Thông tư 37/2016/TT-NHNN

Circular No. 37/2016/TT-NHNN dated December 30, 2016, management, operation and use of the national interbank electronic payment system

Nội dung toàn văn Circular 37/2016/TT-NHNN management operation use national interbank electronic payment system


STATE BANK OF VIETNAM
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SOCIALIST REPUBLIC OF VIETNAM
Independence - Freedom - Happiness
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No. 37/2016/TT-NHNN

Hanoi, December 30, 2016

 

CIRCULAR

MANAGEMENT, OPERATION AND USE OF THE NATIONAL INTERBANK ELECTRONIC PAYMENT SYSTEM

Pursuant to the Law on the State bank of Vietnam No. 46/2010/QH12 dated June 16, 2010;

Pursuant to the Law on credit institutions No. 47/2010/QH12 dated June 16, 2010;

Pursuant to the Law on Electronic transaction No. 51/2005/QH11 dated November 29, 2005;

Pursuant to the Government's Decree No. 26/2007/NĐ-CP dated February 15 2007, specifying the implementation of the Law on Electronic transaction applicable to digital signatures and the authentication of digital signatures; the Government's Decree No. 106/2011/NĐ-CP dated November 23, 2011 and the Government's Decree No. 170/2013/NĐ-CP dated November 13, 2013 on amendments to Decree No. 26/2007/NĐ-CP;

Pursuant to the Government's Decree No. 35/2007/NĐ-CP dated March 8, 2007 on electronic transactions in banking;

Pursuant to the Government's Decree No. 101/2012/NĐ-CP dated November 22, 2012 on non-cash payment and the Government's Decree No. 80/2016/NĐ-CP dated July 01, 2016 on amendments to the Government's Decree No. 101/2012/NĐ-CP;

Pursuant to the Government's Decree No. 156/2013/NĐ-CP dated November 11, 2013 defining the functions, tasks, entitlements and organizational structure of the State bank of Vietnam;

At the request of Director of Information Technology Administration,

The Governor of the State bank of Vietnam promulgates a Circular on management, operation and use of the national interbank electronic payment system.

Chapter I

GENERAL PROVISIONS

Article 1. Scope and regulated entities

1. Scope:

This Circular provides for management, operation and use of the National Interbank Electronic Payment System (NIEPS) serving payment and settlement between the units participating in the system in Vietnamese dongs (VND), US dollars (USD), euro (EUR) and other foreign currencies decided by the Governor of the State bank.

2. Regulated entities:

Direct and indirect participants, affiliated participants of NIEPS, NIEPS operator, presiding units of clearing houses connected to the NIEPS, and relevant units of the State bank.

Article 2. Definitions

For the purpose of this Circular, the terms below are construed as follows:

1. Interbank electronic payment means the processing interbank payments by the computer network from the creation of the payment order until the payment order is completely executed.

2. Participants include the State bank, banks, branches of foreign banks, Central State Treasury that participate in the NIEPS.

3. Affiliated participant means an affiliate of a participant and participates in the NIEPS at the request of such participant.

4. Indirect participant means an affiliate of a participant which has a bank code issued by the State bank and makes payments via the participant or affiliated participant.

5. Payment order means an electronic message used for making a payment in the NIEPS.

6. Order giver means an organization or individual that requests a participant or affiliated participant to create a payment order.

7. Order recipient means an organization or individual that receives the payment order via a participant or affiliated participant.

8. Client is either an order giver or order recipient.

9. Creator means an employee of a participant or affiliated participant who is assigned to create the payment order.

10. Controller means the chief accountant, acting chief accountant or an authorized person of a participant or affiliated participant who has the responsibility to control payment orders.

11. Approver means a competent person (legal representative) or a participant of affiliated participant; the approver of an affiliated participant of the State bank is its head or an authorized person.

12. Communicator means an employee of a participant or affiliated participant who is in charge of sending and receiving electronic messages in the NIEPS.

13. Order-creating unit means a participant or affiliated participant that creates and processes a payment order on behalf of its client.

14. Order-creating unit means a participant or affiliated participant that creates and processes a payment order on behalf of its client.

15. Low-value payment services are services of the NIEPS that process payment orders in VND using the clearing settlement system.

16. High-value payment services are services of the NIEPS that process payment orders in VND using the real-time gross settlement system.

17. Foreign currency payment services are services of the NIEPS that process payment orders in foreign currencies using the real-time gross settlement system.

18. Credit order means a payment order that debits a certain amount from to 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.

19. Debit order means a payment order that debits a certain amount from to 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.

20. Low-value payment order means a payment order in VND whose value is smaller than VND 500 million using low-value payment services.

21. High-value payment order means a payment order in VND using high-value payment services.

22. Foreign currency payment order means a payment order in a foreign currency using foreign currency payment services.

23. Electronic message means an electronic file that contains information about the payment order or a notification related to the payment and is transmitted between participants in the NIEPS through the computer network.

24. Authentication code means the symbol of the electronic file about the status of payment orders in the NIEPS.

25. Settlement means the determination and payment of the last value among relevant participants to fulfill the payment obligation.

26. Real-time gross settlement means the real-time processing of each payment order to fulfill payment obligations among the participants or affiliated participants.

27. Clearing settlement means fulfillment of payment obligations among the participants by direct offsetting the total receivable against the total payable.

28. Threshold means the maximum value of the low-level payments to be settled by clearing.

29. NIEPS operator means the unit that directly operates the NIEPS.

30. NPSC stands for National Payment Service Center, which is a system in Information Technology Administration that performs the functions of the high-value payment module, foreign currency payment module, low-value payment module, checking account processing module, inspects and compares data.

31. BNPSC stands for Backup National Payment Service Center, which is a system in the backup data center which is a backup system for the NPSC.

32. Value of deposited securities is determined according to regulations of the State bank on overdraft and overnight lending in interbank electronic payment.

33. Deposit rate is the ratio (%) of the value of deposited securities and deposited money to establish the threshold and start-of-day threshold.

34. Net settlement services for other systems are the receipt and processing of net settlement result from the automated clearing house (ACH), card clearing houses and other clearing houses

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.

2. Processing modules include: high-value payment module, foreign currency payment module, low-value payment module, checking account processing 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 payment orders in foreign currencies 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 module is meant to inspect and process high-value payment orders, foreign currency payment orders, processing results of clearing and net settlement from other systems.

Article 4. Interbank electronic payment records

1. Interbank electronic payment records may be physical or electronic documents prescribed by applicable regulations of law on accounting records.

2. The basis for creation of payment orders is the interbank electronic payment records.

3. Payment orders shall be created electronically according to the template and data standards decided by the Governor of the State bank.

Article 5. Debt payment in the NIEPS

1. A prior authorization contract is required for debt payment among participants other than units of the State bank.

2. A prior authorization contract is required for debt payment among participants other than units of the State bank.

3. Prior authorization contract or a payment agreement

A debt between participants must have the following elements:

- Intraday limit on debt payment between the participants;

- Intraday limit on an unverified debt payment order;

- Effective period of the contract or agreement.

Article 6. Terms of services

1. High-value payment services must be used if the value in the payment order in VND is at least VND 500 million.

2. Low-value payment services may be used if the value in the payment order in VND is smaller than VND 500 million.

3. Foreign currency payment services must be used for a foreign currency payment order.

Article 7. Expenditures and collection of charges for interbank electronic payment

1. Expenditures on development, installation, maintenance and upgrade of the NIEPS shall be paid by the State bank. Expenditures on development, installation, maintenance and upgrade of systems of participants and affiliated participants serving 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 fee, annual fee and domestic payment service charges imposed by the State bank.

Chapter II

MANAGEMENT AND OPERATION OF NIEPS

Article 8. Inspection of the NIEPS

1. The NIEPS operator shall inspect the NIEPS everyday in terms of balance, threshold and payment data.

2. Information Technology Administration shall inspect the software, equipment and communications network of the NIEPS at the NPSC and BNPSC.

3. The NIEPS operator, participants and affiliated participants shall regularly carry out inspection and supervision to receive and process payment orders during the working time of the NIEPS; ensure continuous and safe operation of the NIEPS.

Article 9. Working time of the NIEPS

1. Working time of the NIEPS:

a) Starting time: 8:00 of working days;

b) Time to stop receiving payment orders:

- For low-value payment orders: 16:00 of normal working days; 17:00 of the last 02 working days of the month;

- For high-value payment orders and foreign currency payment orders: 17:00 of normal working days; 17:45 of the last 02 working days of the month;

c) Time to perform end-of-day tasks (data comparison and verification with the NPSC): 17:15 of normal working days; 18:00 of the last 02 working days of the month.

2. In the cases where the times mentioned in Clause 1 of this Article are changed, the Governor of the State bank shall issue a decision and send written notifications to the participants at least 30 days before the effective date of such decision, except for the case specified in Clause 3 of this Article.

3. In the cases where the times mentioned in Clause 1 of this Article are changed while annual statements are being prepared or during public holidays, the Governor of the State bank shall issue a decision and the NIEPS operator shall send written notifications to the participants and make an announcement on the web portal of the State bank at least 05 days before the effective date of such decision.

Article 10. Extension of the time to stop receiving payment orders

1. The NIEPS operator may delay the time to stop receiving payment orders for up to 30 minutes in the following cases:

a) The delay is necessary for certain tasks or the NIEPS has an error at the NPSC or because of another reason at the Central the State bank;

b) A branch of the State bank at a province or a participant requests the delay because of technical issues or the quantity of payment orders received at the end of the transaction hours suddenly increases.

2. In any of the cases mentioned in Clause 1 of this Article, the NIEPS operator must submit a report to the Governor of the State bank for decision and to Payment Department for monitoring.

3. The delay mentioned in Clause 1 and Clause 2 of this Article must be notified to all participants of the NIEPS and relevant units of the State bank via the email addresses registered with the NIEPS operator or on the NIEPS before such time.

Article 11. Logging and storage of transaction data

1. The processing of transactions shall be automatically recorded by the NIEPS in the form of electronic data.

2. Electronic data shall be copied to storage devices (magnetic tapes, hard drives) on a daily basis for archiving. Electronic data to be archived include:

a) Electronic data about transaction requests and electronic messages containing results of each participant and affiliated participant;

b) Electronic data about electronic messages, settlement transactions, data comparison and processing results of the NPSC.

3. Electronic data and documents shall be managed in accordance with regulations of law on archiving. The log shall be produced at the request of competent authorities to serve inspection, control or dispute settlement in a manner that is conformable with regulations of law on confidentiality of clients’ information.

Article 12. Issuance, management and use of electronic signatures on the NIEPS

1. Four types of digital signatures:

a) The creator’s digital signature;

b) The controller’s digital signature;

c) The approver’s digital signature;

d) The communicator’s digital signature.

2. Issuance and use of digital signatures:

a) Instruments for creation of creators’ and controllers’ digital signatures shall be issued and managed by participants and affiliated participants following their own procedures;

b) Private keys for creation of approvers’ and communicators’ digital signatures shall be issued by the State bank in accordance with regulations of the State bank on management and use of digital signatures, digital documents and authentication of digital signatures. The person given a digital signature or private key is responsible for its confidentiality and shall bear legal responsibility if its revelation causes damage.

c) The appointment of creators, controllers and approvers of participants and affiliated participants shall be decided by their competent persons as long as creators are independent from controllers and approvers.

Article 13. Inquiries and comparisons

1. Inquiries:

Participants and affiliated participants may obtain information by sending electronic messages or enter the information website. The NIEPS will automatically check the validity of the inquiries and response.

2. Payment result comparison:

a) The payment result comparison is done on a daily basis when the NIEPS completes its end-of-day processing;

b) Data about intraday settlements at the NPSC is the basis for payment result comparison;

c) All payment orders created must be compared with data at the NPSC, participants and affiliated participants within the day, unless there is a technical issue that makes it impossible to compare within the day;

d) Payment orders of each day must be compared separately. In case of a technical error that makes it impossible to compare within the day, the comparison may be done within the next working days when the error is fixed. In such cases, the comparison must reflect the date in which payment orders are created;

dd) NPSC shall automatically create end-of-day data for participants and affiliated participants to compare;

e) Participants and affiliated participants shall receive such data and compare with the data about payment orders actually sent and received within the day according to instructions in Clause 2 Article 37 of this Circular.

In case of errors, participants and affiliated participants must notify and cooperate with the NIEPS operator in resolving.

Article 14. Operation of NPSC

1. Receive and check validity of electronic records, including:

a) Types and formats of data;

b) Qualification of approvers;

c) Dates;

d) Uniqueness;

dd) Mandatory elements of a payment order;

e) Authentication code;

g) Participant’s ID code; terminal device code, approver code.

2. Process valid payment orders, and cancellation orders; notify payment orders and processing result to relevant participants and affiliated participants.

3. Compare payment orders with participants and affiliated participants in the NIEPS.

4. Reject invalid payment orders and cancellation orders; reject payment orders submitted after the NIEPS stops receiving payment orders.

5. Reject high-value payment orders and foreign currency payment orders from participants whose balance in corresponding accounts are not sufficient.

6. Notify the unsuccessful high-value payment order to the order-creating unit if its account balance is not sufficient for payment after the time to stop receiving high-value payment orders, or the high-value payment order is submitted after the NIEPS stops receiving high-value payment orders.

7. Notify the unsuccessful credit order in foreign currency to the order-creating unit if the corresponding foreign currency account balance is not sufficient for payment after the time to stop receiving foreign currency payment orders, or the credit order in foreign currency is submitted after the NIEPS stops receiving credit orders in foreign currency.

8. Notify the unsuccessful high-value debit order to the order-creating unit if the order-receiving unit’s account balance is not sufficient for payment after the time to stop receiving high-value payment orders, or the high-value debit order is submitted after the NIEPS stops receiving high-value payment orders.

9. Notify the unsuccessful debit order in foreign currency to the order-creating unit if the order-receiving unit’s corresponding account balance is not sufficient for payment after the time to stop receiving foreign currency payment orders, or the debit order in foreign currency is submitted after the NIEPS stops receiving payment orders in foreign currency.

10. Notify the unsuccessful low-value payment order to the order-creating unit if it exceeds the threshold after the clearing time, or the low-value payment order is submitted after the NIEPS stops receiving low-value payment orders.

11. Automatically send electronic messages about clearing results to the account processing module to settle up with participants using clearing services in the day.

12. Net settlement results from other systems shall be processed in accordance with Article 25 of this Circular.

Article 15. Operation of the BNPSC

1. The BNPSC will be used when the NPSC is not functional.

2. In operation, the BNPSC has the same functions as those specified in Article 14 hereof.

3. All data and processing results of the BNPSC are of equal value as those of the NPSC.

Chapter III

PAYMENT ORDERS IN THE NIEPS

Article 16. Creation of a payment order

1. Regarding a payment order created from physical records:

a) The creator shall follow these steps:

- Inspect the validity and legitimacy of the client’s transaction documents;

- Determine the type of payment order;

- Compare and check the client’s account balance;

- Enter the following information: the order-creating unit (name, bank code), amount, name, address, account number (if any), ID/passport number or enterprise ID number of the order giver), the unit serving the order giver, the order-receiving unit (name, bank code), name, address, account number (if any), ID/passport number and issuance date of the order recipient, the unit serving the order recipient, payment description and other information relevant to the interbank transaction, payment to state budget, sale of Government bonds and other types of transactions (if any) using Form TTLNH-04;

- Double check the entered data and add the digital signature to the payment order;

- Sign the records; transfer the records and entered data to the controller;

b) The controller shall:

- Verify data about: the order-receiving unit, the unit serving the order giver, the unit serving the order recipient, the amount and payment description.

- Return the order to the creator if any error is found;

- Add the digital signature to the payment order; sign the records and transfer them to the approval if all data are correct;

c) The approver shall:

- Check the consistency between data on original records and electronic data;

- Return the order to the creator or controller if any error is found;

- Add the digital signature to the payment order; sign the records.

2. Regarding a payment order created from electronic records:

In the cases where a payment order is created from electronic records in a participant’s or affiliated participant’s system, the structure and format defined by the State bank must be complied with and the following requirements must be satisfied:

a) If the electronic record is valid but information therein is insufficient according to Clause 1a of this Article, the creator shall provide additional information; the controller and approver shall carry out verification similarly to physical records to ensure the accuracy, and add their digital signatures to the payment order;

b) If the electronic record is valid and information therein is sufficient, the digital signatures may be added manually or automatically to each payment order;

c) If the input electronic records are valid and contain sufficient information and satisfy security and accuracy requirements, the competent person of the unit will decide whether the approver is the only person that needs to add his/her signature to the payment order and will take responsibility for such decision, or follow the instructions in Clause 2a of this Article.

3. After the payment order is sent and the status is successful, it can be printed out.

4. A payment order will be processed by the NIEPS using the participant’s checking account with the same currency as that on the payment order opened at the State bank’s transaction center.

Article 17. Inspection of validity of a payment order

Participants and affiliated participants are legally responsible for the legitimacy of the records used for creating the payment orders. The following information about the payment order must be inspected:

1. Types and formats of data;

2. Qualification of the creator, controller and approver;

3. Date;

4. Uniqueness;

5. Mandatory elements of a payment order;

6. Authentication code;

7. Participant’s ID code; terminal device code, approver code.

Article 18. Settlement of payment orders at the participants and affiliated participants

Participants and affiliated participants shall settle payment orders in accordance with applicable law.

Article 19. Settlement and processing of payment orders at the transaction center

The transaction center shall control, compare, settle, audit and retain payment orders according to the sheet created on the daily basis (according to form TTLNH-10, TTLNH-11, TTLNH-12, TTLNH-13, TTLNH-14, TTLNH-15 enclosed herewith).

Chapter IV

CLEARING SETTLEMENT AMONG PARTICIPANTS AND NET SETTLEMENT FROM OTHER SYSTEMS

Article 20. Threshold

1. Establishment of start-of-day threshold

a) Participants who use low-value payment order services shall establish, maintain and manage their thresholds;

b) Participants that use low-value payment order sending services shall calculate their start-of-day thresholds on the basis of the total low-value transaction of the previous period and send applications for establishment of start-of-day threshold to the transaction center. Start-of-day threshold of each participant is calculated as follows:

Start-of-day threshold = Average daily difference (payable – receivable) of the participant over the last 6 months.

If the start-of-day threshold is zero or a negative number, it shall be established according to performance of the preceding period, start-of-day threshold of the preceding period, deposited securities and/or money and the needs for low-level payments of the participant.

In the cases where a participant has used low-value payment order sending services for less than 6 months, the start-of-day threshold shall equal value of the deposited securities and/or money.

The transaction center shall verify the arithmetic accuracy, the need for low-level payments, deposited securities or money of participants and inform them of the results;

c) Start-of-day threshold shall be established every 6 months within the first 5 working days of January and July;

d) Participants using low-value payment order sending services shall pay deposits to establish start-of-day threshold in accordance with Article 21 of this Circular.

2. Adjusting start-of-day threshold

a) The transaction center may request participants a participant using low-value payment order sending services to decrease the start-of-day threshold if it is deemed too high compared to the participant’s solvency and the value of deposited securities or money;

b) In the period in which the start-of-day threshold is established, each participant may request the transaction center to consider adjusting the start-of-day threshold according to the participant’s performance. In the cases where the start-of-day threshold is increased, the deposit may be increased by up to 100%.

3. Intraday adjustment to start-of-day threshold

a) If a participant wishes to temporarily increase the start-of-day threshold within the working day, the intraday increase in the start-of-day threshold shall be dealt with as follows:

If the participant deposits securities or money to request increase in the threshold, securities or money shall be deposited. The minimum value of additionally deposited securities or money is the intraday increase in start-of-day threshold. Otherwise, intraday increase will not be permitted.

If a participant uses its checking account balance to increase the start-of-day threshold, the transaction center shall debit an amount equal to the intraday increase from the participant’s checking account as deposit. If the account balance is not sufficient, the increase will not be permitted.

After finishing the day’s clearing settlement day, the transaction center shall return the additionally deposited securities or money at the participant’s request. The threshold shall be reset to the start-of-day threshold. Intraday adjustment to start-of-day threshold is calculated as follows:

Intraday start-of-day threshold = start-of-day threshold + intraday increase in start-of-day threshold;

b) Where it is necessary to sustain participants’ solvency, the transaction center may consider decreasing the intraday start-of-day threshold. After finishing clearing settlement, the threshold shall be reset to the start-of-day threshold. Intraday adjustment to start-of-day threshold is calculated as follows:

Intraday start-of-day threshold = start-of-day threshold - intraday temporary decrease in start-of-day threshold.

4. Management of current threshold

Current threshold = intraday start-of-day threshold + total receivables of the low-value payment order from the start of the day to the current time – total payables of the low-value payment order from the start of the day to the current time.

At the start of the day, each participant sending the low-value payment order shall be granted a start-of-day threshold. The start-of-day threshold may be increased or decreased according to the participants’ and affiliated participants’ using low-value payment order sending services. The threshold is the basis for sending low-value payment orders of participants and affiliated participants.

5. The threshold can be found on the NIEPS.

Article 21. Depositing to establish threshold

1. Securities deposited to establish threshold in low-value payments are those used in overdraft and overnight lending in interbank electronic payment.

2. Money deposited to establish the threshold in low-value payments is money in the participant’s account opened at the transaction center.

3. Deposit rate

a) A participant using low-value payment services shall deposit securities and/or money in its account at the transaction center. The minimum deposit is 10% of the start-of-day threshold notified by the transaction center. Where it is necessary for the safety of the NIEPS, the Governor of the State bank shall issue a decision to change the minimum deposit rate at the request of the Steering Committee of the NIEPS;

b) If the participant’s account balance is not sufficient for clearing settlement at the time to stop receiving high-value payment orders 02 times or more in a month or 03 time or more in a period over which the start-of-day threshold is maintained, the transaction center shall request the Governor of the State bank to consider the decreasing participant’s start-of-day threshold to the value of the deposited securities and/or money and maintain the deposit ratio at 100% for 6 months from the day on which the Governor of the State bank issues a decision.

4. Time to deposit securities or money

a) In case of intraday increase in the start-of-day threshold: as soon as securities or money are adequately deposited, the transaction center shall establish the intraday start-of-day threshold and inform the participant;

b) In case of initial or periodic establishment of start-of-day threshold: the participant shall deposit securities or money, submit an application for establishment of the start-of-day threshold to the transaction center. Within 07 working days from the day on which deposited securities or money and the application is received by the transaction center, it shall establish the start-of-day threshold and inform the participant in writing.

5. Return of deposited securities or money

a) Deposited securities shall be returned in accordance with regulations of the State bank on depositing and use of securities at the State bank;

b) Within 03 working days from the day on which the web portal of the State bank post the information that the participant stops using low-value payment order sending services and the participant has fulfilled its obligations to the State bank on the NIEPS, the transaction center shall return the deposit to such participant.

Article 22. Exceeding the threshold in low-value payments

In the cases where the amount on a payment order exceeds the current threshold:

1. The NIEPS will request the participant to increase the threshold as prescribed in Clause 3 Article 20 of this Circular;

2. When the current threshold is sufficient, payment orders will be processed following on a first in, first out (FIFO) basis;

3. When the NIEPS stops receiving low-value payment orders, the payment orders that exceed the current threshold will be cancelled. Participants and affiliated participants shall check the status of payment orders by sending inquiries.

Article 23. Clearing settlement

NPSC shall perform clearing settlement as follows:

1. Stop receiving low-value payment orders throughout the system;

2. Check and calculate the current threshold for the low-value payment orders whose current threshold is not available;

3. Reject low-value payment orders from participants and affiliated participants whose current thresholds are exceeded;

4. Calculate the difference between payables and receivables of each participant whose current threshold is sufficient according to the low-value payment orders;

5. The clearing result shall be settled by the automatic account processing module.

Article 24. Monitoring and notifying clearing settlement

The transaction center shall monitor the clearing settlement status via the NIEPS in the following order:

1. Examine the participant’s solvency against the difference between start-of-day threshold and current threshold;

2. If the participant’s funds are insufficient, notify it of such insufficiency and request it to increase its funds; inspect the addition of funds in the participant’s checking account;

2. If clearing settlement is not successful after the system stops receiving high-value payment order because of the participant’s insufficient balance, the transaction center shall complete and send Form TTLNH-25)to the NIEPS operator and such participant.

Article 25. Processing of net settlement results from other systems

1. The NIEPS are allowed to receive and process net settlement results from the ACH, card clearing houses and other clearing houses.

2. Clearing settlement results are processed in batches on the basis of participants’ checking account balance. In the cases where a participant’s checking account balance is insufficient:

a) The participant shall overdraw its account within the overdraft limit in accordance with regulations of the State bank to process the net settlement result;

b) If the funds are still insufficient for settlement when the overdraft limit is reached, the net settlement result shall be moved to the queue. When the checking account balance is sufficient, the processing of the net settlement result will be resumed;

c) The participant shall increase the checking account balance from its own funds or through monetary market transactions or mutual lending on the interbank market as prescribed by the State bank.

3. When the NIEPS stops receiving high-value payment orders and at least a participant still has insufficient funds after the steps in Clause 2 of this Article are followed, the NIEPS will cancel the net settlement result.

4. To use net settlement services for other system, the presiding unit of the offset payment system must satisfy the following requirements:

a) An application for connection to the NIEPS (Form TTLNH-29) is sent to the State bank (the NIEPS operator) via the computer network;

b) Personnel requirements:

- At least 02 operators are granted certificates of training in operation of the NIEPS by the State bank.

- The officer authorized to transmit and receive payment data and sign payment orders has a digital signature issued by the State bank in accordance with the Circular of the State bank on management and use of digital signatures, digital certificates and digital signature authentication services;

c) Technical requirements:

- There is a primary system and backup system for software and database;

- There is at least 01 primary transmission line and 01 backup transmission line of 02 separate service provider that are connected to the NIEPS;

- There are least 02 successfully activated digital signatures (01 communicator’s signature and 01 approver’s signature);

d) The participant in settlement must be a participant of the NIEPS;

dd) There is a prior agreement on fulfillment of clearing obligations between the unit presiding the offset payment system and participants, which must be sent to the State bank.

5. The NIEPS operator shall announce every change in the unit operating the offset payment system connected to the NIEPS on the web portal of the State bank.

Chapter V

SETTLEMENT OF FUNDS INSUFFICIENCY IN INTERBANK ELECTRONIC PAYMENT

Article 26. Queue processing

1. In the cases where a participant’s account is not sufficient for payment, the NPSC shall:

a) retain high-value payment orders or clearing results or net settlement results in VND from other systems in the queue;

b) Retain foreign currency payment orders;

c) When money in corresponding currencies is added to the participant’s corresponding checking account, the NPSC shall process payment orders on a FIFO basis. In the cases where the amount in the payment order exceeds the participant’s checking account balance and leads to congestion of processing of other payment orders in the queue, the NPSC may swap the payment orders with amounts smaller than or equal to the participant’s checking account balance on a FIFO basis. Participants and affiliated participants may send inquiries to check the status of their payment orders in the queue;

d) Queue management:

- Periodically examine checking account balance;

- Order of settlement: 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;

- Process cancellation orders on a FIFO basis.

2. Participants and affiliated participants may only cancel high-value payment orders, foreign currency payment orders and low-value payment orders in the queue at the NPSC:

a) When receiving a cancellation order from the order-creating unit, NPSC shall verify its validity according to the logbook;

b) If the cancellation order is valid and standing in the queue at NPSC, the cancellation will be proceeded and the cancellation result will be notified to the order-creating unit. If the cancellation order is not standing in the queue, the system will send a notification to the order-creating unit.

Article 27. Insufficient checking account balance

1. Regarding high-value payment order in VND:

a) A participant (except State Treasury) may overdraw within the limit to process high-value payment orders;

b) If the checking account balance of State Treasury is not sufficient for making the payment, the participant has reached the overdraft facility granted by the State bank but the funds is still insufficient, the payment order will be queued until the checking account balance is sufficient;

c) The participant may increase its checking account balance from its own fund or through monetary market transactions or mutual lending on the interbank market as prescribed by the State bank;

d) When the NIEPS stops receiving high-value payment order, if the checking account balance is still insufficient, high-value payment orders in the queue will be automatically cancelled. Participants and affiliated participants may check the status of such payment orders by sending inquiries.

2. Regarding foreign currency payment orders:

a) The participant shall increase its checking account balance from its own funds or loans from other participants (other than State Treasuries) as prescribed by the State bank;

b) When the NIEPS stops receiving foreign currency payment orders, if the balance of the corresponding checking account with corresponding currency is still insufficient, the foreign currency payment orders in the queue will be automatically cancelled. Participants and affiliated participants shall check the status of such payment orders by sending inquiries.

3. Regarding clearing results:

a) A participant (except State Treasury) may overdraw within the limit to process clearing results;

b) The participant may increase its checking account balance from its own funds or through monetary market transactions or mutual lending on the interbank market as prescribed by the State bank;

c) In the cases where a participant is not able to settle the net payables when the NIEPS stops receiving high-value payment orders and the balance is still insufficient after the deposit has been used to establish the threshold from the participant’s deposit account (if any), the participant (other than State Treasuries) shall complete Form TTLNH-28 and submit it to the transaction center to obtain a clearing loan at the overnight rate imposed by the Governor of the State bank;

d) In the cases where the transaction has issued a notification that the balance of the checking account opened at the transaction center to serve clearing settlement is insufficient, the deposit has been used to establish the threshold from the deposit account but the account balance is still insufficient, the State Treasury must take measures to increase the account balance within the day to process clearing results. If the State Treasury is not able to increase the account balance within the day, instructions in Clause 4a of Article 41 hereof will be followed.

4. Net settlement results from other systems shall be processed in accordance with Clause 2 and Clause 3 Article 25 hereof.

Article 28. Settlement of participants’ overdue clearing loans

1. On the working day succeeding the day on which the clearing loan is granted, the participant shall repay the principal and interest to the State bank. If the participant does not repay the clearing loan by the end of the working day succeeding the day on which it is granted, the transaction center shall convert the loan into an overdue loan, the interest rate on which is equal to the overdue overnight rate imposed by the State bank.

2. On the working day succeeding the day on which the clearing loan is granted, the transaction center shall take measures to collect the loan (principal first, interest later, including initial interest, overdue interest on the principal and overdue interest on the interest) and notify the participant. To be specific:

a) Deduct the loan from the participant’s VND checking account opened at the transaction center;

b) Request the organization that receives deposited securities to transfer them to the State bank. The transfer of securities as loan repayment shall be carried out similarly to the case in which a credit institution has an overdue overnight loan prescribed by the State bank;

c) If the clearing loan is not completely repaid after the measures specified in (a) and (b), the transaction center shall share the loan among other participants in clearing settlement (other than State Treasury) in the same session and inform each participant of its contribution. The contribution is calculated as follows:

Contribution by participant

Where:

A: Total amount of outstanding loan to be shared.

Bi: Average amount payable by participant i within 20 working days before the loan is granted.

C: Total average amount payable by participants within 20 working days before the loan is granted.

n: Number of participants among which the loan is shared.

i: from 1 to n

3. Sharing procedures

a) On the working day succeeding the day on which the transaction center notifies the participants, the transaction center shall withdraw the contribution from the participants’ account;

b) If a participant’s account is not sufficient, the transaction center will request the Governor of the State bank to consider suspending the provision of low-value payment order sending services for such participants until the working day succeeding the day on which such participants fully transfers the amount to the transaction center. The transaction center will monitor the balance of the participant’s checking account opened at the transaction center and withdraw the outstanding amount plus (+) an interest at the overdue overnight rate imposed by the State bank.

4. Return of contributions

a) Within 05 working days from the day on which the transaction center notifies each participant of its contribution, the participant that took the loan shall take every measure possible to return the contributions made by the participants to the transaction center’s account (plus an interest at overdue overnight rate imposed by the State bank). If the transaction center does not receive the loan repayment in full by the aforementioned deadline, it will withdraw the outstanding amount from the participant’s checking account opened at the transaction center. If the loan is still not fully repaid after the participant’s account is withdrawn, applicable regulations of law shall apply;

b) When contributions are received, the transaction center shall return them (principal and interest) to the participants that made such contributions.

5. In the cases where the participant that took the clearing loan goes bankrupt, the State bank may repay the loans in accordance with regulations of law on bankruptcy and return the contributions to participants in proportion to the collected amount.

Chapter VI

CORRECTION OF ERRORS

Article 29. Rules for correction of errors in the NIEPS

1. Consistency of data between the order-creating unit, order-receiving unit and NPSC is maintained. Errors are corrected where they are made until the end of the payment process. Spontaneous correction of errors in the NIEPS is prohibited.

2. Errors are immediately corrected upon discovery without delay to payment process. Error correction is conformable with accounting principles.

3. The entity that makes the error or violates any of the rules for error correction is liable to pay damages to relevant parties.

Article 30. 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:

- The payment order is created but yet to be transmitted, in which case it will be cancelled;

- The payment order has been transmitted to NPSC and is still in the queue, in which case instructions in Clause 1b Article 33 hereof shall apply;

b) A payment order may only be returned in the following cases:

- A debit order may only be reversed when the order-creating unit has not credited the client’s account or has credited the client’s account but has not retrieved it;

- A credit order may only be reversed when the order-receiving unit has not credited the client’s account or has credited the client’s account but has not retrieved it;

2. Documents about cancellation and return of a payment order:

a) Documents about cancellation of a payment order include:

- The credit cancellation order, which has the same value as a credit order, created and transmitted to the order-receiving unit by the order-creating unit to cancel the erroneous debit order (to return the amount in full);

- The debit cancellation order, which is created by the order-creating unit to cancel a credit order which has been transmitted but still in the queue;

b) Documents about return of a payment order include:

- Request for payment order reversal, which is created and transmitted to the order-receiving unit to request the return of the erroneous credit order, specifies whether the error is made by the order-creating unit or the client, and is 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 retrieved;

- Notification of acceptance of request for payment order reversal, which is created by the order-receiving unit to accept the request for payment order reversal if the money has been retrieved;

- Notification of rejection of request for payment order reversal, which is created by the order-receiving unit to reject the request for payment order reversal because the money cannot be retrieved from the client.

3. Affiliated participants shall process cancellation and return of payment orders in the same manners as high-value payment orders.

Article 31. Error correction by the order-creating unit

1. Correction of errors before a payment order is transmitted

a) If a payment order is found erroneous before the approver adds his/her digital signature for transmission, the approver and the controller shall reject the payment order and the creator shall correct it according to original documents;

b) If a payment order is found erroneous after the approver has added his/her digital signature for transmission, it is mandatory to issue a cancellation note which specifies the symbol, time and date of cancellation, bears the signatures of the relevant approver, the controller and the creator. The cancellation note shall be separately retained; then the approver shall reject the payment order and request the creator to correct it according to original documents.

2. Correction of errors after a payment order is transmitted

When finding errors such as incorrect amount, confusion between credit account and debit account, etc. the order-creating unit shall promptly notify the order-receiving unit. The order-creating unit must complete Form TTLNH-23, identify the causes, accountability and solution:

a) In case of insufficient amount:

Create and send an additional payment order to the order-receiving unit to make up for the difference. The additional payment order must specify that the amount is added to the payment order No. … dated … ;

b) In case of excess amount:

- Regarding a credit order:

Issue a request for credit order reversal and send it to the order-receiving unit; issue a transfer note and monitor the process in accordance with applicable regulations of law. Specify in the request that the error is made by the order-creating unit.

As soon as the request for return is received from the order-receiving unit, the order-creating unit shall return the excess amount to the client and log the event.

If the request is rejected by the order-receiving unit because the excess amount cannot be retrieved from the client, the order-creating unit shall establish a council to determine accountability and damages to be paid by the error maker;

- Regarding a debit order:

Issue a request for return of the debit note and send it to the order-receiving unit in order to cancel the excess amount on the order.

If money has been transferred to the client but the client’s account balance is not sufficient to cancel the debit order, the order-creating unit shall record the excess amount as an amount payable and take every measure possible to retrieve the money such as cooperating with the order-receiving unit, local authority, law enforcement authorities such as the police or the court. If the money cannot be retrieved, 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 follow instructions of applicable regulations of law;

c) In case of confusion between credit account and debit account:

The order-creating unit shall issue an order to cancel the debit order (if confusion between credit account and debit account is found in a credit order) or a request for credit order reversal (if confusion between credit account and debit account is found in a debit order) to completely cancel such order, then create a correct payment order and send it to the order-receiving unit.

Article 32. Error correction by the order-receiving unit

1. In the cases where a payment order is found erroneous because of a technical error or fraud before settlement time, the order-receiving unit shall cooperate with the order-creating unit and the NIEPS operator in handling the case.

2. Regarding a payment order with insufficient amount:

When receiving the additional payment order from the order-creating unit, the order-receiving unit shall compare it with the erroneous payment order before settlement.

3. Regarding a payment order with excess amount:

a) If the error is found before the client is paid:

If the order-receiving unit receives the request for return of the excess amount before it is received, the order-receiving unit shall log such erroneous payment order. When receiving the erroneous payment order, the order-receiving unit shall compare it with the request for return of the excess amount and settle the payment in accordance with applicable regulations of law.

- Regarding a credit order with excess amount: when receiving the request for return of the excess amount, issue a credit order to the order-creating unit;

- Regarding a debit order with excess amount: monitor and process the cancellation order sent by the order-creating unit;

b) In the cases where the request for return of the excess amount is received after the client is paid, the order-receiving unit shall log the erroneous payment order and handle the case as follows:

- Regarding a credit order with excess amount:

As soon as the valid request for return of the excess amount is received from the order-creating unit:

+ In the cases where the client’s checking account balance is sufficient: the order-receiving unit shall freeze the excess amount to issue a credit order without prior notification to or prior consent of the account holder. Within 01 working day from the day on which request for return of the excess amount is received, the order-receiving unit shall return the excess amount to the order-creating unit;

+ In the cases where the client’s checking account balance is insufficient: the order-receiving unit shall log the unfulfilled request, freeze the account and request the client to deposit money in order to fulfill such request. When the client deposits sufficient money or when the client’s account balance is sufficient, the accountant shall removed the unfulfilled request, issue a credit order and send it to the order-creating unit;

+ In the cases where the client is insolvent or the client’s residence cannot be found, the order-receiving unit shall cooperate with the order-creating unit, local authority and law enforcement authorities in retrieving the money. If the money cannot be retrieved or cannot be fully retrieved, the order-receiving unit shall reject the request for return of the excess amount, issue a notice of rejection and provide explanation, send it and the retrieved money (if any) to the order-creating unit; log the unfulfilled request for return of the excess amount.

4. Correction of other errors

Regarding incorrect type number, transaction number, currency or the unit serving the recipient is not the order-receiving unit or its affiliated unit:

a) If the credit/debit order has been received but yet to be settled, the order-receiving unit shall record it to account payable/receivable, issue a payment order and send it to the order-creating unit. The order-receiving unit must not transfer money;

b) The order-receiving unit shall process executed payment orders in accordance with instructions in Clause 3b of this Article.

Article 33. Cancellation and return of payment orders at clients’ request

1. Processing by the order-creating unit

When receiving the request for cancellation of a credit order or debit order from a client, the order-creating unit shall check validity of documents and compare it with the order to be cancelled. If the documents are invalid, they will be returned to the client with explanation. If the documents are valid:

a) If the payment order has not been executed or sent, it will be cancelled in accordance with Article 30 hereof; the order-creating unit shall send a notification of payment order cancellation to the client and will not execute such payment order;

b) If a high-value payment order, foreign currency payment order or debit the Law on Inspection has been executed and sent but is still in the queue (because the balance of the corresponding account is not sufficient) or a low-value payment order has been executed and sent but is still in the queue at the NPSC, it will be cancelled as follows:

- Regarding request for cancellation of a credit order:

+ According to the valid cancellation request submitted by the client, the creator shall make necessary supplementation, issue a cancellation order (Form TTLNH-05) and add his/her digital signature to such cancellation order;

+ The approver must inspect the consistency of information on the cancellation order made by the creator and that made by the client. If they are consistent, the approver will add his/her digital signature to the cancellation order and send it.

The NPSC will inform the order-creating unit of the cancellation process. When being inform of the successful cancellation, the order-creating unit will settle the payment in accordance with applicable regulations of law. If the cancellation is not successful (because the payment order is no longer in the queue), the order-creating unit shall follow the procedures for requesting reversal specified in Clause 1c of this Article;

- Provisions of Clause 2a Article 30 hereof shall apply to cancellation of debit orders;

c) If the payment order has been processed and sent, and settled by NPSC, the order-creating unit shall prepare a request for payment order reversal and follow these instructions:

- Regarding request for credit order reversal:

+ According to the valid cancellation request submitted by the client, the creator shall make necessary supplementation, issue a cancellation order (Form TTLNH-06) and add his/her digital signature to such reversal order; The electronic message must specify that the error is made by the client;

+ The approver must inspect the consistency of information on the reversal order made by the creator and that made by the client. If they are consistent, the approver will add his/her digital signature to the reversal order and send it;

+ When the money returned by the order-receiving unit is fully received, the order-creating unit shall follow procedures for returning it to the client;

- Regarding a cancellation of a debit order:

According to the successful cancellation order, the order-creating unit shall withdraw the credited amount from the client’s account and transfer it to the order-receiving unit.

2. Processing by the order-receiving unit:

When the request for reversal of the credit order or cancellation of the debit order from the order-creating unit is received, the order-receiving unit shall inspect the validity of such request, compare it with the payment order received and follow the reversal procedures.

a) If reversal request is found erroneous, the order-receiving unit shall send the order-creating unit a notice of rejection of the request for reversal of the credit order (Form TTLNH-07) and provide explanation; if the cancellation order is found erroneous, the order-receiving unit shall process it as if an erroneous incoming credit order;

b) If the reversal request (or cancellation order) is valid:

- If the incoming credit order is yet to be executed by the order-receiving unit, it shall promptly send the order-creating unit a notice of acceptance of the reversal order and a reversed credit order;

- If the payment orders has been executed by the order-receiving unit:

+ Regarding a request for reversal of an incoming credit order:

The order-receiving unit shall promptly send the request for reversal to the client. Before the client agrees in writing or deposits cash or issues a transfer order to return the money, the order-receiving unit must not send the order-creating unit the notice of acceptance of the reversal request. After that, the order-receiving unit shall issue a credit order to return the money to the order-creating unit.

If the reversal request is rejected by the client, the order-receiving unit shall send the order-creating unit a notice of rejection of the reversal request;

+ Regarding a debit cancellation order: the order-receiving unit shall send the notice of acceptance of the cancellation order to the client.

Article 34. Request for information check and responses thereto

When a minor error on the payment order is found (other than bank code, credit/debit confusion, date, amount, currency, type of payment, document symbol, etc.):

1. The order-creating unit or order-receiving unit shall issue a request for information check (Form TTLNH-08)

2. Procedures for processing a request for information check:

a) Creating an electronic message:

- The creator enters information;

- The approver adds his/her digital signature;

- Send the electronic message to the NPSC; print out the electronic message which must bear both people’s signatures;

b) Receive the electronic message:

- The approver checks the digital signature;

- The creator and approver signs the physical copy of the electronic message.

3. Unless otherwise prescribed by law, the order-creating unit must respond the request for information check from the order-receiving unit within 01 working day from the receipt of such request (use Form TTLNH-09). If the order-receiving unit does not receive any response after 04 working days from the day on which the request is sent, the credit order in question will be returned.

4. Retention of requests for information check and responses thereto.

Requests for information check and responses bearing signatures shall be retained together with original payment orders and are the basis to pay clients.

Article 35. Correction of technical errors in the NIEPS

1. Common errors

a) Errors to the hardware, software, database, digital signatures, transmission line; unsuccessful transactions because of terminal devices shall be notified as follows:

- If the error occurs at a participant or affiliated participant: send a notification and record about the technical issue to the NIEPS operator (Form TTLNH-22) if the error cannot be fixed within 30 minutes;

- If the error occurs at the NPSC: notify the entire system if the error cannot be fixed within 02 hours;

- If the error occurs at a branch of the State bank: inform the NIEPS operator if the error cannot be fixed within 30 minutes;

b) The notification shall be transmitted via the computer network, email, fax or telephone;

c) Participants and affiliated participants must report and fix errors within their control, cooperate in fixing other errors to the NIEPS on request;

d) The NIEPS operator shall provide instructions and fix the technical issues in accordance with error correction procedures of the NIEPS.

2. Unsuccessful transmission of payment orders

a) Regarding an outgoing payment order:

- In the cases where a payment order is sent without response because of a technical error, the participant or affiliated participant shall:

+ Send an inquiry or cooperate with the NIEPS operator in updating the status of the payment order in the NIEPS;

+ If the status of a payment order is unsuccessful:

Resend the payment order.

If the payment order cannot be executed after being resent, the participant or affiliated participant shall issue a cancellation order. The creator and approver shall sign the successful cancellation note sent by the NIEPS and retain its physical copy. After the cancellation is successful and all necessary procedures are completed, the participant or affiliated participant may reissue another payment order with new entries to replace the cancelled one or return the money to its client.

If the resent payment order is still unsuccessful and cannot be cancelled, the participant or affiliated participant shall issue a record on such event. By comparing the result of end-of-day outgoing orders and the result of settlement between the participant/affiliated participant and NPSC, the participant/affiliated participant may retain the settled entries or return the money or issue a new payment order;

- The end-of-day comparison table might be unbalanced due to some technical issues, in which case the participant or affiliated participant shall send an inquiry about the differences to NPSC and issue a record to confirm their status. The final result of the comparison table is based upon the newest status of payment orders and the result of settlement between the participant/affiliated participant and NPSC;

b) Regarding an incoming payment order:

In case of inability to decode or receive data, the participant/affiliated participant shall request the NIEPS operator to change the status of data, receive, decode and re-inspect the data;

c) In the cases where a technical issue occurs to the outgoing or incoming payment order, the participant/affiliated participant shall carefully control and compare it to avoid duplication (of the outgoing payment order) or excess amount (of the incoming payment order);

d) No connection to the NIEPS or branch of the State bank:

In the cases where a participant/affiliated participant is unable to connect to the NIEPS to verify or compare information due to faulty computer system or transmission line, etc. it must notify the NIEPS operator of the issue in other manners (by email, fax, telephone, etc.). Regarding an incomplete payment order, the participant/affiliated participant only pays the client after the issue is fixed and the final status of the payment order is confirmed.

3. Within 02 hours from the occurrence of the incident that causes NPSC to be unable to function, Information Technology Administration shall consider switching to the BNPSC. After the issue is fixed, the transactions will be moved back to NPSC.

4. Force majeure errors

A force majeure error means an error that occurs beyond the reasonable control of the person operating the NIEPS, cannot be anticipated and suspend the NIEPS for more than 02 hours. If the error cannot be fixed:

a) Information Technology Administration shall report the error to the Governor of the State bank;

b) The Governor of the State bank decides the solution;

c) Participants of the NIEPS are notified via the computer network, email, fax or telephone.

Chapter VII

REPORTS AND PROCESSING THEREOF

Article 36. Daily reports at the transaction center

1. Preparation of daily transfer reports of the NIEPS

After comparing daily transfers, the transaction center shall prepare an electronic report on daily payments in the NIEPS, which consists of:

a) Form TTLNH-10 (transactions by affiliated participants);

b) Form TTLNH-11 (transactions by participants);

c) Form TTLNH-12 (transfer balance sheet);

d) Form TTLNH-13 (settlement results);

dd) Form TTLNH-14;

e) Form TTLNH-15 (consolidated settlement results);

g) Form TTLNH-24 (high-value payments);

2. Report processing

a) The controller of the transaction center shall control both physical and electronic daily transfer reports and balance sheets to ensure their accuracy and consistency;

b) Daily reports of the NIEPS shall be retained after being controlled and compared; the controller shall sign the reports. Retention of daily transfer reports of the NIEPS:

- Physical reports bearing adequate seals and signatures shall be retained in the same manners as other physical documents;

- Electronic daily transfer reports shall be retained in the same manners of other electronic documents.

Article 37. Preparation and processing of reports by participants and affiliated participants

1. Reports to be prepared by affiliated participants:

a) Form TTLNH-16 (outgoing transfers);

b) Form TTLNH-17 (incoming transfers);

c) Form TTLNH-18 (outgoing transfer comparison);

d) Form TTLNH-19 (incoming transfer comparison);

dd) Form TTLNH-20 (settlement results);

2. Report processing

a) Rules:

- The total debit/credit amount in Forms TTLNH-16 must equal that in Form TTLNH-18;

- The total debit/credit amount in Forms TTLNH-17 must equal that in Form TTLNH-19;

- The difference between Form TTLNH-18 and Form TTLNH-19 is zero (0);

b) Error correction:

Where an error is found, the affiliated participant shall contact the NIEPS operator to correct it in cooperation.

3. Reports to be prepared by participants:

a) Form TTLNH-16 (outgoing transfers);

b) Form TTLNH-17 (incoming transfers);

c) Form TTLNH-18 (outgoing transfer comparison);

d) Form TTLNH-19 (incoming transfer comparison);

dd) Form TTLNH-20 (affiliated participants’ settlement results);

e) Form TTLNH-21 (the participant's settlement results);

4. After comparison and consolidation, electronic daily transfer reports of both participants and affiliated participants shall be retained in accordance with applicable regulations.

Article 38. Monthly reports

Apart from the forms mentioned in Article 36 and Article 37 hereof, the units shall submit reports in accordance with regulations promulgated by the State bank.

Chapter VIII

PARTICIPATION IN, USE OF SERVICES OF AND WITHDRAWAL FROM NIEPS

Article 39. Participation in the NIEPS

1. Participants in the NIEPS:

a) Banks, branches of foreign banks, the Central State Treasury that wish to participate in the NIEPS shall submit Form TTLNH-01 to the State bank (NIEPS operator) via the computer network.

b) Banks, branches of foreign banks, the Central State Treasury that wish to have their affiliated participants or indirect participants to participate in the NIEPS shall submit Form TTLNH-03 to the State bank (NIEPS operator) via the computer network.

2. The NIEPS operator shall announce every change in the participants, affiliated participants and indirect participants of the NIEPS on the web portal of the State bank.

Article 40. Terms of service

1. To use services of the NIEPS, a participant must:

a) have a VND checking account opened at the transaction center;

b) have suitable foreign currency checking accounts opened at the transaction center if making payment in foreign currencies;

c) satisfy the following personnel requirements:

- At least 02 operators are granted certificates of training in operation of the NIEPS by the State bank;

- The officer authorized to transmit and receive payment data and sign payment orders has a digital signature issued by the State bank in accordance with the Circular of the State bank on management and use of digital signatures, digital certificates and digital signature authentication services;

d) satisfy the following technical requirements:

- There is a primary system and backup system for software and database;

- There is at least 01 primary transmission line and 01 backup transmission line of 02 separate service provider that are connected to the NIEPS;

- There are least 02 successfully activated digital signatures (01 communicator’s signature and 01 approver’s signature).

2. Affiliated participants affiliated to the State bank shall comply with provisions of Clause 1c and 1d of this Article.

3. To use services of the NIEPS, an affiliated participant must:

a) satisfy the requirements specified in Clause 1c of this Article;

b) satisfy the following technical requirements:

- There is a primary system and backup system for software and database;

- There is at least 01 transmission line connected to the NIEPS;

- There are least 02 successfully activated digital signatures (01 communicator’s signature and 01 approver’s signature);

c) have Form TTLNH-03 submitted by the participant.

4. Before using services of the NIEPS, affiliated participants affiliated to the State bank, banks, branches of foreign banks and the Central State Treasury shall submit the following documents to the NIEPS operator via the computer network:

- Documents (except affiliates of the State bank) about pledged or deposited securities or money to establish threshold in the NIEPS which are certified by the transaction center (for low-value payment order sending services);

- Authorization contracts or prior agreements on fulfillment of the requirements in Clause 3 Article 5 hereof regarding payment of debts among participants (for debit order sending services);

- Applications for provision of NIEPS services for participants and affiliated participants (Form TTLNH-26) as the case may be.

The NIEPS operator shall announce every change in NIEPS services used by participants and affiliated participants on the web portal of the State bank.

Article 41. Termination and suspension of payment order sending services in the NIEPS

1. Banks, branches of foreign banks, the Central State Treasury that stop using one or some payment order sending services submit Form TTLNH-27 the NIEPS operator via the computer network.

2. The Governor of the State bank shall consider suspending provision of certain payment services of the NIEPS for a participant or affiliated participant that fails to maintain fulfillment of requirements specified in Clause 1c and Clause 1d Article 40 hereof; a affiliated participant that fails to maintain fulfillment of personnel and technical requirements specified in Clause 3a and Clause 3b Article 40 hereof until such requirements are fulfilled.

3. The Governor of the State bank shall consider suspending provision of payment order sending services in the NIEPS for a participant or affiliated participant having a technical issue that interrupt the operation of 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;

b) If interruption occurs more than 11 times in a quarter, payment order sending services shall be suspended for 10 working days from the occurrence;

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. The Governor of the State bank shall consider suspending provision of low-value payment order sending services for a participant or affiliated participant in the following cases:

a) If the State Treasury’s balance is not sufficient for clearing settlement according to Clause 3d Article 27 hereof, the NIEPS operator shall request the Governor of the State bank to consider suspending provision of low-value payment order sending services for the State Treasury until its balance is sufficient for settlement;

b) If the participant’s balance is sufficient twice a month or more, the NIEPS operator shall request the Governor of the State bank to consider suspending provision of low-value payment order sending services for such participant for 01 month;

c) Provisions of Clause 3b Article 28 hereof shall apply;

d) If a participant is unable to repay a loan, which has to be shared among other participants, the transaction center will request the Governor of the State bank to consider suspending low-value payment order sending services for such participant. The suspension will last for 6 month from the day on which the Governor of the State bank notifies all participants and affiliated participants in writing.

5. In the cases where a participant or affiliated participant is put under special control, the Governor of the State bank shall consider suspending provision of certain services of the NIEPS for such participant or affiliated participant to ensure safety of the NIEPS.

6. The NIEPS operator shall post information about termination or suspension of provision of NIEPS services for participants and affiliated participants on the web portal of the State bank.

Article 42. Termination of membership

Membership of a participant, affiliated participant or indirect participant shall be terminated when:

1. The participant has settled debts incurred during its participation in the NIEPS, annual fees and payment fees (if any), and has submitted a request for withdrawal from the system (Form TTLNH-02) to the State bank (the NIEPS operator) via the computer network.

2. The participant is dissolved, bankrupt, acquired or consolidated.

3. The participant’s VND checking account opened at the transaction center is closed.

4. The NIEPS operator shall announce termination of memberships on the web portal of the State bank.

Chapter IX

RIGHTS AND OBLIGATIONS OF UNITS

Article 43. 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 the receipt of payment orders they sent and provide information about execution thereof;

c) Request the NPSC to cancel payment orders in accordance with this Circular;

d) Inherit the right to use high-value payment services of a participant to which it is affiliated.

2. Participants and affiliated participants have the following responsibility:

a) Each participant shall manage payment and settlement activities and threshold under its management;

b) Each participant shall receive and process electronic data from NPSC at the end of each working day. Data include:

- Amounts receivable (payable) to the participant’s checking accounts;

- Amounts receivable (payable) of each affiliated participant, according to which the participant shall settle payments on behalf of its affiliated participants;

- Every outgoing and incoming payment orders of all affiliated participants in the NIEPS;

c) A participant shall instruct its affiliated participants to implement documents and directives of the State bank regarding interbank electronic payment;

d) Adhere to regulations on creation and transmission of payment orders via the NIEPS; take responsibility for the accuracy of information in the payment orders;

dd) Cooperate with the NIEPS, other participants and affiliated participants in correction of errors that occur during the operation of the NIEPS and switching over to the backup system;

e) The order-creating unit that commits violations against regulations on creation, transmission of payment orders or enter incorrect information in the payment order shall pay compensation for the damage caused;

g) Implement regulations on fee and fee management in the NIEPS specified in Article 7 hereof;

h) Do not reveal or provide information obtain from the NIEPS to irrelevant entities, unless such information is requested by a competent authority as prescribed by law;

i) A participant must share the overdue clearing loan taken by other participants;

k) Each participant must maintain its checking account balance to execute payment orders and clearing via the NIEPS;

l) In the cases where a participant or affiliated participant terminates its membership, it must request withdrawal of the digital certificate (if any) used in interbank electronic payment in accordance with regulations of the State bank;

m) Maintain infrastructure and resources specified in Clause 1c, Clause 1d, Clause 3 a and Clause 3b Article 40 hereof;

n) Register email addresses for exchange of information related to the NIEPS;

o) Adhere to the schedule of the NIEPS to ensure convenient, accurate, timely and safe payments;

p) Regularly monitor and maintain its current threshold;

q) Provide information for each other and submit reports to competent authority in case of dispute with clients.

Article 44. NIEPS operating council

1. The NIEPS operating council is established under the decision of the Governor of the State bank and consists of: a chief who is the Deputy Governor of the State bank, participants who are representatives of Information Technology Administration, Payment Department, transaction centers and heads of other units.

2. The NIEPS operating council shall:

a) Advise the Governor of the State bank about NIEPS development strategies and plans;

a) Advise the Governor of the State bank about development and management of comprehensive risk management of the NIEPS;

c) Advise the Governor of the State bank about other foreign currencies in the NIEPS as prescribed in Clause 1 Article 1 hereof;

d) Advise the Governor of the State bank about making of the decisions specified in Clause 2 and Clause 3 Article 9; Clause 2 Article 10; Clause 3a and Clause 3b Article 21; Clause 3b Article 28; Clause 4b Article 35; Clause 2 through 5 Article 41 hereof;

dd) Perform other tasks related to the management and operation of the NIEPS specified in its statute promulgated by the Governor of the State bank.

Article 45. Transaction center

1. Connect to the NPSC to complete procedures for high-value payments, foreign currency payments and low-value payments among participants.

2. Monitor and manage checking accounts.

a) Monitor and manage participants’ checking account balance as follows:

- Determine start-of-day balance of participants’ checking accounts to serve their payments activities in the day;

- Process transfers among affiliated participants in case of funds increase;

- Update the status of checking accounts;

- Control and compare data about money transfers among the State bank units;

- Consolidate daily and monthly money transfer data of the State bank units;

b) Provide the following electronic information for participants promptly and at any time via the NPSC:

- Checking account balance and overdraft limit;

- Status of clearing settlement requests;

- Status of settlement requests in the queue;

- Status of settlement requests that have been cancelled;

- Threshold.

3. Manage clearing settlement.

a) Monitor, control the maintenance of threshold of participants in accordance with regulations of the State bank;

b) Manage, calculate and maintain limits on payments without limits;

c) Process transactions related to deposited securities and money;

d) Monitor and publish the status of clearing sentiment in accordance with Article 24 of this Circular.

4. Establish procedures for processing foreign currency payments and settlement of Government bonds.

5. Confirm payment of debts (if any) incurred during participation in the NIEPS, annual fees and payment fees by participants and affiliated participants that wish to withdraw from the NIEPS.

6. Perform the roles of a participant of the NIEPS and comply with regulations apply to participants of the NIEPS.

Article 46. Finance and Accounting Department

Manage the settlement of money transfers via the NIEPS by the State bank units; prepare annual statements of money transfers among the State bank units.

Article 47. Payment Department

1. Take responsibility for payment services in the NIEPS.

2. Promulgate regulations on monitoring of the NIEPS to ensure its stable, safe and effective operation.

3. Monitor the NIEPS, access its archives, exchange information with its operator and participants to assess its usual operation on a daily basis. Request the NIEPS operator to report every change to the NIEPS and every issue that occur.

Article 48. Information Technology Administration

1. Perform the tasks of the NIEPS operator specified in this Circular.

2. Directly manage and take responsibility the 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. Propose data standards of the State bank in the NIEPS to the Governor of the State bank.

Article 49. NIEPS operator

1. Directly operate the NIEPS.

2. Receive, process enquiries; provide instructions on implementation of provisions of Article 39 through 42 of this Circular.

3. Comply with regulations and recommendations on monitoring of the State bank (Payment Department); promulgate and implement internal rules and regulations on risk management to ensure uninterrupted operation of the NIEPS.

4. Submit monthly reports to the operating council and Payment Department on status and operating time of the NIEPS in accordance with regulations of the State bank.

Article 50. Branches of the State bank

1. Request the NPSC to confirm the receipt of payment orders they sent and relevant information.

2. Connect participants and affiliated participants in their provinces.

3. Maintain the technical conditions under their management to ensure uninterrupted operation of the NIEPS.

4. Cooperate with the NIEPS operator, participants and affiliated participants in correction of errors that occur during the operation of the NIEPS.

Chapter X

IMPLEMENTATION CLAUSE

Article 51. Transition

1. The State bank, banks, branches of foreign banks, Central State Treasury, their affiliated units that have been participants, affiliated participants or indirect participants of the NIEPS before the effective date of this Circular are still participants, affiliated participants or indirect participants and keep using the services established on the NIEPS.

2. Those that have been participants, affiliated participants or indirect participants of the NIEPS before the effective date of this Circular other than those specified in Clause 1 of this Article shall have their membership terminated from the effective date of this Circular.

Article 52. Effect

This Circular comes into force from January 15, 2018 and annuls the following documents:

- Circular No. 23/2010/TT-NHNN dated November 09, 2010;

- Circular No. 13/2013/TT-NHNN dated June 11, 2013;

- Article 6 of Circular No. 23/2011/TT-NHNN dated August 31, 2011.

Article 53. Implementation

Chief of Office, heads of affiliates of the State bank, Directors of branches of the State bank, General Director/Director of participants are responsible for implementation of this Circular.

 

 

PP GOVERNOR
DEPUTY GOVERNOR




Nguyen Kim Anh

 

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Thuộc tính Văn bản pháp luật 37/2016/TT-NHNN

Loại văn bảnThông tư
Số hiệu37/2016/TT-NHNN
Cơ quan ban hành
Người ký
Ngày ban hành30/12/2016
Ngày hiệu lực15/01/2018
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Lĩnh vựcTiền tệ - Ngân hàng, Công nghệ thông tin
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Lược đồ Circular 37/2016/TT-NHNN management operation use national interbank electronic payment system


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        Circular 37/2016/TT-NHNN management operation use national interbank electronic payment system
        Loại văn bảnThông tư
        Số hiệu37/2016/TT-NHNN
        Cơ quan ban hànhNgân hàng Nhà nước
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