Hanoi, Vietnam: Procedures for creating payment orders in Interbank electronic payment in Vietnam from August 15, 2024

Procedures for creating payment orders in Interbank electronic payment  in Vietnam from August 15, 2024 (Internet image) 

On June 25, 2024, the Governor of the State Bank of Vietnam issued Circular 08/2024/TT-NHNN on the management, operation and use of the national interbank electronic payment system in Vietnam.

Procedures for creating payment orders in interbank electronic payment in Vietnam  from August 15, 2024

Article 12 of Circular 08/2024/TT-NHNN stipulates the process of creating payment orders in interbank electronic payments from August 15, 2024 as follows:

(1) For payment orders initiated from paper documents

(i) The order initiator performs the following steps to create a payment order:

• Check the validity and legality of the customer's payment transaction documents;

• Identify and classify the payment order for processing;

• Cross-check and verify the customer's account balance;

• Enter the following basic information: order initiating unit (name, bank code), amount, name, address, account (if any), ID number or personal identification number or passport number of the person initiating the order or business code (for business entities), servicing unit of the order initiator, receiving unit (name, bank code), name, address, account (if any), ID number or personal identification number or passport number, issuance date and place of ID or personal identification number or passport of the recipient or business code (for business entities), servicing unit of the recipient, payment purpose, and other related transaction content on the interbank market, transactions for submitting to the state budget, transactions for buying and selling government bonds, and other types of transactions (if any) according to Form TTLNH-04 in the appendix attached to Circular 08/2024/TT-NHNN;

• Verify the entered data and sign the payment order with an electronic signature;

• Sign the paper document, transfer the document and entered data to the controller;

(ii) The controller

• Based on the content of related documents, verify the following elements: receiving unit, servicing unit of the order initiator, servicing unit of the recipient, amount to check the data entered by the order initiator, payment content;

• If there are errors: return to the order initiator;

• If the data is correct: sign the payment order with an electronic signature, sign the document and transfer it to the approver;

(iii) The approver

• Check the accuracy between the data on the original document and the system data;

• If errors are found: return to the order initiator or controller;

• If the data is correct: sign the document, sign the payment order with an electronic signature to transfer.

(2) For payment orders initiated from electronic documents

In case the payment order is initiated from electronic documents from the internal systems of members, units, it must comply with the data structure and format regulations as decided by the Governor of the State Bank and ensure the following requirements:

• If the electronic document is valid but lacks information as specified in item (i) of (1): the order initiator supplements missing content according to the payment order creation requirements; the controller and the approver check similar elements as for paper documents to ensure accuracy and sign the payment order with an electronic signature to transfer;

• If the electronic document is valid and contains sufficient information as specified in item (i) of (1) and includes the member's specialized electronic signature, units can choose to either manually sign the payment order or use an automated electronic signature method for each payment order;

• If the electronic documents are valid, contain sufficient information as specified in item (i) of (1), and meet security, safety, and data accuracy requirements, authorized individuals within the units decide and bear legal responsibility for the decision to only require the approver's electronic signature on the payment order.

(3) After the payment order has been sent and the successful status result is received, the payment order can be printed out as a paper document upon request.

(4) Payment orders in any currency type will be processed and accounted for in the respective currency type's payment account that the member has opened at the State Bank's Transaction Office (hereinafter referred to as the Transaction Office).

For further details, refer to Circular 08/2024/TT-NHNN, effective in Vietnam from August 15, 2024.

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