Vietnam: Responsibilities of the Information Technology Department in the oversight and supervision of payment systems

According to Article 13 of Circular No. 20/2018/TT-NHNN of the State Bank of Vietnam, in the oversight and supervision of important payment systems, the Information Technology Department shall have the following responsibilities:

First, to inform the Payments Authority about the results of inspection and monitoring of implementation of and compliance with applicable laws related to technical infrastructure of operating organizations, assurance of safety and security for the information technology system intended for operation of important payment systems.

Second, to collaborate with the Payments Authority in carrying out on-the-spot checks and inspections of operation of the foreign exchange payment system, the securities payment system and the clearing and switching system for financial transactions upon request.

Third, to preside over and collaborate with the Payments Authority in establishing and maintaining operations of the electronic reporting system to receive, synthesize, mine and store reporting data in accordance with clause 1 Article 7 hereof.

Fourth, to preside over and collaborate with the Payments Department in developing tools for collection and mining of data about the performance of the National Interbank Payment System as provided in the Appendix I hereto attached from relevant information systems of the State Bank.

Fifth, to collaborate with the Payments Authority and relevant affiliates of the State Bank in formulating reports on assessment of the National Interbank Payment System under clause 5 Article 12 hereof..

Sixth, to provide information about the National Interbank Payment System in accordance with clause 2 Article 7 hereof.

View the responsibilities of the Payments Authority, the Bank Supervision and Inspection Agency, the organization operating the foreign exchange payment system, the securities payment system and the clearing and switching system for financial transactions at: Circular No. 20/2018/TT-NHNN of the State Bank of Vietnam takes effect from January 01, 2019.

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