving unit, the unit serving the order sender, the unit serving the order recipient, the amount and payment description;
(ii) Return the order to the creator if any error is found;
(iii) Add electronic signature to the payment order, sign records and transfer them to the approver if all data are correct;
c) The approver shall:
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(ii) Return the order to the creator or controller if any error is found;
(iii) Sign records and add electronic signature to the payment order if all data are correct.
2. Regarding a payment order created from electronic records:
In case a payment order is created from electronic records available on the internal systems of a participant or affiliated participant, it must comply with the structure and format defined by the SBV’s Governor and meet the following requirements:
a) If such electronic records are valid but do not contain adequate information as prescribed in Point a Clause 1 of this Article, the creator shall provide additional information according to regulations on creation of payment orders; the controller and approver shall carry out data verification in the same manner as physical records to ensure their accuracy, and add their electronic signatures to the payment order;
b) If such electronic records are valid, contain adequate information as prescribed in Point a Clause 1 of this Article, and bear the specialized electronic signature of the participant, electronic signatures will be added manually or automatically to each payment order at the discretion of relevant units;
c) If
such electronic records are valid, contain adequate information as prescribed
in Point a Clause 1 of this Article, and satisfy data security and accuracy
requirements, the competent persons of relevant units will decide whether only
the approver needs to append his/her electronic signature to the payment order,
and will assume legal responsibility for their decision.
3. After the payment order is sent and the status is successful, it may be
printed out if requested.
4. A payment order will be processed and recorded by the NIEPS using the participant’s checking account with the same currency as that on the payment order opened at the SBV Operations Center.
Article 13. Inspection of validity of payment orders
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1. Types and formats of data.
2. Eligibility (authority) of the creator, controller and approver.
3. Date.
4. Uniqueness.
5. Mandatory elements of a payment order.
6. Electronic message authentication code.
7. Participant’s ID code, terminal device code and approver code.
Article 14. Recording of payment orders by participants and affiliated participants
Participants and affiliated participants shall record payment orders in accordance with current regulations of law.
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Payment orders shall be processed by the NPSC that shall then send processing results to the checking account processing and data verification module for recording for relevant participants and SBV’s units.
The SBV Operations Center shall, based on the statements prepared daily using electronic data (forms TTLNH-10, TTLNH-11, TTLNH-12, TTLNH-13, TTLNH-14, and TTLNH-15 in the Appendix enclosed herewith), execute, compare and retain payment orders.
Chapter III
CLEARING SETTLEMENT AMONG PARTICIPANTS AND NET SETTLEMENT FROM OTHER SYSTEMS
Article 16. Net debit caps
1. Setting net debit caps
a) Participants that use low-value payment order services for the first time shall set their net debit caps using deposited financial instruments and money;
b) Net debit caps shall be set on a periodical basis of every 06 months within the first 05 working days of January and July each year. Net debit caps set on the NIEPS and notified in writing to participants will remain valid until the 05th working day of the next setting period of net debit caps;
c) Participants that use low-value payment order services shall themselves calculate their beginning net debit caps and send requests for setting net debit caps to the SBV Operations Center within the first 05 working days of the setting period of net debit caps.
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If the calculated beginning net debit cap is zero or a negative number, it shall be set according to the net debit cap of the previous period and must ensure the margin ratio as prescribed;
Where a participant has used low-value payment services for a period of less than 06 months, their net debit cap shall equal the value of their financial instruments and money deposited to establish the net debit cap;
Participants assume responsibility for data used for calculating their beginning net debit caps. SBV Operations Center shall consider setting net debit caps for participants on the basis of their requests and financial instruments and money deposited to establish net debit caps, provided that the margin ratio is ensured as prescribed, and then inform participants of their net debit caps;
If a participant does not send a request for setting net debit cap within the first 05 working days of the setting period of net debit caps, their net debit cap shall be zero. If a participant’s request for setting net debit cap is sent beyond the period of the first 05 working days of the setting period of net debit caps, the minimum margin ratio shall apply (except participants that are subject to provisions of Points b, c Clause 3 Article 17 of this Circular);
If a participant requests for setting a net debit cap that is higher than their beginning net debit cap, the margin ratio shall be increased in proportion to such increase in that participant's net debit cap as prescribed in Point a(i) Clause 2 of this Article.
d) Participants that use low-value payment order services shall provide margins to establish their net debit caps according to Article 17 of this Circular.
2. Adjusting net debit caps
a) During the setting period of net debit caps, each participant may request the SBV Operations Center to adjust their net debit cap on the basis of their deposited financial instruments and money and estimated payment demands.
(i) Regarding increase in a participant’s net debit cap: if such increase exceeds 150% of the participant’s beginning net debit cap, the margin ratio shall be increased by up to 100% of such increase; if such increase is equal to or smaller than 150% of the participant’s beginning net debit cap, the minimum margin ratio shall apply;
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b) When a participant incurs outstanding debt on loans for settling their clearing transactions (“clearing loans”) with the SBV Operations Center, the SBV Operations Center shall reset this participant’s net debit cap to zero.
3. Temporarily adjusting intraday net debit caps
a) If a participant wishes to temporarily increase their net debit cap within a working day, such temporary intraday increase shall be subject to the corresponding margin ratio as prescribed in Point a(i) Clause 2 of this Article.
Where the participant requests for an increase in their net debit cap using deposited financial instruments/money, the participant shall deposit additional financial instruments/money. Where the participant requests for an increase in their net debit cap using their checking account balance, the SBV Operations Center shall withdraw money from (debit) that participant’s checking account to provide additional margin. If the required additional margin is not sufficiently provided, the participant’s request for intraday increase in their net debit cap will be rejected;
After completing the intraday clearing settlement, the SBV Operations Center shall return the financial instruments/money provided as additional margin at the request of the participant, and reset the participant’s temporary intraday net debit cap to their net debit cap. Temporary intraday net debit cap is determined as follows:
Temporary intraday net debit cap = Net debit cap + Temporary intraday increase in net debit cap;
b) If a participant wishes to temporarily decrease their net debit cap within a working day to maintain their solvency, the SBV Operations Center shall make temporary intraday decrease in the participant’s net debit cap as requested, and ensure the margin ratio as prescribed. The previously applied margin ratio shall also apply to such a decrease. After completing clearing settlement, the participant’s temporary net debit cap shall be reset to their net debit cap. Temporary intraday net debit cap is determined as follows:
Temporary intraday net debit cap = Net debit cap - Temporary intraday decrease in net debit cap.
4. Managing existing net debit caps
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Net debit caps will be set for participants that use low-value payment services at the start of each working day. Depending on low-value payments made by participants and affiliated participants, their existing net debit caps may increase or decrease at each point in time during a working day. Existing net debit caps are used as the basis for provision of low-value payment services for participants and affiliated participants.
5. Existing net debit caps can be found on the NIEPS.
Article 17. Provision of margins to establish net debit caps
1. Financial instruments provided as margin (hereinafter referred to as “deposited financial instruments”) for establishing net debit caps in low-value payments are those used in overdraft and overnight lending in interbank electronic payment. Value of deposited financial instruments shall be determined according to SBV’s regulations on overdraft and overnight lending in interbank electronic payment.
2. Money provided as margin for establishing net debit caps in low-value payments is money in the participant’s margin account opened at the SBV Operations Center.
3. Margin ratio
a) A participant that uses low-value payment services shall provide margin using financial instruments and/or money in their account at the SBV Operations Center. The minimum margin for establishing net debit caps shall comply with decision issued by the SBV's Governor in each period;
b) If a participant's account balance is not sufficient to make clearing settlement at the cut-off time for receipt of high-value payment orders 02 times or more in a month or 03 times or more in a period during which the net debit cap is maintained, the SBV Operations Center shall request the SBV’s Governor to consider decreasing the participant’s net debit cap to the value of the participant’s deposited financial instruments/money, and maintain the participant’s margin ratio of 100% at the SBV Operations Center for 06 months from the date of the decision issued by the SBV’s Governor.
c) The SBV’s Governor shall also decide the minimum margin ratio specific to each participant to ensure safe operation of the NIEPS.
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a) In case of temporary intraday increase in a participant’s net debit cap: the SBV Operations Center shall set the temporary intraday net debit cap and notify it to the participant immediately after the required amount of financial instruments/money is fully deposited;
b) In case of initial net debit cap: the participant that uses low-value payment services shall deposit financial instruments/money and submit a request for setting a net debit cap to the SBV Operations Center. Within 07 working days from its receipt of deposited financial instruments/money and request for setting a net debit cap from the participant, the SBV Operations Center shall set the net debit cap and notify it in writing to the participant.
5. Returning or replacing deposited financial instruments/money
a) Financial instruments deposited to establish net debit caps shall be returned or replaced in accordance with SBV’s regulations on depositing and use of financial instruments at SBV;
b) Within 03 working days from the day on which the SBV’s web portal posts the information that a participant stops using low-value payment services or a participant has fulfilled their obligations towards the SBV on the NIEPS, the SBV Operations Center shall return money deposited to establish net debit cap to that participant.
Article 18. Lack of net debit caps in low-value payment
In case where the sum of amounts on payment orders of a participant exceeds their existing net debit cap, the following actions shall be taken:
1. The NIEPS will automatically request the participant to increase their net debit cap as prescribed in Clause 3 Article 16 of this Circular for processing their payment order.
2. When the participant’s existing net debit cap is sufficient, payment orders will be processed on a first in, first out (FIFO) basis.
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Article 19. Clearing settlement
NPSC shall perform clearing settlement operations as follows:
1. Stop receiving low-value payment orders throughout the system.
2. Check and calculate existing net debit caps for the low-value payment orders for which existing net debit caps are not available.
3. Reject low-value payment orders from participants and affiliated participants whose existing net debit caps are exceeded.
4. Calculate the difference between receivables and payables of each participant whose existing net debit cap is sufficient according to their low-value payment orders;
5. The clearing settlement result will be automatically recorded by the checking account processing and data verification module.
Article 20. Monitoring and notifying clearing settlement status
The SBV Operations Center shall monitor the clearing settlement status via the NIEPS in the following order:
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2. If the participant’s funds are insufficient, notify the participant of such insufficiency and request them to increase their funds; monitor the addition of money to the participant’s checking account.
3. If the clearing settlement is still unsuccessful after the cut-off time for receipt of high-value payment orders because of the participant's insufficient balance, the SBV Operations Center shall prepare a report on the participant's insufficient balance using Form No. TTLNH-25 in the Appendix enclosed herewith, and send it to the NIEPS operator and that participant.
Article 21. Processing of net settlement results from other systems
1. The NIEPS is allowed to receive and process net settlement results from the automated clearing house, card clearing house and other clearing houses.
2. Net settlement results are processed adopting the batch processing (batch settlement) method on the basis of settling participants’ checking account balances. The ECH manager shall monitor the settlement status on the NIEPS to update the clearing limit for the settling participant.
a) Where at least a settling participant’s checking account balance is insufficient to make settlement:
(i) The settling participant shall overdraw its account within the overdraft limit in accordance with SBV's regulations on overdraft and overnight lending in interbank electronic payment to process the net settlement result;
(ii) If the settling participant’s checking account balance is still insufficient for the net settlement when their overdraft limit is reached, the net settlement result shall be moved to the settlement queue. When the settling participant’s checking account balance is sufficient, the processing of the net settlement result will be resumed;
(iii) The ECH manager shall check the processing status of net settlement results in the queue on the NIEPS by sending inquires; notify and request the settling participant whose checking account balance is insufficient for net settlement to increase their checking account balance from their own funds or through monetary market transactions or mutual lending on the interbank market as prescribed by the SBV for making net settlement;
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(v) If the settling participant’s account balance is insufficient for settlement at the NIEPS’s cut-off time for receipt of high-value payment orders, the SBV Operations Center shall prepare a report on the participant's insufficient balance using Form No. TTLNH-25 in the Appendix enclosed herewith, and send it to the ECH manager and that participant.
The settling participant whose account balance is insufficient must make a certificate of clearing loan indebtedness using Form No. TTLNH-28 in the Appendix enclosed herewith, and send it to the SBV Operations Center for making the net settlement at the interest rate on overnight loans in interbank electronic payment and loans for making clearing settlement imposed by the SBV’s Governor in each period. The SBV Operations Center shall grant loan and send a notification thereof to the ECH manager for decreasing the electronic clearing limit of the settling participant that incurs clearing loan debt to zero until the debt is fully recovered by the SBV Operations Center, and provide information on that participant to the Payment Department for monitoring. After the debt has been fully recovered, the SBV Operations Center shall give notification to the ECH manager and the Payment Department;
b) Where at least a settling participant must obtain loan for making net settlement:
(i) At the beginning of the working day following the day on which the settling participant gets a loan for making net settlement and before the net settlement result is sent by the ECH manager, the borrowing participant must pay both principal and interest to the SBV. If the borrowing participant fails to pay debt, the SBV Operations Center shall proactively collect debt (including principal and interest) by withdrawing money from (debiting) that participant's checking account in VND opened at the SBV Operations Center on the principal first, interest later basis;
(ii) At the end of the working day following the day on which the settling participant gets a loan for making net settlement, if the debt is still not yet collected in full after the debt collection measure has been taken as prescribed in Point b(i) of this Clause, the SBV Operations Center shall record the entire unpaid outstanding debt as overdue debt. The interest rates on overdue principal and late interest payment shall be those on overdue principal and late interest payment of overnight loans imposed according to SBV’s regulations on overdraft and overnight lending in interbank electronic payment. The SBV Operations Center shall inform the ECH manager of total outstanding debt (including principal and interest) to be paid by the borrowing participant.
The ECH manager shall distribute risk-sharing obligations to other participants involved in the settlement to repay debt to the SBV Operations Center as prescribed in Point c of this Clause;
c) Distributing risk-sharing obligations in case a settling participant that has got loan for making net settlement (borrowing participant) is incapable of repaying loan debt (including principal and interest):
(i) On the working day following the day on which the SBV Operations Center informs the ECH manager of its failure to fully collect debts arising from the loan granted for making net settlement and total debt amount (including principal and interest) that borrowing participants have to repay to the SBV as prescribed in Point b(ii) of this Clause, the ECH manager shall distribute risk-sharing obligations to other participants involved in the net settlement using the following formula:
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Ai: Amount of money that the settling participant i must pay to the SBV as repayment of loan debt (including principal and interest) in order to share risks posed to the borrowing participant that is incapable of repaying loan debt (including principal and interest);
Di: Difference between total amount payable by the borrowing participants and the amount payable by the participant i in the settlement session;
D: Difference between total amount payable by the borrowing participants and total amount payable by other participants in the settlement session;
D(x): Difference between the amount payable by the borrowing participant that is incapable of repaying loan debt and total amount payable by other borrowing participants;
M: Total loan debt (including principal and interest) that borrowing participants have to repay to the SBV;
(ii) After calculating and determining the amount of money that each participant involved in the net settlement is obliged to repay as a way to share risks, the ECH manager shall inform it to the SBV Operations Center to withdraw money from (debit) that participant's checking account opened at the SBV Operations Center to collect loan debts (including principal and interest) of borrowing participants; concurrently, inform settling participants of such event;
(iii) If there is at least a participant’s checking account balance is not sufficient for fulfillment of risk-sharing obligation, the SBV Operations Center shall inform the situation to the ECH manager and that participant to increase their checking account balance. In addition, the SBV Operations Center shall monitor the balance on that participant’s checking account opened at the SBV Operations Center to continue withdrawing money from (debiting) that account until the amount of money to be paid by that participant to share risks is collected in full;
(iv) By the end of the working day on which the ECH manager calculates and informs each settling participant of their risk-sharing obligations, if any settling participant's checking account balance is insufficient for fulfillment of risk-sharing obligation, the SBV Operations Center shall inform the situation to the ECH manager and that participant to calculate and decrease that participant’s electronic clearing limit. In addition, the SBV Operations Center shall collect the unpaid amount by proactively withdrawing money from (debiting) that participant’s margin account for setting electronic clearing limit (if any). If a participant's risk-sharing obligation is still not yet fulfilled after that participant's margin account for setting electronic clearing limit has been withdrawn (debited), the SBV Operations Center shall request the ECH manager to consider suspending the provision of payment services through the electronic clearing house to that participant;
d) Reimbursing amounts that settling participants pay as a way to share risks:
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On the working day following such 05-working day period, if the loan debt (including principal and interest) is not yet fully repaid, the SBV Operations Center shall proactively withdraw money from (debit) that participant’s checking account opened at the SBV Operations Center to collect debt, and inform the ECH manager of the collected amount;
On the next working day, if the loan debt (including principal and interest) is not yet collected in full after withdrawing money from (debiting) the borrowing participant’s checking account, the SBV Operations Center shall request the financial instruments depository to transfer the ownership of financial instruments which are deposited to set the electronic clearing limit from that participant to the SBV (in case these financial instruments are deposited at the financial instruments depository) or proactively transfer the ownership of such financial instruments from that participant to the SBV (in case these financial instruments are deposited directly at the SBV Operations Center);
Such financial instruments shall be settled for debt collection in accordance with SBV’s regulations;
(ii) Based on the amount collected according to the notice of the SBV Operations Center and the ratio (%) of the amount of money to be paid by each settling participant as a way to share risks to total loan debt payable (including principal and interest), the ECH manager shall calculate the specific reimbursement to each participant that has fulfilled risk-sharing obligations, and inform it to the SBV Operations Center to remit money to (credit) that participant's checking account; concurrently, shall inform that participant of this;
(iii) If the borrowing participant goes bankrupt, the SBV is entitled to receive debt repayments as prescribed by the Law on bankruptcy and reimburse settling participants that have fulfilled risk-sharing obligations according to the set distribution rate within the extent of collected debt amount.
3. Whenever batch settlement demand arises, the ECH manager shall create a batch settlement request using Form No. TTLNH-30 in the Appendix enclosed herewith, append its electronic signature thereto and send it to the NPSC for processing.
4. The ECH manager is allowed to cancel the unsuccessful settlement batch which has been sent to the NPSC for managing the order of priority and matching the account balance of each participant involved in the settlement batch.
5. Whenever the settlement batch is successfully processed and recorded by the NPSC, the NIEPS shall automatically create and send batch settlement transactions to participants and affiliated participants involved in the settlement batch. Participants and affiliated participants shall receive, control and print out such batch settlement transactions and keep record of them in accordance with current regulations of law.
6. After data verification is completed by the NIEPS, relevant units shall print out and verify data about batch settlement transactions within the same day to ensure data matching on the NIEPS. To be specific:
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(i) The verification sheet of settlement batch results (Form No. TTLNH-31 in the Appendix enclosed herewith) received from the NPSC;
(ii) The report on verification of settlement batch results (Form No. TTLNH-32 in the Appendix enclosed herewith);
v) The ECH manager shall verify data included in:
(i) The summary report on batch settlement results (Form No. TTLNH-33 in the Appendix enclosed herewith) sent to the NPSC;
(ii) The verification sheet of settlement batch results (Form No. TTLNH-31 in the Appendix enclosed herewith) received from the NPSC;
c) Participants and affiliated participants involved in the settlement batch shall verify data included in the verification sheet of batch settlement results (Form No. TTLNH-34 in the Appendix enclosed herewith).
7. Dealing with erroneous batch settlement report
Relevant units shall contact and cooperate with the NIEPS operator in considering and dealing with errors found in reports or during data verification of batch settlement.
Chapter IV
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Article 22. Rules for processing payment orders, queue, settlement and release
1. Processing rules
a) Payment orders on the NIEPS shall be processed in the following order of priority: low-value clearing results, net settlement results from other systems, high-value payment orders and foreign currency payment orders;
b) Payment orders for which funds are not sufficient shall be moved to the queue and processed according to Clause 2 of this Article;
c) If low-value clearing results and net settlement results from other systems are already in the queue, the high-value payment orders of banks with insufficient funds that join the queue later will have to wait.
2. Queue processing
In case a participant's account balance is insufficient for payment, the NPSC shall:
a) Retain high-value payment orders or low-value clearing results or net settlement results from other systems in VND in the queue;
b) Retain foreign currency payment orders;
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d) Queue management:
(i) Periodically examine checking account balances;
(ii) Make settlement in the following order: low-value clearing results, net settlement results from other systems, high-value payment orders and foreign currency payment orders if the checking account balance in the corresponding currency is sufficient;
(iii) Process cancellation orders on a FIFO basis.
3. Participants and affiliated participants may only cancel high-value payment orders and foreign currency payment orders in the settlement queue, and low-value payment orders in the processing queue at the NPSC;
a) When receiving a cancellation order from the order-creating unit, the NPSC shall verify its validity according to the logbook;
b) If the cancellation order is valid and the payment order to be cancelled is standing in the settlement queue (for high-value payment orders and foreign currency payment orders) or in the processing queue (for low-value payment orders) at the NPSC, the cancellation will proceed, and the cancellation result will be notified to the order-creating unit. If the payment order to be cancelled is not standing in the queue, its status will be sent by the system to the order-creating unit.
Article 23. Dealing with insufficient checking account balance
1. Regarding high-value payment orders in VND:
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b) In case the State Treasury’s checking account balance is not sufficient for making payment or the participant has reached the overdraft limit granted by the SBV but their checking account balance is still insufficient for making payment, their payment order will be moved to the settlement queue and processed when the State Treasury or that participant’s checking account balance is sufficient;
c) A participant may increase their checking account balance from their own funds or through monetary market transactions (except the State Treasury) or mutual lending on the interbank market as prescribed by SBV’s regulations on lending and borrowing activities, repo and reverse repo transactions involving financial instruments among credit institutions and foreign bank branches;
d) At the cut-off time for receipt of high-value payment orders, if a participant’s checking account balance is insufficient for making settlement, their high-value payment orders in the settlement queue will be automatically cancelled. Participants and affiliated participants shall check the status of these payment orders by sending inquiries.
2. Regarding foreign currency payment orders:
a) A participant shall increase their checking account balance from their own funds or by getting loans from other participants (except the State Treasury) as prescribed by SBV’s regulations on lending and borrowing activities, repo and reverse repo transactions involving financial instruments among credit institutions and foreign bank branches;
b) At the cut-off time for receipt of foreign currency payment orders, if the balance on a participant’s checking account in the corresponding currency is insufficient for making settlement, their foreign currency payment orders in the settlement queue will be automatically cancelled. Participants and affiliated participants shall check the status of these payment orders by sending inquiries.
3. Regarding low-value clearing results:
a) A participant (except State Treasury) may overdraw within their granted overdraft limit according to SBV’s regulations on overdraft and overnight lending in interbank electronic payment to process clearing results;
b) A participant may increase their checking account balance from their own funds or through monetary market transactions (except the State Treasury) or mutual lending on the interbank market as prescribed by SBV’s regulations on lending and borrowing activities, repo and reverse repo transactions involving financial instruments among credit institutions and foreign bank branches;
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d) After withdrawing money from (debiting) the margin account for setting the net debit cap of the State Treasury, if the State Treasury’s checking account balance is still insufficient for making clearing settlement, the SBV Operations Center shall notify the State Treasury of such insufficient balance.
Upon receipt of the notice of its insufficient balance from the SBV Operations Center, the State Treasury shall adopt measures for increasing its account balance within the day to process clearing results. If the State Treasury is unable to increase its account balance within the day, the SBV Operations Center shall temporarily record the arrears as receivables from the State Treasury. The SBV Operations Center shall remove such receivables after it fully collect such arrears by withdrawing money from (debiting) the checking account of the State Treasury or such arrears are fully repaid by the State Treasury. The State Treasury is subject to the consideration as prescribed in Point a Clause 4 Article 37 of this Circular.
4. Net settlement results from other systems shall be processed in accordance with Clause 2 Article 21 of this Circular.
Article 24. Dealing with participants’ overdue clearing loans
1. On the working day following the day on which a participant gets a clearing loan, the SBV Operations Center shall proactively withdraw money from (debit) the participant’s checking account in VND opened at the SBV Operations Center for debt collection.
At the end of the working day following the day on which the participant gets a clearing loan, if the participant fails to fully repay the loan debt (including principal and interest), the SBV Operations Center shall record the unpaid outstanding debt as overdue debt. The interest rates on overdue principal and late interest payment shall be those on overdue principal and late interest payment of overnight loans imposed according to SBV’s regulations on overdraft and overnight lending in interbank electronic payment.
2. On the working day following the day on which the clearing loan debt is recorded as overdue, the SBV Operations Center shall withdraw money from (debit) the participant’s checking account in VND opened at the SBV Operations Center for collecting overdue debt (including overdue principal, overdue interest, penalty interest on late payment of principal, and interest on overdue interest) on the principal first, interest later basis, and notify such debt collection to the participant.
At the end of the working day, if the overdue debt is not yet collected in full after withdrawing money from (debiting) the participant’s checking account in VND opened at the SBV Operations Center, the SBV Operations Center shall share the remaining overdue debt among other participants engaged in the clearing settlement session (except the State Treasury) and notify the amount to be contributed by each participant (hereinafter referred to as “contribution”). The contribution of each participant is calculated using the following formula:
Contribution by the participant i = 
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A: Total remaining overdue debt to be shared to participants.
Bi: Average low-value payment made by the participant i within 20 working days before the clearing loan is granted.
C: Total average low-value payment made by all participants among whom the remaining overdue debt will be shared within 20 working days before the clearing loan is granted.
n: Number of participants among which the remaining overdue debt is shared.
i: from 1 to n.
If a participant has used low-value payment services on the NIEPS for a period of less than 20 working days, the number of working days for which that participant has participated in the NIEPS shall apply.
3. Procedures for sharing the remaining overdue debt to participants engaged in the clearing settlement session:
On the working day following the day on which the SBV Operations Center notifies the contribution by each participant, the SBV Operations Center shall withdraw money from (debit) that participant’s checking account and transfer such withdrawn amount to its account;
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4. Reimbursing contributions to participants
a) Within 05 working days from the day on which the SBV Operations Center notifies each participant of their contribution, the participant that took the loan (borrowing participant) shall take all necessary measures for fully repaying the loan debt (including principal and interest). On the working day following such 05-working day period, if the loan debt is not fully repaid, the SBV Operations Center shall proactively withdraw money from (debit) the borrowing participant’s checking account opened at the SBV Operations Center to collect and transfer the arrears to its account;
On the next working day, if the arrears are still not collected in full after withdrawing money from (debiting) the borrowing participant’s checking account, the SBV Operations Center shall request the financial instruments depository to transfer the ownership of financial instruments which are deposited to set the net debit cap from that participant to the SBV (in case these financial instruments are deposited at the financial instruments depository) or proactively transfer the ownership of such financial instruments from that participant to the SBV (in case these financial instruments are deposited directly at the SBV Operations Center);
Such financial instruments shall be settled for debt collection in accordance with SBV’s regulations;
b) After receiving full repayment of the loan debt as prescribed in Point a of this Clause, the SBV Operations Center shall, based on the received amount, and ratio (%) of the contribution by each participant to total overdue debt to be shared, calculate and make reimbursement (including principal and interest as determined in Point a of this Clause) to each participant.
5. If the borrowing participant goes bankrupt, the SBV is entitled to receive debt repayments as prescribed by the Law on bankruptcy and make reimbursement to the participants that have made contributions according to the set contribution ratio within the extent of collected debt amount.
Chapter V
CORRECTION OF ERRORS IN INTERBANK ELECTRONIC PAYMENT
Article 25. Rules for correction of errors in NIEPS
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2. Errors must be corrected immediately upon detection without causing delay to the payment process. Errors are corrected following rules and methods for correction of errors in accounting.
3. The entity or individual that makes the error or violates any of the error correction rules or methods shall be liable to damage caused to relevant parties.
Article 26. Cancellation and return of payment orders at participants and affiliated participants
1. Rules
a) A payment order may only be cancelled in the following cases:
(i) The payment order is created but yet to be sent. In this case, it may be cancelled by the order-creating unit.
(ii) The payment order has been sent to the NPSC and is still in the settlement queue (for high-value payment orders and foreign currency payment orders) or in the processing queue (for low-value payment orders). In this case, instructions in Point b Clause 1 Article 29 of this Circular shall apply;
b) A payment order may only be returned in the following cases:
(i) A debit order may only be returned when the order-creating unit has not yet credited the client’s account or has credited the client’s account but has successfully recovered the credited amount;
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2. Documents on cancellation and return of payment orders
a) Documents on cancellation of payment orders include:
(i) The order for cancellation of a debit order which is valid as a credit order, created and sent to the order-receiving unit by the order-creating unit to cancel the erroneous debit order (to return the amount in full);
(ii) The order for cancellation of a credit order which is created by the order-creating unit to cancel its credit order in the queue;
b) Documents on return of payment orders include:
(i) Request for return of payment order which is created and sent by the order-creating unit to request the order-receiving unit to return the erroneous credit order, specifies whether the error is made by the order-creating unit or the client, and is used as the basis for the order-receiving unit to create a credit order to return money to the order-creating unit if the money has been fully recovered;
(ii) Notification of refusal of request for return of payment order which is created and sent by the order-receiving unit to reject the order-creating unit’s request for return of credit order because the money cannot be recovered from the client.
3. Affiliated participants shall process cancellation and return of payment orders in the same manner as high-value payment orders.
Article 27. Error correction by order-creating units
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a) If a payment order is found erroneous before the approver adds his/her electronic signature for sending, the approver and the controller shall refuse to approve the payment order, and the creator shall correct it according to original records;
b) If a payment order is found erroneous after the approver adds his/her electronic signature for sending, it is mandatory to make a record of cancellation of the erroneous payment order which must clearly specify the order symbol, time and date of cancellation, and bear the signatures of the approver, the controller and the creator who are involved in such erroneous payment order. Such record shall be retained separately, and then, the approver shall refuse to approve the payment order and transfer it to the creator who shall correct it according to original records.
2. Correction of errors after a payment order is sent
When an error such as incorrect amount or confusion between credit account and credit account is found, the order-creating unit shall promptly notify the order-receiving unit for taking appropriate error correction measure. The order-creating unit shall make a record using Form No. TTLNH-23 in the Appendix enclosed herewith and take the following steps:
a) In case of insufficient amount:
Based on the record, the order-creating unit shall create and send an additional payment order to the order-receiving unit to make up for the difference. This additional payment order must clearly specify the text “the amount is added to the debit (or credit) order No………… date……….. with an amount of…………” and be recorded in accordance with current regulations of law;
b) In case of excess amount:
(i) Regarding a credit order containing an excess amount:
Based on the record, the order-creating unit shall make and send a request for return of the credit order to the order-receiving unit; make a transfer note, record and monitor the process in accordance with current regulations of law. The text “the error is made by the order-creating unit” must be clearly specified in the reason field of the request;
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If the request for return of credit order is refused by the order-receiving unit because the excess amount cannot be recovered from the client, the order-creating unit shall establish a council to determine accountability and damages to be paid by the error maker;
(ii) Regarding a debit order containing an excess amount:
Based on the record, an order for cancellation of debit order is created and sent to the order-receiving unit in order to cancel the excess amount on the debit order; the process will be recorded in accordance with current regulations of law. If money has been transferred to the client but the client’s account balance is insufficient for processing the order for cancellation of the debit order containing the excess amount, the order-creating unit shall record the excess amount as an amount receivable (from account of the error maker), and then take all necessary measures for recovering the excess amount, including cooperation with the order-receiving unit and competent authorities. If the excess amount cannot be recovered, the order-creating unit shall establish a council to determine accountability and damages to be paid by the error maker. When receiving a notification of return of money from the client, the order-creating unit shall process and record it in accordance with current regulations of law;
c) In case of confusion between credit account and debit account:
The order-creating unit shall make a record and create an order for cancellation of debit order (if confusion between credit account and debit account is found in a credit order) or a request for return of credit order (if confusion between credit account and debit account is found in a debit order) to completely cancel the erroneous order, and then create and send a correct payment order to the order-receiving unit; concurrently, record the process in accordance with current regulations of law. If confusion between credit account and debit account is found in a debit order, when receiving a credit order from the order-receiving unit to return the wrongly transferred amount, the order-creating unit shall record the received amount in accordance with current regulations of law.
Article 28. Error correction by order-receiving units
1. Where a payment order is found erroneous because of a technical error or fraud before it is recorded, the order-receiving unit shall record the received order but cooperate with the order-creating unit and the NIEPS operator in handling the case.
2. Regarding a payment order containing insufficient amount:
When receiving an additional payment order from the order-creating unit, the order-receiving unit shall compare it with the erroneous payment order before recording it.
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a) If the error is found before money is transferred to the client
If the order-receiving unit receives the request for return of the excess amount before it receives the erroneous payment order, the order-receiving unit shall log such erroneous payment order for further processing. When receiving the erroneous payment order, the order-receiving unit shall compare it with the received request for return of the excess amount, and, if data is matched, record the payment in accordance with current regulations of law;
(i) Regarding a credit order containing an excess amount: when receiving the request for return of the excess amount, the order-receiving unit shall create a credit order to return the excess amount to the order-creating unit;
(ii) Regarding a debit order containing an excess amount: the order-receiving unit shall monitor and process the order for cancellation of debit order received from the order-creating unit;
b) Where the request for return of the excess amount is received from the order-creating unit after the money has been transferred to the client, the order-receiving unit shall log the erroneous payment order and take the following steps:
Regarding a credit order containing an excess amount: When receiving a valid request for return of the credit order containing the excess amount from the order-creating unit, the order-receiving unit shall:
(i) If the client’s checking account balance is sufficient, the order-receiving unit shall, based on the request for return of the credit order, freeze/recover the excess amount to create a credit order according to provisions of the Circular prescribing opening and use of checking accounts at payment service providers. Within 01 working day from the receipt of the request for return of credit order, the order-receiving unit shall return the excess amount to the order-creating unit;
(ii) If the client’s checking account balance is insufficient, the order-receiving unit shall log the unprocessed request, freeze the client’s account and request the client to deposit money in order to fulfill the request (the amount frozen shall not exceed the requested excess amount). When the client deposits money or the client's account balance is sufficient, the accountant shall remove the unprocessed request in the logbook, make and send a credit order to the order-creating unit;
(iii) Where the client is insolvent or the client's residence cannot be found, the order-receiving unit shall play the leading role and cooperate with the order-creating unit and competent authorities in implementing measures for recovering money. If the money cannot be recovered or cannot be fully recovered, the order-receiving unit shall refuse the request for return of credit order; issue a notice of refusal in which reasons for refusal must be clearly stated; return the recovered amount of money (if any) to the order-creating unit; and remove the unprocessed request for return of credit order in the logbook.
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If a payment order contains incorrect type number, transaction number or currency, or the unit serving the recipient is not the order-receiving unit or its affiliated unit, the following actions shall be taken:
a) If a credit/debit order has been received but yet to be recorded by the order-receiving unit, the order-receiving unit shall record it as payable/receivable, and create a payment order and send it to the order-creating unit. The order-receiving unit must not transfer money;
b) Regarding processed payment orders, the order-receiving unit shall follow provisions in Point b Clause 3 of this Article.
Article 29. Cancellation and return of payment orders at request of clients
1. Processing by the order-creating unit
When receiving a request for cancellation of a credit order or debit order from a client, the order-creating unit shall check validity of records and compare them with the order to be cancelled. If the records are invalid, the order-creating unit will return them to the client and give reasons for such return. If the records are valid, the order-creating unit will follow the following steps:
a) If the payment order has not been processed or sent, it will be cancelled in accordance with Article 26 of this Circular; the order-creating unit shall issue a notice of acceptance of the client’s cancellation request and will not process such payment order;
b) If a high-value payment order, foreign currency payment order or debit order has been executed and sent but is still in the settlement queue (because the checking account balance in the corresponding currency is insufficient) or a low-value payment order has been executed and sent but is still in the processing queue at the NPSC, it will be cancelled as follows:
(i) Regarding request for cancellation of a credit order:
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The approver must check to ensure the accuracy and the consistency of information on the cancellation order made by the creator and that on the client’s request. If they are consistent, the approver shall add his/her electronic signature to the cancellation order and send it;
The NPSC will send a notice of the cancellation process to the order-creating unit. The order-creating unit shall check the information on the notice, and, if the cancellation is successful, record it in accordance with current regulations of law; if the cancellation is unsuccessful (because the payment order is no longer in the queue), the order-creating unit shall follow the procedures for return of payment order as prescribed in Point c Clause 1 of this Article;
(ii) Regarding an order for cancellation of a debit order:
Provisions in Point a Clause 2 Article 26 of this Circular shall apply;
c) If a payment order has been processed and sent, and recorded by the NPSC, the order-creating unit shall create a request for return of the payment order, and follow these instructions:
(i) Regarding request for return of a credit order:
Based on the client’s valid request for cancellation of payment order, the creator shall add necessary elements to the return request which is made using Form No. TTLNH-06 in the Appendix enclosed herewith and add his/her electronic signature to the return request. The electronic message about the request for return of credit order must bear the text “the error is made by the client”;
The approver must check to ensure the accuracy and the consistency of information on the return request made by the creator and that on the client’s request for cancellation of payment order. If they are consistent, the approver will add his/her electronic signature to the return request and send it to the order-receiving unit;
When receiving the full amount of money (of the cancelled credit order) returned by the order-receiving unit, the order-creating unit shall follow procedures to return money to the client;
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Based on the successfully processed order for cancellation of payment order, the order-creating unit shall follow procedures for withdrawing the credited amount from the client’s account and transferring it to the order-receiving unit.
2. Processing by the order-receiving unit:
When receiving the request for return of a credit order or an order for cancellation of a debit order from the order-creating unit, the order-receiving unit shall check the validity of the return request or the cancellation order, compare it with the received payment order, and follow return procedures;
a) If the return request is found erroneous, the order-receiving unit shall send the order-creating unit a notice of refusal of the request for return of credit order which is made using the Form No. TTLNH-07 in the Appendix enclosed herewith, and clearly specifies the reasons for such refusal; if the cancellation order is found erroneous, the order-receiving unit shall process it in the same manner as an erroneous incoming credit order;
b) Regarding a valid return request (or cancellation order):
(i) If the incoming credit order is yet to be processed by the order-receiving unit, the order-receiving unit shall create and send a credit order for returning the requested payment order to the order-creating unit. Such credit order must clearly specifies information on the original payment order such as reference number and date of transaction;
(ii) If the incoming credit order has been processed by the order-receiving unit:
Regarding request for return of a credit order: the order-receiving unit shall send the return request to the client. If the client agrees in writing or deposits cash or makes payment record for withdrawing money from his/her account to return money, the order-receiving unit shall create a credit order for returning money to the order-creating unit. If the client refuses the return request, the order-receiving unit shall gives a notice of refusal of the return request which must clearly specify the reasons for such refusal and send it to the order-creating unit;
Regarding an order for cancellation of an incoming debit order: the order-receiving unit shall send a notice of acceptance of such cancellation order to the client.
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When an element of a payment order is found incorrect (except the bank code, credit/debit classification, date, amount, currency, type of payment, record symbol, transaction type symbol, or the unit serving the recipient is not the order-receiving unit or its affiliated unit):
1. The order-creating unit shall make a request for tracing using Form No. TTLNH-08 in the Appendix enclosed herewith for correcting information or the order-receiving unit shall make and send a request for tracing to the order-creating unit for correcting information.
2. Steps of processing of a request for tracing:
a) Creating an electronic message:
The creator enters information;
The approver checks entered information and adds his/her electronic signature;
The electronic message shall be sent to the NPSC; the electronic message shall be printed out and both persons will append their signatures to the printed electronic message;
b) Receiving the electronic message:
The approver checks the electronic signature;
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3. Unless otherwise prescribed by law, the order-creating unit must respond the request for tracing sent by the order-receiving unit within 01 working day from its receipt of such request (using Form No. TTLNH-09 in the Appendix enclosed herewith). If the order-receiving unit does not receive any response within 02 working days from the day on which its request is sent, the credit order in question will be returned.
4. Retaining requests for tracing and responses thereto
Requests for tracing and responses bearing required signatures shall be retained together with original payment orders and used as the basis for making payment to clients.
Chapter VI
COMPARISON, REPORTS AND REPORT PROCESSING
Article 31. Payment result comparison
1. The payment result comparison is done on a daily basis when the NIEPS completes its end-of-day processing.
2. Data about successful intraday settlements at the NPSC is the basis for payment result comparison.
3. All payment orders created must be compared with data at the NPSC, participants and affiliated participants within the day, unless there is a technical error that makes participants and affiliated participants impossible to complete the comparison within the day.
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5. NPSC shall automatically create end-of-day data for participants and affiliated participants to compare.
6. Participants and affiliated participants shall receive such data and compare them with their data about payment orders actually sent and received within the day according to Clause 2 Article 33 of this Circular;
In case of errors, participants and affiliated participants must notify and cooperate with the NIEPS operator in resolving.
Article 32. Daily reports at SBV’s Operations Center
1. Preparation of daily reports by the NIEPS
After completing comparison of daily money transfers, the SBV’s Operations Center shall prepare (create) electronic reports on transactions on the NIEPS, which consist of:
a) Report on transactions conducted by affiliated participants (Form No. TTLNH-10 in the Appendix enclosed herewith);
b) Report on transactions conducted by participants (Form No. TTLNH-11 in the Appendix enclosed herewith);
c) Money transfer balance sheet (Form No. TTLNH-12 in the Appendix enclosed herewith);
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dd) Form No. TTLNH-14 in the Appendix enclosed herewith;
e) Consolidated recording results (Form No. TTLNH-15 in the Appendix enclosed herewith);
g) Report on high-value payments (Form No. TTLNH-24 in the Appendix enclosed herewith).
2. Report processing
a) The controller of the SBV’s Operations Center shall control both physical and electronic copies of daily reports, and check balance sheets as prescribed in this Circular to ensure their accuracy and consistency;
b) Daily reports of the NIEPS shall be retained after they are controlled and compared, and signed by the controller. Retention of daily reports of the NIEPS shall comply with the following provisions:
(i) Physical copies of reports which bear adequate seals and signatures shall be retained according to regulations on retention of physical records;
(ii) Electronic copies of daily reports of the NIEPS shall be retained according to regulations on electronic records.
Article 33. Preparation and processing of reports by participants and affiliated participants
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a) Report on outgoing money transfers (Form No. TTLNH-16 in the Appendix enclosed herewith);
b) Report on incoming money transfers (Form No. TTLNH-17 in the Appendix enclosed herewith);
c) Outgoing money transfer comparison (Form No. TTLNH-18 in the Appendix enclosed herewith);
d) Incoming money transfer comparison (Form No. TTLNH-19 in the Appendix enclosed herewith);
dd) Payment results (Form No. TTLNH-20 in the Appendix enclosed herewith).
2. Report processing
a) Control
(i) Total debit/credit amount in Form TTLNH-16 must equal that in Form TTLNH-18;
(ii) Total debit/credit amount in Form TTLNH-17 must equal that in Form TTLNH-19;
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b) Error correction:
If an error is found, the relevant affiliated participant shall contact and cooperate with the NIEPS operator to correct it.
3. Reports to be prepared by participants:
a) Report on outgoing money transfers (Form No. TTLNH-16 in the Appendix enclosed herewith);
b) Report on incoming money transfers (Form No. TTLNH-17 in the Appendix enclosed herewith);
c) Outgoing money transfer comparison (Form No. TTLNH-18 in the Appendix enclosed herewith);
d) Incoming money transfer comparison (Form No. TTLNH-19 in the Appendix enclosed herewith);
dd) Payment results (Form No. TTLNH-20 in the Appendix enclosed herewith);
e) Payment results (Form No. TTLNH-21 in the Appendix enclosed herewith).
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Article 34. Monthly reports
Apart from the report forms mentioned in Article 36 and Article 37 of this Circular, the units shall submit reports in accordance with SBV’s regulations on information provision and reporting.
Chapter VII
PARTICIPATION IN, USE OF SERVICES OF AND WITHDRAWAL FROM NIEPS
Article 35. Participation in NIEPS
1. Participation in the NIEPS
a) Banks, foreign bank branches, and the State Treasury that wish to participate in the NIEPS shall submit an application for participation in the NIEPS using Form No. TTLNH-01 in the Appendix enclosed herewith to the SBV (the NIEPS operator) online, by post, or in person;
b) Banks, foreign bank branches, and the State Treasury that wish to have their affiliated units to participate in the NIEPS shall submit an application for participation in the NIEPS using Form No. TTLNH-03 in the Appendix enclosed herewith to the SBV (the NIEPS operator) online, by post, or in person;
c) In order to use net settlement services, ECH managers must submit application for use of net settlement services using Form No. TTLNH-29 in the Appendix enclosed herewith online, by post or in person to the SBV (the NIEPS operator).
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Article 36. Terms of service of NIEPS
1. In order to use services of the NIEPS, a participant must:
a) have a VND checking account opened at the SBV’s Operations Center;
b) have suitable foreign currency checking accounts opened at the SBV’s Operations Center if making payment in foreign currencies;
c) if making low-value payments, provide the SBV with a statement that it will get clearing loans if its account balance is insufficient at the settlement time, and will assume responsibility to accept indebtedness and repay the loan debt (including principal and interest) to the SBV; give indefinite-term or irrevocable authorization to the SBV's Operation Center to proactively withdraw money from (debit) its checking account or its margin account, and transfer the ownership of financial instruments (which are deposited to set net debit cap) for making clearing settlement, and fulfill risk-sharing obligation in case a settling participant has insufficient balance to make clearing settlement, got a loan but is unable to repay the loan debt;
d) satisfy the following personnel requirements:
(i) There are at least 02 operators who are granted certificates of training in operation of the NIEPS by the SBV;
(ii) The officer who is assigned or authorized to transmit and receive payment data and sign payment orders must have an electronic signature issued by the SBV in accordance with provisions of the SBV’s Circular on management and use of digital signatures, digital certificates and digital signature authentication services;
dd) satisfy the following technical requirements:
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(ii) There is at least 01 primary transmission line and 01 backup transmission line with independent cable system connected to the NIEPS.
2. Affiliated participants that are SBV’s affiliated units shall comply with provisions of Points d, dd Clause 1 of this Article.
3. In order to use services of the NIEPS, an affiliated participant must:
a) satisfy the requirements stated in Point d Clause 1 of this Article;
b) satisfy the following technical requirements for operation and use of the NIEPS:
(i) There is a primary system and backup system for software and database;
(ii) There is at least 01 transmission line connected to the NIEPS;
c) have an application form No. TTLNH-03 in the Appendix enclosed herewith submitted by the participant.
4. In order to use net settlement services, an ECH manager must:
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b) have provided the SBV with a prior agreement on fulfillment of clearing settlement obligations between the ECH manager and settling participants. Such agreement must include the indefinite-term and irrevocable authorization to the SBV's Operation Center to proactively withdraw money from (debit) participants’ checking accounts/margin accounts, and transfer the ownership of financial instruments (which are deposited to set electronic clearing limit) for making net settlement, and fulfill risk-sharing obligation in case a settling participant has insufficient balance to make the net settlement, got a loan but is unable to repay the loan debt as prescribed by the SBV’s Circular on provision of intermediary payment services; and a statement that settling participant will get clearing loans if its account balance is insufficient at the settlement time, and will assume responsibility to accept indebtedness and repay the loan debt (including principal and interest) to the SBV;
c) obtain a certification from the SBV's Operation Center that all participants of the NIEPS engaged in the settlement have provide margin for setting electronic clearing limits in accordance with provisions of SBV’s Circular on provision of intermediary payment services;
d) if there are changes in the NIEPS’s participants engaged in net settlement from other systems, provide the SBV (NIEPS operator) with a new list of participants engaged in net settlement (Form No. TTLNH-35 in the Appendix enclosed herewith) online, by post or in person;
dd) satisfy the following personnel requirements:
(i) There are at least 02 operators who are granted certificates of training in operation of the NIEPS by the SBV;
(ii) The officer who is assigned or authorized to transmit and receive settlement data and sign settlement batches must have an electronic signature issued by the SBV in accordance with provisions of the SBV’s Circular on management and use of digital signatures, digital certificates and digital signature authentication services;
e) satisfy the following technical requirements:
(i) There is a primary system and backup system for software and database;
(ii) There is at least 01 primary transmission line and 01 backup transmission line with independent cable system connected to the NIEPS.
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a) Documents, certified by the SBV’s Operation Center, on depositing of financial instruments or money for setting net debit caps in interbank electronic payment (for low-value payment services) (except affiliated participants that are SBV’s affiliated units);
b) Authorization contracts or written agreements on fulfillment of the requirements in Clause 3 Article 9 of this Circular regarding payment of debts among participants (for debit order sending services);
c) Applications for provision of NIEPS services for participants and affiliated participants (Form No. TTLNH-26 in the Appendix enclosed herewith) as the case may be.
6. The NIEPS operator shall publish every change in the NIEPS services used by participants and affiliated participants on the SBV’s web portal.
Article 37. Termination and suspension of payment order sending services on NIEPS
1. When terminating the use of one or some payment order sending services on the NIEPS, banks, foreign bank branches and the State Treasury shall submit Form No. TTLNH-27 and ECH managers shall submit Form No. TTLNH-36 to the SBV (NIEPS operator) online, by post or in person.
2. The SBV’s Governor shall consider suspending provision of some payment services of the NIEPS for a participant or affiliated participant that fails to maintain fulfillment of personnel and technical requirements specified in Points d, dd Clause 1 Article 36 of this Circular or an affiliated participant that fails to maintain fulfillment of personnel and technical requirements specified in Points a, b Clause 3 Article 36 of this Circular until such requirements are fulfilled.
3. The SBV’s Governor shall consider suspending provision of payment order sending services on the NIEPS for a participant or affiliated participant having a technical error which interrupts the connection between the NIEPS and its system. To be specific:
a) If interruption occurs more than 04 times in a month, payment order sending services shall be suspended for 05 working days from the occurrence;
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c) If interruption occurs more than 19 times in a year, payment order sending services shall be suspended for 01 month from the occurrence.
4. A participant or affiliated participant may be suspended from using low-value payment services in the following cases:
a) If the State Treasury’s balance is insufficient for settling clearing results as prescribed in Point d Clause 3 Article 23 of this Circular, the NIEPS operator shall request the SBV’s Governor to consider suspending provision of low-value payment services for the State Treasury until it fully pays the arrears;
b) If a participant’s balance is insufficient for settling clearing results after the cut-off time for receipt of high-value payment orders, the SBV’s Operations Center shall make a report on the participant's insufficient balance, and inform the case to the NIEPS operator. If a participant’s balance is insufficient twice a month or more, the NIEPS operator shall request the SBV’s Governor to consider suspending provision of low-value payment services for such participant for 01 month;
c) The suspension is made according to Clause 3 Article 24 of this Circular;
d) If a participant is unable to repay overdue debt of its clearing loan, which has to be shared among other participants, the SBV’s Operations Center will request the SBV’s Governor to consider suspending provision of low-value payment services for such participant. The suspension will last for 6 month from the day on which the SBV’s Governor gives written notification thereof to all relevant participants and affiliated participants.
5. If a participant is put under special control, the SBV’s Governor shall consider suspending provision of certain payment services of the NIEPS for such participant to ensure the safe operation of the NIEPS.
6. The NIEPS operator shall publish information on termination or suspension of provision of the NIEPS services for participants and affiliated participants on the SBV’s web portal.
Article 38. Termination of membership of NIEPS
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a) The participant has fully paid debts incurred during its participation in the NIEPS, annual fees and payment service fees (if any), and has submitted a request for withdrawal from the NIEPS (Form No. TTLNH-02 in the Appendix enclosed herewith) to the SBV (the NIEPS operator) online, by post or in person;
b) The participant is dissolved, bankrupt, merged or consolidated (in this case, the participant's membership is automatically terminated);
c) The participant’s VND checking account opened at the SBV's Operations Center is closed.
2. Upon its receipt of a request for withdrawal from the NIEPS, the NIEPS operator shall suspend provision of payment order sending services for the requesting participant or affiliated participant, and send a written request to the SBV’s Operations Center or the SBV’s provincial branch where the checking account of that participant or affiliated participant is opened for certification of fulfillment by that participant or affiliated participant of obligation to pay debts incurred during its participation in the NIEPS, annual fees and payment service fees (if any).
3. The NIEPS operator shall publish information on termination of membership of participants and affiliated participants on the SBV’s web portal.
Chapter VIII
MANAGEMENT AND OPERATION OF NIEPS
Article 39. NIEPS operating board
1. The NIEPS operating board is established under the decision of the SBV’s Governor and consists of: the board’s head who is the SBV’s Deputy Governor, and members who are senior representatives of the Information Technology Department, the Payment Department, the SBV’s Operations Center, and heads of some other units.
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a) Provide advice for the SBV’s Governor about NIEPS development strategies and plans;
b) Provide advice for the SBV’s Governor about formulation and management of legal framework for comprehensive risk management of the NIEPS;
c) Provide advice for the SBV’s Governor about other foreign currencies used on the NIEPS as prescribed in Clause 1 Article 1 of this Circular;
d) Provide advice for the SBV’s Governor about making of the decisions on the issues specified in Points a, c Clause 3 Article 17; Clauses 2, 3, 5 Article 37 of this Circular;
dd) Provide advice for the SBV’s Governor about promulgation of regulations on operation and use of NIEPS which must include regulations on working hours and correction of technical errors encountered by the NIEPS;
e) Perform other tasks of managing, operating and using the NIEPS specified in its operation regulations according to decision of the SBV's Governor.
Article 40. NIEPS operator
1. Directly operate the NIEPS.
2. Take charge of receiving and processing inquiries, and providing instructions on implementation of provisions of Articles 35, 36, 37, 38 of this Circular.
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4. Submit monthly reports to the NIEPS operating board and the Payment Department on status and operating time of the NIEPS in accordance with SBV’s regulations on statistical reporting.
Chapter IX
RIGHTS AND OBLIGATIONS OF RELEVANT UNITS
Article 41. Rights and obligations of participants and affiliated participants
1. Participants and affiliated participants are entitled to:
a) Use payment services provided by the NIEPS;
b) Request the NPSC to confirm its receipt of payment orders they sent and provide information about execution of such payment orders on the NIEPS;
c) Request the NPSC to cancel payment orders in accordance with provisions of this Circular;
d) An affiliated participant will inherit the right to use high-value payment services of the participant to which it is affiliated;
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2. Participants and affiliated participants have the following responsibilities:
a) Each participant shall manage payment and settlement activities and net debit caps on the NIEPS under its management;
b) Each participant shall receive and process electronic data from the NPSC at the end of each working day. Such data includes:
(i) Recorded amounts receivable (payable) to the participant’s checking accounts;
(ii) Recorded amounts receivable (payable) to each affiliated participant, according to which the participant shall record and settle payments on behalf of its affiliated participants;
(iii) Every one of outgoing and incoming payment orders of all affiliated participants on the NIEPS;
c) A participant shall inform and instruct its affiliated participants to implement the SBV’s documents and directives regarding interbank electronic payment;
d) Adhere to regulations on creation and transmission of payment orders via the NIEPS; take responsibility for the accuracy of figures and information in the payment orders;
dd) Cooperate with the NIEPS operator, other participants and affiliated participants in correction of errors that occur during the operation of the NIEPS and switching over to the backup system;
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g) Implement regulations on fees and fee management in the NIEPS specified in Article 11 of this Circular;
h) Do not reveal or provide information obtained from the NIEPS to any third parties, unless such information is requested by a competent authority as prescribed by law;
i) A participant must share the overdue debt of clearing loans taken by other participants;
k) Each participant must maintain its checking account balance to execute payment orders and clearing settlement via the NIEPS;
l) Where a participant or affiliated participant terminates its membership, it must request withdrawal of the digital signature certificate (if any) used in interbank electronic payment in accordance with SBV’s regulations on management and use of digital signatures, digital signature certificates and digital signature authentication services;
m) Maintain fulfillment of technical and personnel requirements specified in Points d, dd Clause 1, Points a, b Clause 3 Article 36 of this Circular;
n) Register email addresses for exchange of information related to the NIEPS as prescribed in this Circular;
o) Adhere to the prescribed schedule of the NIEPS to ensure convenient, accurate, timely and safe payments;
p) Regularly monitor and maintain its net debit cap;
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r) Notify clients of the status of processing and recording of their payment orders which is notified by the NPSC.
Article 42. SBV’s Operations Center
1. Connect to the NPSC to discharge its responsibilities as prescribed in this Circular.
2. Monitor and manage participants’ checking account balances and overdraft limits (if any) updated by the NIEPS at the beginning of each working day.
3. Update the status of checking accounts.
4. Perform comparison tasks as prescribed in Article 15 of this Circular; notify relevant participants and SBV’s units of any errors found.
5. Monitor and process clearing settlement, and net settlement results from other systems.
a) Monitor the maintenance of net debit caps by participants in accordance with SBV’s regulations;
b) Process requests for depositing of financial instruments/money by participants as prescribed in Articles 16 and 17 of this Circular;
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d) Submit reports to the SBV’s Governor on participants that use low-value payment services or engage in settlement of ECHs, are placed under special control, and incur overdue debts of clearing loans.
6. Withdraw money from (debit) checking accounts of participants to: collect debts incurred during their participation in the NIEPS as prescribed in this Circular, annual fees and payment service fees (if any).
7. Give written certification, at the request of the NIEPS operator, of fulfillment of payment obligations by the participant that submits a request for withdrawal from the NIEPS.
8. Perform the roles of a participant of the NIEPS and comply with regulations applicable to participants of the NIEPS.
Article 43. Finance and Accounting Department
Provide instructions on accounting for affiliated participants of the NIEPS that are SBV’s affiliated units.
Article 44. Payment Department
1. Provide instructions on payment services on the NIEPS.
2. Formulate and promulgate regulations on monitoring of the NIEPS to ensure its stable, safe and effective operation.
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4. Play the leading role and cooperate with relevant units in providing advice for the SBV’s Governor about margin ratios for setting net debit caps.
Article 45. Information Technology Department
1. Perform the tasks of the NIEPS operator specified in this Circular.
2. Directly manage and take responsibility for technical infrastructure of the NIEPS.
3. Study, develop and propose technical solutions for development and expansion of the NIEPS.
4. Carry out periodic maintenance of the NIEPS to ensure its safe and uninterrupted operation.
5. Request the SBV’s Governor to issue SBV’s standards for data used on the NIEPS.
Article 46. SBV’s provincial branches
1. Request the NPSC to confirm its receipt of payment orders they sent and information concerning such payment orders.
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3. Cooperate with the NIEPS operator, other participants and affiliated participants in correction of errors that occur during the operation of the NIEPS.
4. Cooperate with other SBV’s provincial branches in correction of errors that occur during money transfer.
5. Collect debts incurred during participation in the NIEPS, annual fees and payment service fees (if any) from participants and affiliated participants under their management, and consider give written certification of fulfillment of obligation to make these payments by the participant that submits request for withdrawal from the NIEPS.
Chapter X
IMPLEMENTATION
Article 47. Transition
1. SBV, banks, foreign bank branches, State Treasury and their affiliated units that are participants or affiliated participants of the NIEPS before the effective date of this Circular are still participants or affiliated participants of the NIEPS and keep using services established on the NIEPS.
2. From the effective date of this Circular, indirect participants shall be changed into indirect units as prescribed in the Decision issued by the SBV’s Governor to promulgate regulations on operation and use of the NIEPS.
3. Participants that are using low-value payment services and those engaged in net settlement shall additionally provide the statement that the participant will get clearing loan when its balance is insufficient for making payment and will be liable to indebtedness and debt repayment (including principal and interest) (Form No. TTLNH-22 in the Appendix enclosed herewith) for the SBV within 1 month from the effective date of this Circular.
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1. This Circular comes into force from August 15, 2024.
2. The following regulations and documents shall cease to have effect from the effective date of this Circular:
a) The Circular No. 37/2016/TT-NHNN dated December 30, 2016 of the Governor of the State Bank of Vietnam;
b) The Circular No. 21/2020/TT-NHNN dated December 31, 2020 of the Governor of the State Bank of Vietnam;
c) Clause 6 Article 9a of the Circular No. 39/2014/TT-NHNN dated December 11, 2014 of the Governor of the State Bank of Vietnam, as amended by Clause 4 Article 1 of the Circular No. 23/2019/TT-NHNN dated November 22, 2019 of the Governor of the State Bank of Vietnam.
Article 49. Implementation organization
The Chief of Office, heads of SBV’s affiliated units, Directors of SBV’s provincial branches, and General Directors (Directors) of participants are responsible for the implementation of this Circular.
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Văn bản hiện tại
| Số hiệu | 08/2024/TT-NHNN |
| Loại văn bản | Thông tư |
| Cơ quan | Ngân hàng Nhà nước Việt Nam |
| Ngày ban hành | 25/06/2024 |
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| Ngày hiệu lực | |
| Tình trạng |
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Tóm tắt
| Số hiệu | 08/2024/TT-NHNN |
| Loại văn bản | Thông tư |
| Cơ quan | Ngân hàng Nhà nước Việt Nam |
| Ngày ban hành | 25/06/2024 |
| Người ký | |
| Ngày hiệu lực | |
| Tình trạng |