There will be new regulations on the National Interbank Electronic Payment System

(TBTCO) – The State Bank of Vietnam is developing a draft circular regulating the management and operation of the National Interbank Electronic Payment System.

The State Bank said that in recent times, Circular No. 37/2016/TT-NHNN has created a legal basis for the operation of the Interbank Payment System.

On that basis, the system has operated stably, safely and effectively, performing well its role as the core payment system of the economy, supporting the State Bank in operating monetary policy and liquidity management of the system of credit institutions.

There will be new regulations on the National Interbank Electronic Payment System
There will be new regulations on the National Interbank Electronic Payment System. Photo: TL
The State Bank requires banks to strictly comply with regulations on insurance agency activities. Shortening the state budget settlement process requires a synchronous solution system

However, through the operation process, the regulations in Circular No. 37/2016/TT-NHNN have revealed some limitations and inadequacies. Specifically, the current document does not have specific regulations on the participation and use of services of the Interbank Payment System by credit institutions subject to special control; The regulation on the margin rate to set the net debt limit is still low (10%) which can cause liquidity risks to the system.

In addition, the regulations on handling capital shortages of members with insufficient balance to carry out settlement of low value clearing results do not ensure flexibility in handling by the State Bank, which may affect the progress of processing settlement orders, system operation… Accordingly, the development of a circular to replace Circular No. 37 is necessary.

According to the provisions of the draft circular, the interbank payment system is a comprehensive system including: National processing center; Backup national processing center, software installed at members and member units to process payment orders.

High value payment component, foreign currency payment component; low value payment component, payment account processing component and data checking and reconciliation component.

Some current documents will expire

The new circular was developed to replace current circulars on this issue, including Circular No. 37/2016/TT-NHNN, Circular No. 21/2020/TT-NHNN (amending and supplementing Circular No. 37) and part of Circular No. 23/2019/TT-NHNN.

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