Main modules and functions of Vietnam’s National Interbank Electronic Payment System from August 15, 2024

Main modules and functions of Vietnam’s National Interbank Electronic Payment System from August 15, 2024  

According to the Circular, the main modules and functions of the National Interbank Electronic Payment System are as follows: 

- The National Interbank Electronic Payment System is a comprehensive system consisting of the National Processing Center, Backup National Processing Center, and software installed at members and member units to process payment orders. 

- Professional processing modules include: High-value payment module; foreign currency payment module; low-value payment module; module for checking account processing and data inspection and comparison.

- The high-value payment module carries out the instant final settlement for payment orders in Vietnam Dong using high-value payment services. 

- The foreign currency payment module carries out the instant total settlement for payment orders in foreign currencies using foreign currency payment services. 

- The low-value payment module carries out the instant final settlement for payment orders in Vietnam Dong using low-value payment services. 

- The module for checking account processing and data inspection and comparison carries out inspections and accounting operations for high-value payment and foreign currency payment orders and processes low-value offset results and net settlement results from other systems.

Costs and service fees in interbank electronic payment 

Costs and service fees in the National Interbank Electronic Payment System are as follows: 

- The costs of the development, installation, maintenance, development, and upgrade of the operations of the National Interbank Electronic Payment System shall be paid by the State Bank of Vietnam.  The costs of the development, installation, maintenance, development, and upgrade of the operations of other systems of members and member units serving their interbank electronic payment operations shall be paid by such entities.  

- When using services on the National Interbank Electronic Payment System, members and member units shall pay service fees for participation in such a system, annual fees, and domestic payment service fees according to regulations of the State Bank of Vietnam on the schedule for fees for payment services through the State Bank of Vietnam. 

See more details in Circular No. 08/2024/TT-NHNN, effective as of August 15, 2024. 

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