THE STATE BANK OF VIETNAM
-------- | THE SOCIALIST REPUBLIC OF VIETNAM Independence – Freedom - Happiness
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No. 23/2019/TT-NHNN | Hanoi, November 22, 2019 |
CIRCULAR
Amending and supplementing a number of Articles of the Circular No. 39/2014/TT-NHNN dated December 11, 2014 of the Governor of the State Bank of Vietnam guiding on payment intermediary service
Pursuant to the Law on the Sate Bank of Vietnam No. 46/2010/QH12 dated June 16, 2010;
Pursuant to the Law on Credit Institutions No. 47/2010/QH12 dated June 16, 2010 and the Law on amendment and supplementation to a number of Articles of the Law on Credit Institutions dated November 20, 2017;
Pursuant to the Decree No. 101/2012/ND-CP dated November 22, 2012 of the Government on non-cash payments; the Decree 80/2016/ND-CP dated July 01, 2016 of the Government on amendment and supplementation to a number of Articles of the Decree No. 101/2012/ND-CP; the Decree 16/2019/ND-CP dated February 01, 2019 of the Government on amendment and supplementation to a number of Articles of the Decrees on business conditions under the State management of the State Bank of Vietnam;
Pursuant to the Decree 16/2017/ND-CP dated February 17, 2017 of the Government, stipulating the functions, tasks, powers and organizational structure of the State Bank of Vietnam;
At the proposal of the Director of Payment Department;
The State Bank Governor promulgates the Circular amending and supplementing a number of Articles of the Circular No. 39/2014/TT-NHNN dated December 11, 2014 of the Governor of the State Bank of Vietnam guiding on payment intermediary service.
Article 1. Amending and supplementing to a number of Articles of the Circular No. 39/2014 /TT-NHNN dated December 11, 2014 of the State Bank Governor of Vietnam guiding on payment intermediary services
1. To amend and supplement Clauses 2 and 7 and add Clauses 9, 10, 11, 12, 13, 14, 15, 16, 17, 18 and 19 into Article 3 as follows:
"2. Electronic clearing service means a service providing technical infrastructure to receive, compare payment data and calculate the results of receivables and payables after the clearing among participants to settle for related parties.”.
“7. Payment guarantee account means VND payment account opened in cooperative banks by a provider of payment support services with the aim of ensuring its provision of payment support services.”.
“9. Institution in charge of the electronic clearing system (hereinafter referred to as the ECS institution) means the provider of payment intermediary services that is licensed by the State Bank of Vietnam (hereinafter referred to as the State Bank) to provide financial telecommunications services and electronic clearing services; eligible to participate and directly connect to the National Inter-bank electronic payment system (IBPS) for the performance of electronic clearing and settlement.
10. Electronic clearing system (hereinafter referred to as the ECS) means the payment system that is established, owned and operated by the ECS institution to provide financial telecommunications services and electronic clearing services.
11. Members of the ECS (hereinafter referred to as members) mean providers of payment services, payment intermediary services and other organizations satisfying membership requirements and criteria in accordance with the regulations of the ECS institution and being connected to the ECS for sending, receiving and handling payment transactions. Members shall comprise settlement members and non- settlement members.
12. Settlement member means a member that establishes the Net debt limit in electronic clearing as prescribed in Clause 14 of this Article to make payment transactions through the ECS; opens a payment account at the State Bank (Banking Operation Department) for electronic clearing and settlement.
13. Non-settlement member means a member that fulfills payment and settlement obligations in financial switching transactions and electronic clearing through a settlement member.
14. Net debt limit in electronic clearing (hereinafter referred to as electronic clearing limit) means the maximum payment value limit for the payables on clearing differences of a settlement member in electronic clearing transactions.
15. Result of electronic clearing net settlement (hereinafter referred to as electronic clearing result) means a table of data that is made by the ECS institution after each electronic clearing payment session; reflects the sum of receivable and payable differences of each settlement member in the session.
16. Settlement of electronic clearing (hereinafter referred to as electronic clearing settlement) means the payment of receivable and payable differences according to the net settlement result through payment accounts of settlement members at the State Bank (Banking Operation Department).The ECS institution shall send the electronic clearing result to the State Bank (via the system of CWA) for handling the electronic clearing settlement.
17. Solvency of settlement member (hereinafter referred to as solvency) means the credit balance on payment account of a settlement member at the State Bank (Banking Operation Department) at the time of handling electronic clearing settlement.
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