Electronic clearing limits in provision of payment intermediary services in Vietnam from August 15, 2024

Electronic clearing limits in provision of payment intermediary services in Vietnam from August 15, 2024 

According to the Circular, organizations presiding over the e-clearing shall develop and issue intramural regulations on the organization and operation of the e-clearing system, including contents of the processes of establishment, adjustment, and management of e-clearing limits for clearing members of the e-clearing system. To be specific: 

- Regarding the establishment of e-clearing limits: 

+ E-clearing limits established for first-time clearing members of the e-clearing system shall be equal to the value of security instruments or deposits used for the establishment of e-clearing limits of clearing members; 

+ The establishment of e-clearing limits for clearing members shall be carried out by organizations presiding over e-clearing monthly, on the first working day of a month; 

+ Clearing members shall calculate their e-clearing limits at the start of a period and send requests for the establishment of e-clearing limits to organizations presiding over e-clearing before the first working day of the period for the establishment of e-clearing limits. The e-clearing limit at the start of the period of each clearing member shall be calculated based on the highest difference (payable-receivable) of a day in payment transactions through the e-clearing system of the period preceding the period for the establishment of e-clearing limits, ensuring the margins according to Article 12 of Circular No. 40/2024/TT-NHNN;

Where the e-clearing limit at the start of the calculation period is zero or negative, the e-clearing limit at the start of the period shall be calculated based on the e-clearing limit of the preceding period, ensuring the margins according to Article 12 of Circular No. 40/2024/TT-NHNN;

Where clearing members of the e-clearing system have less than 1 month of participation, the e-clearing limits at the start of a period of such members shall be established equal to the value of security instruments and deposits used for the establishment of e-clearing limits of other members; 

Where clearing members request the establishment of e-clearing limits higher than the calculated e-clearing limits at the start of the period, the increased value of the e-clearing limits compared to the e-clearing limits at the start of the period shall apply the respective margins according to Point b Clause 2 Article 12 of Circular No. 40/2024/TT-NHNN;

+ Clearing members shall assume responsibility for the data for calculating e-clearing limits at the start of the period.  Organizations presiding over e-clearing shall establish e-clearing limits based on requests from clearing members and confirmation information from the State Bank of Vietnam (Transaction Department) on the value of deposits of clearing members for the establishment of e-clearing limits for clearing members, ensuring the margins prescribed by regulations, and notify clearing members of the results for implementation; 

+ Clearing members shall make deposits to establish e-clearing limits according to Article 12 of Circular No. 40/2024/TT-NHNN.

See more details in Circular No. 40/2024/TT-NHNN, effective as of July 17, 2024, excluding the following cases: 

- Articles 11, 12, 13, 14, 35, and Clause 4 Article 47 take effect from August 15, 2024. 

- Clause 2 Article 17 and Articles 18, 19, 20, 21, 22, 23, and 28 (excluding Clause 3) take effect from October 1, 2024. 

- Point c Clause 6 Article 25 and Clause 3 Article 38 take effect from January 1, 2025. 

- Points c and dd Clause 1, Points b and d Clause 2 Article 25, and Points b and d Clause 3 Article 27 take effect from July 1, 2025. 

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