Vietnam: Responsibilities for reporting and providing information about the payment systems

Specifically, according to Article 7 of Circular No. 20/2018/TT-NHNN of the State Bank of Vietnam, the responsibilities for reporting and providing information are prescribed as follows:

* The organization operating the foreign exchange payment system, the securities payment system and the clearing and switching system for financial transactions shall be responsible for reporting to and providing information for the State Bank on the payment system under its control as follows:

- Making the data report on the performance of the foreign exchange payment system, the securities payment system and the clearing and switching system for financial transactions;

- Making the assessment report on operation of the important payment system, made in the first half of the reporting year or every year;

- Informing the supervising unit immediately after detecting any breakdown causing an operational interruption of the payment system for more than 30 minutes in order to capture and keep track of the incident response process; send an incident notification within 30 days after completion of incident resolution;

- Preparing an assessment report on the performance of the payment system once every 3 years under regulations on the applied report submission methods, standards and duration in the State Bank’s written request;

- Providing information and materials relating to any change in functions of payment systems, internal processes and procedures for operation of payment systems within 15 working days after such change occurs;

- The reporting form stated in point a and b of this clause shall be regulated as follows:

+ Electronic report in the format of an electronic file transmitted via the computer network or sent via the information-bearing article, having the electronic signature of the legally authorized representative of the reporting organization by using symbols, information transmission codes and file structures regulated by the State Bank;

+ Written (paper) report which is accepted in the event of failure to make reports through the electronic reporting system and bears the signature of the legally authorized representative of the reporting organization;

- Determination of the reporting period and deadline prescribed in point a and b Clause 1 of this Article shall be regulated as follows:

+ The reporting day determined on the basis of a working day; operating organizations shall send this report no later than 14 hours in the working day following the reporting period;

+ The reporting month that starts on the first date to ends on the final date of that month; operating organizations shall send reports no later than the 12th day of the month following the reporting period;

+ The first half of the reporting year which starts on January 1 and ends on June 30; operating organizations shall send reports no later than the 15th day of the month following the reporting period;

+ The reporting year which starts on January 1 to ends on December 31; operating organizations shall send reports no later than the 15th day of the month following the reporting period.

* The organization operating the National Interbank Payment System shall be responsible for providing the following information:

- Informing the supervising unit immediately after detecting any breakdown causing an operational interruption of the National Interbank Payment System for more than 30 minutes in order to capture and keep track of the incident response process; send an incident notification within 30 days after completion of incident resolution;

- Developing tools and software that the supervising unit uses to have remote access to the National Interbank Payment System for the online monitoring of the performance of this system in conformity with the principles that ensure information safety, security, avoidance of interruption or any impact on the processing speed of the National Interbank Payment System, including:

+ Permission to have full access to the list of and basic information about members participating in the National Interbank Payment System;

+ Permission to oversee and supervise operation of the National Interbank Payment System;

+ Permission to have access to warning information about abnormalities of the National Interbank Payment System;

+ Permission to have access to information about the liquidity situation of each participating member, including information about balances of payment accounts, net debt limits, overdraft limits of participating members, those participating members have signs of liquidity difficulties (having transactions which have not been processed due to a lack of account balances or the deficiency in the payment capacity during the clearing and settlement process, or having transactions that are canceled at the end of a day due to a lack of balances), and participating members giving rise to liquidity support demands.

View more details at: Circular No. 20/2018/TT-NHNN of the State Bank of Vietnam takes effect from January 01, 2019.

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