Circular 15/2024/TT-NHNN provision of non-cash payment services

CIRCULAR

On provision of non-cash payment services

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Pursuant to the Law on the State Bank of Vietnam dated June 16, 2010;

Pursuant to the Law on Credit Institutions dated January 18, 2024;

Pursuant to the Law on Post dated June 17, 2010;

Pursuant to the Law on Electronic Transactions dated June 22, 2023;

Pursuant to the Government’s Decree No. 52/2024/ND-CP dated May 15, 2024, on non-cash payments;

Pursuant to the Government’s Decree No. 102/2022/ND-CP dated December 12, 2022, defining the functions, tasks, powers and organizational structure of the State Bank of Vietnam;

At the request of the Director of the Payment Department;

The Governor of the State Bank of Vietnam promulgates this Circular on the provision of non-cash payment services.

Chapter I

GENERAL PROVISIONS

Article 1. Scope of regulation

This Circular regulates the provision of domestic non-cash payment services (hereinafter referred to as payment services) by payment service providers, including the following services: payment order, payment authorization, collection order, collection authorization, money transfer, collection and disbursement service.

Article 2. Subjects of application

1. Payment service providers include:

a) The State Bank of Vietnam (hereinafter referred to as the State Bank);

b) Commercial banks, policy banks, cooperative banks, branches of foreign banks (hereinafter referred to as banks);

c) People's credit funds, microfinance institutions;

d) Public-utility postal service providers.

2. Intermediary payment service providers.

3. Organizations and individuals involved in the provision of payment services.

4. Payment acceptance units.

5. Organizations and individuals using payment services (hereinafter referred to as customers).

Article 3. Interpretation of terms

In this Circular, the following terms are construed as follows:

1. Payment document means a type of bank accounting document used as a basis for the provision of payment services. Payment documents include paper and electronic documents.

2. Payment service provided by electronic means the creation, sending, and processing of payment orders through electronic means.

3. Payment order service and payment authorization service (hereinafter referred to as payment authorization service) mean the bank's execution of the payer's request to debit a specified amount from the payer's payment account to pay or transfer money to the beneficiary. The beneficiary may also be the payer.

4. Collection order service and collection authorization service (hereinafter referred to as collection authorization service) means the bank's execution of the beneficiary's request to debit a specified amount from the payer's payment account and transfer it to the beneficiary based on a written agreement on collection authorization between the payer and the beneficiary.

5. Collection service means the payment service provider's execution of the beneficiary’s authorization to collect money from the payer based on a written agreement between the payment service provider and the beneficiary. Collection services include collection services with the use of customer payment accounts and collection services without the use of customer payment accounts.

6. Disbursement service means the payment service provider's execution of the prayer’s authorization to disburse money to the beneficiary on behalf of the payer based on a written agreement between the payment service provider and the payer. Disbursement services include disbursement services with the use of customer payment accounts and disbursement services without the use of customer payment accounts.

7. Money transfer service means the payment service provider's execution of the payer's request to transfer a specified amount of money to the beneficiary. The beneficiary may also be the payer. Money transfer services include money transfer services with the use of payment accounts and money transfer services without the use of customer payment accounts.

8. Payment acceptance unit (abbreviated as PAU) means an organization or individual providing goods or services that accepts payment for goods or services by non-cash payment documents as prescribed in Clause 10, Article 3 of the Government’s Decree 52/2024/ND-CP dated May 15, 2024 on non-cash payments, in accordance with a contract or written agreement signed with a payment service provider or intermediary payment service provider.

9. Payment transaction through Quick Response Code (abbreviated as QR Code) means the use of a payment service to pay or transfer money through the QR Code of an organization or individual.

10. Personal papers include citizen identity cards, identity cards, identity certificates, valid people’s identity papers, electronic identity (in cases where the customer has a level 2 electronic identification account); for foreigners residing in Vietnam, including passports and entry visas or papers valid in lieu of visas or papers proving exemption from entry visas; or electronic identity (through access to a level 2 electronic identification account) (if any).

Article 4. Payment documents

1. The preparation, signing, control, circulation, management, use, and preservation of payment documents must comply with the provisions of accounting and electronic transaction laws.

2. Payment documents through the State Bank shall be implemented in accordance with the regulations of the Governor of the State Bank.

3. Payment documents through banks, people's credit funds, microfinance institutions, and public-utility postal service providers shall be regulated in terms of format, form, printing, issuance, and implementation guidance by the banks, people's credit funds, microfinance institutions, and enterprises providing public postal service, ensuring compliance with the payment process for each type of service as prescribed in this Circular and relevant legal provisions.

4. Payment authorization documents, collection authorization documents, and money transfer documents shall be considered payment documents.

5. The information and data of electronic documents must be fully controlled to ensure the legality, validity, and integrity of the information. At the same time, the documents must be controlled and securely managed to prevent and avoid illegal exploitation, intrusion, and copy of information.

Article 5. Payment services provided by electronic means

Payment service providers, when providing payment services by electronic means, must meet the following requirements:

1. Complying with the provisions on the creation, processing, use, preservation, and storage of electronic documents in accordance with the law on electronic transactions.

2. Developing payment procedures that ensure sufficient information for check and reconciliation of customer identification; meeting technical infrastructure requirements; managing risks, safety, and security when providing payment services by electronic means in accordance with the regulations of the Governor of the State Bank and the law on electronic transactions.

3. Having a written agreement with customers and relevant parties, clearly stipulating the rights and obligations of the parties and the dispute resolution mechanism (if any) in accordance with the law.

4. Banks must have measures to notify customers electronically of the evidence of payment transactions made by electronic means, which must at least clearly state the transaction reference number, transaction date, and transaction amount. The notification channel must be at least through SMS or email or other notification channels and must be specified in the written agreement with the customer.

5. Complying with the provisions of the law on anti-money laundering.

Article 6. Procedures for error handling, error correction, reconciliation, and complaints in payment transactions and intermediary payment service

1. Upon detecting an error or discrepancy in a money transfer (collectively referred to as an error), the relevant parties must take measures to correct it in accordance with regulations, ensuring accurate and consistent data, so as not to affect the money transfer operation or cause damage to the payment service provider, intermediary payment service provider, and/or customer. The correction of errors in money transfers must adhere to the following principles:

a) Strictly complying with the regulations and methods for correcting errors in accounting and money transfer payments: errors must be corrected at the stage where they occur, and data must not be arbitrarily corrected to adjust errors;

b) Individuals or organizations causing errors or violating regulations and error correction methods, depending on the nature and severity of the violation, shall be handled and compensate for damages caused to relevant parties in accordance with the law.

2. Payment service providers and intermediary payment service providers shall specifically stipulate the time limit for service users to request reconciliation and file complaints against payment service providers and intermediary payment service providers, which shall not be less than 60 days from the date of the transaction for which reconciliation is requested.

3. Payment service providers and intermediary payment service providers shall be responsible for handling reconciliation requests and complaints from service users, ensuring compliance with at least the following regulations:

a) Applying at least two forms of receiving reconciliation and complaint information: through a telephone hotline (with recording, operating 24/7) and through legal transaction locations of payment service providers and intermediary payment service providers; ensuring verification of the basic information provided by the customer to the payment service provider or intermediary payment service provider;

b) Issuing reconciliation and complaint request forms (both paper and electronic) for customers to use when requesting reconciliation or complaints at transaction locations of payment service providers or intermediary payment service providers, or on online channels. In case of receiving information through telephone switchboard or online channels, payment service providers and intermediary payment service providers shall request customers to provide necessary information for customer verification, and have measures to store the information provided by customers as a basis for handling reconciliation and complaints. In case of authorizing another person to request reconciliation or complaints, the authorization shall be carried out in accordance with the law on authorization;

c) Payment service providers and intermediary payment service providers shall be responsible for promptly responding to or handling customer complaints within the agreed timeframe, but not exceeding 30 working days from the date of receiving the complaint request from the service user as prescribed at Point a of this Clause;

Immediately taking measures to temporarily suspend service provision when requested by the customer due to suspicion of fraud or loss, and shall be responsible for all financial losses of the customer arising after the time the customer requests to temporarily suspend service provision.

4. Handling reconciliation results and complaint resolution:

a) Within a maximum of 5 working days from the date of notifying the customer of the reconciliation or complaint resolution results, the payment service provider or intermediary payment service provider shall compensate the customer for losses in accordance with the agreement and current legal provisions for losses that arise not due to the customer's fault and/or not falling under force majeure circumstances as agreed upon in the terms and conditions of service use;

b) In cases where the time limit for reconciliation or complaint resolution as prescribed in Clause 3 of this Article has expired without determining the cause or fault of any party, within the next 15 working days, the payment service provider or intermediary payment service provider shall agree with the customer on a resolution plan. If no agreement can be reached, the dispute resolution shall be carried out in accordance with the law.

5. In case of detecting a case with signs of criminal activity, the payment service provider or intermediary payment service provider shall report it to the competent state authority in accordance with the law on criminal procedure and report in writing to the State Bank (Payment Department, the State Bank branch in the province or city in the area); at the same time, shall notify the customer in writing about the status of handling the reconciliation request or complaint. In cases where the competent state authority concludes that there is no criminal element in the case, within 15 working days from the date of the conclusion of the competent state authority, the payment service provider or intermediary payment service provider shall negotiate with the customer on a plan to handle the reconciliation or complaint resolution results.

6. Payment service providers and intermediary payment service providers must have solutions for customers to look up online information, progress, and results of reconciliation and complaint handling.

7. Coordination in reconciliation between payment service providers:

Payment service providers shall be responsible for coordinating to promptly handle reconciliation requests in payment authorization and collection authorization: within 04 working days from the time of receiving the reconciliation request, the receiving party must respond to the request/result of reconciliation to the requesting party or return the payment order with the reconciliation request information.

Chapter II

PAYMENT SERVICES THROUGH PAYMENT SERVICE PROVIDERS

Section 1

PAYMENT SERVICES THROUGH THE STATE BANK

Article 7. One-time payment services through payment accounts opened at the State Bank

1. Organizations with payment accounts opened at the State Bank (as payers) shall send payment documents to the State Bank, requesting the State Bank to debit their payment accounts to pay beneficiaries who have accounts at the same State Bank unit or to transfer money to beneficiaries through appropriate payment systems. The payment procedure shall be carried out as follows:

a) Preparation and submission of documents

For payments made by the payer itself: the payer shall prepare and submit payment documents (payment authorizations, other appropriate payment documents) to the State Bank where the payment account is opened, shall request the State Bank to debit a specified amount from the payer's payment account to pay or transfer to the beneficiary.

b) Document processing and accounting

Upon receiving the payment documents submitted by the payer, the State Bank shall control the legality and validity of the documents and check the payer's ability to pay.

(i) If the documents are not legal or valid, or the payer’s ability to pay is not ensured, the State Bank shall refuse payment and notify the payer.

(ii) If the documents are legal and valid, and the payer’s ability to pay is ensured, the State Bank shall immediately account and process the transaction:

In cases where the payer and the beneficiary open accounts at the same State Bank unit, the State Bank shall debit the payer's payment account, credit the beneficiary's payment account, and issue a debit/credit advice to the payer and the beneficiary in accordance with regulations.

In cases where the payer and the beneficiary do not open accounts at the same State Bank unit, the State Bank shall debit the payer's payment account, issue a debit advice to the payer, and create a transfer order through the appropriate payment system.

Upon receiving the incoming transfer order, after controlling and processing the documents in accordance with the regulations of the payment system, the State Bank receiving the order shall account the transaction in the beneficiary's payment account (or appropriate account if the beneficiary does not have a payment account at the State Bank) and issue a credit advice to the beneficiary.

2. Organizations with payment accounts opened at the State Bank shall deposit and withdraw cash through their payment accounts opened at State Bank units using payment documents. In cases where a credit institution or a branch of a foreign bank (collectively referred to as a credit institution) is a member of the Interbank Electronic Payment System and conducts cash deposits and withdrawals at the State Bank branches in provinces and cities through the Interbank Electronic Payment System, the following procedures shall apply:

a) A credit institution wishing to deposit or withdraw cash through the Interbank Electronic Payment System needs to follow the following instructions: The credit institution or its branch in the area shall submit to the State Bank branch in the province or city a registration list of officers authorized to execute cash transactions with the State Bank branch in the province or city, together with an authorization letter for each officer signed by the legal representative of the credit institution (according to Appendix No. 01 to this Circular). The authorization letter must clearly state the information of the authorized person, the authorization period, and the content of the authorization regarding cash transactions and transportation.

b) Procedures for cash withdrawal at the State Bank branches in provinces and cities:

(i) The credit institution shall create a Transfer Order through the Interbank Electronic Payment System to debit money from the payment account of the credit institution's Head Office at the State Bank Transaction Office and send it to the receiving bank, which is the State Bank branch in the province or city where the credit institution's branch needs to withdraw cash. The credit institution's branch shall send an authorized representative to conduct cash transactions at the State Bank branch in the province or city to receive cash.

(ii) The State Bank branch in the province or city shall check and reconcile the information of the officer authorized to conduct cash transactions of the credit institution's branch to prepare a Payment Voucher and carry out the procedures for cash disbursement to the credit institution's branch in accordance with the regulations on the accounting regime for cash delivery and receipt, transfer, issuance, collection, and destruction at the State Bank. In case of receiving the Transfer Order after the specified time for cash transactions at the State Bank branch in the province or city, the procedures for cash disbursement to the credit institution's branch shall be carried out on the next working day.

c) Procedures for cash deposit transactions at the State Bank branches in provinces and cities: the credit institution's branch shall prepare a Cash Deposit Slip according to the form prescribed in the Accounting Regime for cash delivery and receipt, transfer, issuance, collection, and destruction at the State Bank. The State Bank branch in the province or city shall, based on the content of the Cash Deposit Slip, create a Transfer Order through the Interbank Electronic Payment System to transfer money to the payment account of the credit institution's Head Office opened at the State Bank Transaction Office. In cases where the State Bank branch in the province or city has completed the procedure for receiving cash from the credit institution's branch but the time for sending payment orders of the Interbank Electronic Payment System has expired, the State Bank branch in the province or city shall create a Money Transfer Order through the Interbank Electronic Payment System to send to the credit institution's Head Office on the next working day.

d) On a monthly basis, the State Bank branches in provinces and cities shall determine the fees to be collected from the credit institution's branches in their areas (cash withdrawal fees, one-time payment fees) and create a Debit Transfer Order through the Interbank Electronic Payment System to send to the credit institution's Head Office for fee collection in accordance with the regulations of the State Bank. For credit institutions that deposit and withdraw cash through payment accounts opened at the State Bank branches in provinces and cities, fee collection shall be carried out in accordance with the regulations of the State Bank.

dd) On an annual basis, the State Bank branches in provinces and cities shall summarize and report the situation of cash deposits and withdrawals through the Interbank Electronic Payment System in their area (according to Appendix No. 02 to this Circular) to the State Bank for monitoring and management.

Section 2

PAYMENT SERVICES THROUGH BANKS

Article 8. Payment authorization service

Banks providing payment authorization services must ensure prompt, rigorous, accurate, safe, and secure processing in accordance with the law; and issue internal procedures, which must include the following contents:

1. Preparation and submission of payment authorization documents

The payer shall prepare a payment authorization and submit it to their servicing bank (where the payment account is opened) to debit the account for payment or transfer to the beneficiary. The bank shall guide customers on the preparation and submission of payment authorizations at their unit, ensuring compliance with the provisions of this Circular and current regulations of the State Bank.

2. Control of payment authorizations

a) Upon receiving a payment authorization, the bank must strictly control and ensure the legality and validity of the document.

b) The bank must check the ability to pay. If the payment authorization is not legal, valid, or the ability to pay is not ensured, the bank shall notify the payer to amend, supplement, or return it to the payer.

3. Document processing and accounting

a) At the payer's servicing bank:

After controlling, if the payment authorization is legal, valid, and the ability to pay is ensured, the processing shall be as follow:

(i) If the beneficiary and the payer have payment accounts at the same bank, no later than 01 working day from the time of receiving the customer's payment authorization (unless otherwise agreed), the bank shall account the transaction in the payment accounts of the payer and the beneficiary, and issue a debit advice to the payer and a credit advice to the beneficiary.

(ii) If the beneficiary does not have a payment account at the payer's servicing bank, no later than 01 working day from the time of receiving the customer's payment authorization (unless otherwise agreed), the bank shall account the transaction in the payer's payment account, issue a debit advice to the payer, and create a money transfer order to the beneficiary's servicing bank through the appropriate payment system.

b) At the beneficiary's servicing bank:

After receiving the money transfer order from the payer's servicing bank, the beneficiary's servicing bank shall proceed with document controlling and processing:

(i) If the money transfer order is legal and valid, no later than 01 working day from the time of receiving the money transfer order, the beneficiary's servicing bank must account the transaction in the beneficiary's payment account and issue a credit advice to the beneficiary.

(ii) If the money transfer order has errors, no later than 01 working day from the time of receiving the money transfer order, the beneficiary's servicing bank shall send a reconciliation request or return the money transfer order to the payer's servicing bank. Upon receiving the reconciliation response, within a maximum of 01 working day, the beneficiary's servicing bank shall execute the money transfer order or return the money transfer order to the payer's servicing bank.

(iii) If the beneficiary's account has been closed, no later than 01 working day from the time of receiving the money transfer order, the beneficiary's servicing bank shall return the money transfer order to the payer's servicing bank (or as agreed with the payer).

(iv) In cases where the beneficiary does not have a payment account at the bank:

Upon receiving the money transfer order, no later than 01 working day, the bank shall control the instrument, account the transaction in the appropriate account, and notify the beneficiary according to the contact information provided by the payer. In cases where the beneficiary receives cash, the following shall apply:

If the beneficiary is an individual, when receiving money, the beneficiary must present an identity document. In cases where the recipient is an authorized person, an additional a letter of authorization in accordance with the law must be presented. If the beneficiary is an organization, the representative of the organization, in addition to presenting their identity document, must present documents proving their legal representative status of that organization. The bank shall have measures to check, reconcile, and authenticate the customer's identification information and data and store it in accordance with the law.

Within a maximum of 30 days from the time of issuing the credit advice to the customer as prescribed in Clause 4 of this Article, if the beneficiary has been notified by the bank but does not come to receive the money or the bank cannot contact the beneficiary, the bank must create a return money transfer order to the payer's servicing bank.

4. The bank shall issue debit and credit advices fully and promptly to customers according to the method and time of issuing debit and credit advices agreed upon between the bank and the customer, in accordance with the law.

Article 9. Collection authorization services

Banks providing collection authorization services must ensure prompt, rigorous, accurate, safe, and secure processing in accordance with the law; and issue internal procedures, which must include the following contents:

1. Preparation and submission of collection authorization documents

The beneficiary shall prepare a collection authorization, accompanied by an agreement between the payer and the beneficiary regarding the collection authorization and other documents (if any), and submit it to their servicing bank or the payer's servicing bank. The bank shall guide customers on the preparation and submission of documents, ensuring compliance with the provisions of this Circular and current regulations of the State Bank.

2. Control of collection authorizations

a) At the beneficiary's servicing bank: Upon receiving the collection authorization and accompanying documents from the customer, the bank must strictly control and ensure the legality and validity of the collection authorization in accordance with the regulations on the bank accounting document regime. If the collection authorization is not legal or valid, the bank shall notify the customer to amend, supplement, or return it to the customer.

b) At the payer's servicing bank: Upon receiving the collection authorization payment documents, the bank shall control the legality and validity of the collection authorization and check the payer's ability to pay.

If the collection authorization has errors, no later than 01 working day from the time of receiving the collection authorization, the payer's servicing bank shall send a reconciliation request or return the collection authorization to the beneficiary's servicing bank or the beneficiary. If the payer's account has been closed, no later than 01 working day from the time of receiving the collection authorization, the payer's servicing bank shall return the collection authorization to the beneficiary's servicing bank or the beneficiary.

3. Document processing and accounting

a) In cases where the payer has a payment account at the beneficiary's servicing bank:

After controlling the collection authorization, the bank shall check the payment agreement by collection authorization between the payer and the beneficiary and process as follow:

(i) In cases where the payer has authorized the bank to automatically debit the payer's payment account for collection authorization payment:

If the payer’s ability to pay is ensured, no later than 01 working day from the time of receiving the collection authorization, the bank must account the transaction in the payment accounts of the payer and the beneficiary, and issue a debit advice to the payer and a credit advice to the beneficiary.

If the payer’s ability to pay is not ensured, no later than 01 working day from the time of receiving the collection authorization, the bank must notify the payer and the beneficiary and return the collection authorization to the beneficiary (if requested by the beneficiary) or continue to keep the collection authorization until the payer’s ability to pay is ensured. When the payer's ability to pay is ensured, the bank must account transaction in the payment accounts of the payer and the beneficiary, and issue a debit advice to the payer and a credit advice to the beneficiary.

(ii) In cases where the payer has not authorized the bank to automatically debit the payer's payment account for collection authorization payment, the bank must notify the payer of the collection authorization.

If the payer agrees to authorize the debit from the payment account, no later than 01 working day from the time of receiving the payer's debit authorization, the bank shall process and account the transaction in the payment accounts of the payer and the beneficiary, and issue a debit advice to the payer and a credit advice to the beneficiary.

If the payer does not agree to authorize the debit, the bank shall immediately notify and return the collection authorization to the beneficiary.

(iii) The authorization to debit the payment account shall be regulated by the bank in accordance with the law on authorization.

b) In cases where the payer does not have a payment account at the beneficiary's servicing bank:

(i) After controlling the legality and validity of collection authorization, the beneficiary's servicing bank shall have appropriate measures to track the processed documents and, no later than 01 working day from the time of receiving the collection authorization, send it to the payer's servicing bank.

(ii) Upon receiving the collection authorization and accompanying documents (if any) sent by the beneficiary's servicing bank or the beneficiary, after controlling the legality and validity of collection authorization, the payer's servicing bank shall check the agreement to authorize the debit from the payment account and proceed to process and account the transaction in the payer's payment account as in cases where the payer has a payment account at the beneficiary's servicing bank; at the same time, create a money transfer order to the beneficiary's servicing bank through the appropriate payment system.

(iii) Upon receiving the money transfer order sent by the payer's servicing bank, no later than 01 working day, the beneficiary's servicing bank shall, based on the money transfer order, account the transaction in the appropriate account and issue a credit advice to the beneficiary.

4. The bank shall issue debit and credit advices fully and promptly to customers according to the method and time of issuing debit and credit advices agreed upon between the bank and the customer, in accordance with the law.

Article 10. Collection service

1. The beneficiary must provide the payment service provider with the necessary documents and materials so that the payment service provider can carry out the collection service in accordance with the content of the agreement between the payment service provider and the beneficiary and in compliance with relevant legal provisions.

2. In cases where the payment service provider provides a collection service with the participation and support of an intermediary payment service provider (licensed by the State Bank to provide collection and disbursement support services), the agreement or contract may authorize the intermediary payment service provider to sign a contract or agreement with the beneficiary.

3. The payment service provider shall issue internal procedures to carry out the collection service for customers in accordance with the law, which clearly stipulate the responsibilities and authorities of the relevant parties to ensure safety and rigor.

Article 11. Disbursement service

1. For disbursement services, the payment service provider shall carry out the service in accordance with the payer's request in the agreement between the payment service provider and the payer and in compliance with relevant legal provisions.

2. In cases where the payment service provider provides a disbursement service with the participation and support of an intermediary payment service provider (licensed by the State Bank to provide collection and disbursement support services), the agreement or contract may authorize the intermediary payment service provider to sign a contract or agreement with the payer.

3. The payment service provider shall issue internal procedures to carry out the disbursement service for customers in accordance with the law, which clearly stipulate the responsibilities and authorities of the relevant parties to ensure safety and rigor.

Article 12. Money transfer service

1. The procedure for money transfer services through the customer's payment account shall be carried out in the same manner as the payment authorization service procedure.

2. Procedure for money transfer services without the use of customer payment accounts:

The bank providing money transfer services shall ensure prompt, rigorous, accurate, safe, and secure processing in accordance with the law; and issue internal procedures, which must include at least the following contents:

a) Preparation and control of documents:

(i) When a customer needs to deposit cash to request the bank to transfer money to the beneficiary, the bank shall guide the customer in preparing the money transfer form according to the bank's regulations, ensuring that all necessary information of the sender and the beneficiary is provided, including: full name, identity document number, phone number, signature (of the sender), and other information.

(ii) If the sender is an individual, they must present their identity document when transferring money. In cases where the sender is an authorized person, the customer must present a letter of authorization in accordance with the law. If the sender is a representative of an organization, when transferring money, in addition to presenting their identity document, they must also present documents proving their legal representative status of that organization. The bank shall have measures to check, reconcile, and authenticate the customer's identification information and data and store it in accordance with the law.

(iii) Upon receiving the cash deposit slip from the customer, the bank shall check and control the document and proceed to count the cash deposited by the customer to carry out the money transfer in accordance with regulations.

b) Document processing and accounting:

(i) At the sender's servicing bank: After controlling the legality and validity of the documents:

In cases where the beneficiary opens a payment account at the sender's servicing bank: no later than 01 working day from the time the customer completes the deposit procedure, the bank shall account the transaction in the appropriate account for the sender and issue a credit advice to the beneficiary.

In cases where the beneficiary opens a payment account at another bank; within 01 working day from the time the customer completes the deposit procedure, the bank shall account the transaction in the appropriate account and create a money transfer order to the beneficiary's servicing bank through the appropriate payment system.

(ii) At the beneficiary's servicing bank:

After receiving the money transfer order, the beneficiary's servicing bank shall control the document and process:

If the money transfer order is legal and valid, within 01 working day from the time of receiving the money transfer order, the beneficiary's servicing bank must account the transaction in the beneficiary's payment account and issue a credit advice to the beneficiary.

If the money transfer order has errors, within 01 working day from the time of receiving the money transfer order, the beneficiary's servicing bank shall coordinate with the sender's servicing bank to conduct reconciliation in accordance with regulations. Upon receiving the reconciliation response, within a maximum of 01 working day, the beneficiary's servicing bank shall execute the money transfer order or return the money transfer order to the sender's servicing bank.

If the beneficiary's account has been closed, within 01 working day from the time of receiving the money transfer order, the beneficiary's servicing bank shall return the money transfer order to the sender's servicing bank and clearly state the reason for returning the money transfer order to the sender's servicing bank.

In case the beneficiary does not have a payment account at the bank: upon receiving the money transfer order, within 01 working day from the time of receiving the money transfer order, the bank shall control the document, account the transaction in the appropriate account, and notify the beneficiary according to the contact information provided by the sender.

In case the beneficiary receives cash: If the beneficiary is an individual, when receiving money, the customer must present an identity document. If the recipient is an authorized person, the authorized person shall present a power of attorney in accordance with the law. If the beneficiary is an organization, the representative of the organization, when receiving money, in addition to presenting their identity document, must present documents proving their legal representative status of that organization. The bank shall have measures to check, reconcile, and authenticate the customer's identification information and data and store it in accordance with the law.

Within a maximum of 30 days from the time of notifying the customer of the credit as prescribed at Point c of this Clause, if the beneficiary has been notified by the bank but does not come to receive the money or the bank cannot contact the beneficiary, the bank must create a return money transfer order to the sender's servicing bank.

c) The bank shall promptly issue a credit advice to the customer who opens a payment account at its unit according to the method and time of issuing credit advices agreed upon between the bank and the customer, in accordance with the law.

Section 3

PAYMENT SERVICES THROUGH PEOPLE'S CREDIT FUNDS, MICROFINANCE INSTITUTIONS, AND PUBLIC POSTAL SERVICE PROVIDERS

Article 13. Payment services through people's credit funds and microfinance institutions

1. People's credit funds shall provide payment services without the use of payment accounts for their members and customers, including money transfer, collection, and disbursement services. Microfinance institutions shall provide payment services without the use of payment accounts for customers of the microfinance institutions, including money transfer, collection, and disbursement services.

2. People's credit funds and microfinance institutions shall issue internal payment procedures for money transfer, collection, and disbursement services without the use of payment accounts in accordance with the provisions of Articles 10, 11, and Clause 2 of Article 12 of this Circular.

Article 14. Payment services through public-utility postal service providers

1. Approval document for the provision of payment services without the use of customer payment accounts (collectively referred to as approval document):

Public-utility postal service providers that have been granted an approval document must operate in accordance with the provisions of the approval document.

It is not allowed to erase, alter, buy, sell, transfer, lease, lend, or forge the approval document; it is not allowed to delegate or authorize other organizations or individuals to carry out activities permitted under the approval document.

2. Procedures for money transfer services without the use of customer payment accounts:

a) Public-utility postal service providers shall provide money transfer services ensuring prompt, rigorous, accurate, safe, and secure processing in accordance with the law; and issue internal procedures, which must include at least the following contents:

(i) Clearly stipulating the processing stages such as: preparation, reconciliation, control, and storage of money transfer documents; processing of money transfer orders; errors and error correction, reconciliation, and complaints; accounting according to the current accounting regime, and maintain complete accounting records;

(ii) Specifically regulating the limits for money transfer and receipt at their service points in accordance with the conditions of facilities, technical infrastructure, and operating apparatus to ensure safety and compliance with the law during the implementation process;

(iii) Specifying responsibilities for each department and individual in managing, operating, and implementing the money transfer procedure, including at least the following contents: compliance with the procedure, payment transactions, safety and security regulations, responsibility for coordinating reconciliation, handling complaints, and responsibility for compensating for damages to customers caused by their own fault;

(iv) Internal regulations on anti-money laundering in accordance with the law on anti-money laundering;

(v) Other relevant regulations.

b) Processing of money transfer orders:

(i) Upon receiving a money transfer request, the staff of the enterprise providing public postal services shall be responsible for controlling the information on the money transfer form. After controlling, if the payment document prepared by the customer is legal and valid and the amount deposited by the customer matches the amount stated on the money transfer order, the staff shall sign the document and proceed with the money transfer for the customer. No later than 01 working day from the time of receiving the legal and valid payment document from the customer, the public-utility postal service providers must process and complete the money transfer for the customer;

(ii) Upon receiving an incoming money transfer order, the enterprise providing public postal services serving the beneficiary must check the document to ensure its legality and validity, and immediately account the transaction in the appropriate account and notify the beneficiary to receive the money or deliver the money to the address requested by the sender as agreed; the enterprise providing public postal services shall have measures to check, reconcile, and authenticate the customer's identification information and data and store it in accordance with the law;

(iii) Within a maximum of 30 days from the date of receiving the incoming money transfer order and notifying the beneficiary, if the beneficiary does not come to receive the money or cannot be contacted to notify of receipt of money, the Public-utility postal service providers serving the beneficiary shall return the money to the sender.

3. Collection and disbursement services

a) To provide collection services, the beneficiary must provide the enterprise providing public postal services with the necessary documents and materials related to the collection of money in accordance with the agreement between the enterprise providing public postal services and the beneficiary and in compliance with relevant legal provisions;

b) For disbursement services, the enterprise providing public postal services shall carry out the service in accordance with the payer's request in the agreement between the enterprise providing public postal services and the payer and in compliance with relevant legal provisions;

c) The public-utility postal service providers shall issue internal regulations to carry out collection and disbursement services for customers in accordance with relevant legal provisions.

4. Reporting regime

a) The public-utility postal service providers shall report to the State Bank of Vietnam (through the Payment Department) on the implementation of the service on a quarterly basis (before the 5^th of the month following the reporting quarter) and on an annual basis (before January 15^th of the year following the reporting year) according to Appendix No. 03 to this Circular;

b) The public-utility postal service providers shall promptly report to the State Bank relevant information in the following cases:

(i) At the specific request of the State Bank of Vietnam to serve the purpose of state management;

(ii) When there are unusual developments or incidents causing disruptions in the provision of services that may affect the operations of the payment service provider or other related organizations and individuals.

Article 15. Procedures for approval and renewal of the provision of payment services without the use of customer payment accounts by public-utility postal service providers

1. Approval procedures

a) Within 10 working days from the date of receiving the complete dossier as prescribed in the Government’s Decree No. 52/2024/ND-CP dated May 15, 2024 on non-cash payments and its amendments and supplements (if any), the Payment Department shall review and forward the dossier to relevant Departments, Agencies, and units under the State Bank for comments;

b) Within a maximum of 15 working days from the date of receiving the request from the Payment Department:

(i) The Information Technology Department shall review, assess, and send a written confirmation to the Payment Department regarding the technical conditions, technological solutions, safety and security capabilities, and technical staff to ensure the provision of payment services without the use of customer payment accounts by the enterprise providing public postal services in accordance with the law.

(ii) The agency performing the anti-money laundering function shall appraise and send a written assessment to the Payment Department on the internal regulations on preventing and combating money laundering, financing of terrorism, and financing of proliferation of weapons of mass destruction to ensure the provision of payment services without the use of customer payment accounts by the enterprise providing public postal services in accordance with the law.

c) Within 30 working days from the date of receiving comments from the units under the State Bank, the Payment Department shall consolidate comments from relevant units, appraise the dossier, and submit it to the Governor of the State Bank for a decision to approve or refuse the approval in writing for the provision of payment services without the use of customer payment accounts by the enterprise providing public postal services.

2. Renewal procedures

a) Within 10 working days from the date of receiving the complete dossier as prescribed in the Government’s Decree No. 52/2024/ND-CP dated May 15, 2024 on non-cash payments and its amendments and supplements (if any), the Payment Department shall review and forward the dossier to relevant Departments, Authorities, and units under the State Bank for comments;

b) Within a maximum of 07 working days from the date of receiving the request from the Payment Department:

(i) The Information Technology Department shall review, assess, and send a written confirmation to the Payment Department regarding the technical conditions, technological solutions, safety and security capabilities, and technical staff to ensure the provision of payment services without the use of customer payment accounts by the enterprise providing public postal services in accordance with the law.

(ii) The agency performing the anti-money laundering function shall appraise and send a written assessment to the Payment Department on the internal regulations on preventing and combating money laundering, financing of terrorism, and financing of proliferation of weapons of mass destruction to ensure the provision of payment services without the use of customer payment accounts by the enterprise providing public postal services in accordance with the law.

c) Within 10 working days from the date of receiving comments from the units under the State Bank, the Payment Department shall consolidate comments from relevant units, appraise the dossier, and submit it to the Governor of the State Bank for a decision to renew or refuse the renewal in writing for the provision of payment services without the use of customer payment accounts by the enterprise providing public postal services.

Chapter III

RIGHTS AND RESPONSIBILITIES OF PARTIES PARTICIPATING IN PAYMENT SERVICES

Article 16. Rights of organizations and individuals using payment services

1. The right to choose to use the payment services of a payment service provider; the right to request and receive notifications, instructions, and warnings from the payment service provider to recognize and prevent risks when using payment services.

2. The right to agree with the payment service provider on the rights and obligations when using payment services in accordance with the law.

3. The right to request the payment service provider to provide information on the implementation of payment services in accordance with the agreement with the payment service provider.

4. The right to complain and request the payment service provider to compensate for damages when: the payment service provider executes a payment transaction later than agreed, fails to execute a payment transaction, or executes a payment transaction that does not match the payment order, charges payment service fees that are not the correct type or level of fees that the payment service provider has announced, and other violations in the agreement.

5. The right to exercise other rights as prescribed in this Circular and relevant legal provisions.

Article 17. Responsibilities of organizations and individuals using payment services

1. To correctly and fully comply with the conditions and procedures for payment services as prescribed in this Circular and in accordance with the agreement between the organization or individual using the payment service and the payment service provider, in compliance with the provisions of the law.

2. To refund or coordinate with the payment service provider to fully refund the amount received in excess or erroneously transferred by the payment service provider (including operational errors and system failures of the payment service provider).

3. To take responsibility before the law for the accuracy and truthfulness of the information and payment documents provided.

4. To protect the confidentiality of personal and organizational account and transaction information to ensure safety and security in payment transactions; to promptly notify the payment service provider upon detecting errors or mistakes in payment transactions or suspecting that transaction information is being misused.

5. To fulfill other responsibilities as prescribed in this Circular and relevant legal provisions.

Article 18. Rights of payment service providers

1. The right to request organizations and individuals using payment services to provide full relevant information and fulfill their obligations under the agreement in accordance with legal provisions during the use of payment services.

2. The right to refuse to provide payment services to organizations and individuals using payment services in the following cases:

a) The organization or individual using the payment service does not fully meet the requirements when performing the payment service as prescribed in this Circular or violates the agreements between the payment service provider and the organization or individual using the payment service;

b) When there is a written request from a competent state authority or evidence that the payment transaction is for money laundering, financing of terrorism, and financing of proliferation of weapons of mass destruction in accordance with the law on preventing and combating money laundering; preventing and combating financing of terrorism, and financing of proliferation of weapons of mass destruction;

c) The customer is on a suspect list/blacklist/warning list related to fraudulent, deceptive transactions, money laundering, financing of terrorism, and financing of proliferation of weapons of mass destruction, or violations of the law identified by a competent state authority.

3. The right to request organizations and individuals using payment services to fully refund the amount received in excess or erroneously transferred by the payment service provider (including operational errors and system failures of the payment service provider).

4. The right to charge fees when providing payment services in accordance with the law.

5. The right to exercise other rights as prescribed in this Circular and relevant legal provisions.

Article 19. Responsibilities of payment service providers

1. To notify and guide customers on using the payment services they provide; to promptly respond to or handle inquiries and complaints from organizations and individuals using payment services within the scope of their obligations and authority.

2. To execute payment transactions promptly, safely, and accurately in accordance with agreements with organizations and individuals using payment services; to publicly disclose payment service fees.

3. Payment service providers shall be responsible for promptly correcting errors and mistakes in payment transactions in case of non-compliance with the payment order of organizations and individuals using payment services; shall be responsible for coordinating with relevant payment service providers to recover the amount of money transferred in excess or erroneously when executing payment transactions in accordance with the law.

4. Payment service providers must comply with the provisions of the law on electronic transactions and on ensuring safety, security, and risk management in banking operations. To issue risk management mechanisms: identifying risks, categorizing types of risks that occur for each type of service provided, ensure confidentiality and integrity, accuracy of information and data related to transactions, have measures to assess, control, prevent risks, and comply with the provisions of the law.

5. Payment service providers shall be obligated to notify and warn customers to recognize and prevent risks when using payment services and comply with the contents of the signed agreement with the payment service provider; to guide organizations and individuals using payment services on the obligation to self-protect account information, other identification factors, and electronic means used in payment, to avoid being exploited, deceived, or defrauded.

6. Payment service providers must take measures to identify customers; control, detect, and report large-value transactions, electronic money transfer transactions, and suspicious transactions to competent state authorities in accordance with the law on anti-money laundering and other relevant legal provisions.

7. Payment service providers must compensate for damages caused by their own errors in accordance with the law.

8. Payment service providers shall be responsible for taking measures and solutions to ensure the checking and reconciliation of customer verification information during the execution of payment transactions.

9. Payment service providers shall, based on the provisions of this Circular and relevant legal provisions, issue internal procedures for the provision of non-cash payment services at their units and take responsibility before the law for their internal procedures.

10. To fulfill other responsibilities as prescribed in this Circular and relevant legal provisions.

Article 20. Responsibilities of payment service providers when cooperating with intermediary payment service providers, payment acceptance units, and international organizations

1. When providing payment services in cooperation with intermediary payment service providers, payment service providers must have a written agreement or cooperation contract with the participating parties, clearly stipulating the commitment obligations of the parties regarding the confidentiality of customer information and payment transactions, and taking responsibility for any losses caused by the disclosure of customer information or transactions.

2. Banks may only sign cooperation contracts with intermediary payment service providers licensed by the State Bank to operate intermediary payment service to provide payment services in accordance with the scope of the licensed services. At the same time, banks must coordinate with intermediary payment service providers in checking and reconciling data, authenticating transactions and customer information, taking security measures in payments, and other obligations as prescribed by the State Bank regarding intermediary payment service.

3. Responsibilities of payment service providers towards PAUs:

a) To have a contract or written agreement with the PAU, which must specifically stipulating the following contents: rights and responsibilities of the parties; clearly stipulating that the PAU shall be responsible for the legality of the goods and services provided and commit not to execute prohibited transactions under the law; requiring the PAU to commit not to charge additional fees to customers when making payments through the payment service in any form; the processing of personal data of customers or personal data provided by customers, the provision of information to third parties to serve the identification of PAUs; cases of contract termination;

b) To guide the PAU on the use of payment processes and procedures, the use of payment documents, fraud and forgery detection measures, and requirements for confidentiality of customer account and transaction information in the payment for goods and services;

c) To implement internal regulations on the processes and procedures for identifying and verifying PAUs to ensure the accuracy, authenticity, and regular updating of PAU data:

(i) Categorizing the nature, business model, and documents proving the type of enterprise/business household; complying with the procedures for opening and using payment accounts or any non-cash payment documents used to accept payment for goods and services in compliance with regulations on preventing and combating money laundering; preventing and combating financing of terrorism, and financing of proliferation of weapons of mass destruction;

(ii) Conducting on-site inspections of business points or inspections through online sales channels to check the consistency of documents proving the type of business;

(iii) Developing criteria for selecting and developing PAUs;

d) Payment service providers must issue management mechanisms to identify risks, categorize the types of risks that occur for each type of payment service provided through PAUs; assess and categorize PAUs according to risk levels; regularly monitor, supervise, and take measures to check and strictly manage the operations of PAUs during the implementation of the signed contract/document to detect and resolve or propose to competent state authorities to handle violations of payment activities in accordance with the law; for high-risk PAUs, there must be tools or measures to fully and comprehensively monitor and check the payment transactions of PAUs, including increasing the frequency of on-site inspections or inspections through online sales channels;

dd) To receive and handle reconciliation requests and complaints from PAUs;

e) To require PAUs to open payment accounts at banks or branches of foreign banks to receive payments from the provision of goods and services. To require PAUs to provide invoices and transaction documents at PAUs in accordance with the regulations of the payment service provider or in necessary cases to control the validity and legality of payment transactions;

g) Payment service providers must provide complete and accurate information and documents on payment transactions through PAUs to the State Bank or competent state authorities upon request;

h) To report the list of PAUs according to the guidelines of the State Bank. Payment service providers shall report to the State Bank information on PAUs with signs of fraud, deception, or violations of the law according to Appendix 04 to this Circular. The provision of information shall be carried out by electronic means according to the technical connection guidelines of the State Bank.

The criteria for identifying PAUs with suspected signs of fraud, deception, or violations of the law (hereinafter referred to as the Criteria Set) shall be based on reference to the suspected reasons in Appendix No. 04 to this Circular. Payment service providers must regularly review, amend, supplement, and update the Criteria Set based on documents, information, and data during the provision of payment services and during the monitoring, checking, and supervising the operations of PAUs during the implementation of the signed contract/document.

Payment service providers shall report the list of PAUs with signs of fraud, forgery, or violations of the law as prescribed at this Point starting from January 1, 2025.

4. In cases where the payment service provider allows the intermediary payment service provider to sign a contract or written agreement with the PAU, the intermediary payment service provider must fully fulfill its responsibilities towards the PAU as prescribed in Clause 3 of this Article.

5. The payment service provider shall send a notification to the State Bank (through the Payment Department) when implementing cooperation with international organizations (organizations established abroad) in the field of payment, ensuring that the cooperation is implemented in compliance with the operating license granted by the State Bank, relevant legal provisions, and taking fully responsibility before the law.

Article 21. Rights and responsibilities of payment acceptance units

1. PAUs must publicly disclose that there is no price discrimination or additional fees for non-cash payment transactions for goods and services compared to cash payments. PAUs must refund or, through the payment service provider, refund to customers the price difference or additional fees collected in violation of regulations.

2. PAUs shall be entitled to request the payment service provider to reconcile and lodge complaints regarding transactions with errors or suspected errors.

3. PAUs shall regularly check and supervise their payment acceptance devices and tools (POS/mPOS/QRCode) at the point of sale for goods and services to prevent unauthorized use and shall be responsible for damages caused by the overlaying of invalid or illegal QR codes when customers execute payment transactions.

Chapter IV

IMPLEMENTATION PROVISIONS

Article 22. Effect

1. This Circular takes effect on July 01, 2024, except for the provisions in Clause 2 of this Article.

2. Clause 6 of Article 6 of this Circular takes effect on January 01, 2025.

3. Payment service providers shall review contracts/written agreements on cooperation with PAUs signed before the effective date of this Circular to amend and supplement, collect additional documents, information, and data, and provide them to customers in accordance with the provisions of Articles 20 and 21 of this Circular for implementation and completion before December 31, 2024. From January 01, 2025, payment service providers must terminate the provision of services for contracts/written agreements with PAUs that have not been reviewed and fully provided in accordance with the provisions of this Circular.

4. This Circular replaces Circular No. 46/2014/TT-NHNN dated December 31, 2014 of the Governor of the State Bank guiding non-cash payment services; Circular No. 38/2019/TT-NHNN dated December 31, 2019 of the Governor of the State Bank on provision of payment services not via payment accounts of clients by public-utility postal service providers; and annuls Article 3 of Circular No. 30/2016/TT-NHNN dated October 14, 2016 of the Governor of the State Bank amending and supplementing a number of Circulars regulating the provision of payment services and intermediary payment services.

Article 23. Implementation organization

1. The Payment Department shall

a) Be responsible for monitoring and coordinating with relevant units to resolve difficulties arising during the implementation of this Circular;

b) Act as the focal point, coordinating with the Banking Supervision Agency and the Information Technology Department in checking the compliance with regulations on the provision of payment services without the use of customer payment accounts by public-utility postal service providers.

2. The Banking Supervision Agency, State Bank branches in provinces and centrally-run cities shall

a) Be responsible for inspecting, checking, and supervising compliance with the provisions of this Circular and handling violations within their authority, and notifying the Payment Department for monitoring;

b) Conduct inspections of the provision of payment services without the use of customer payment accounts by public-utility postal service providers in accordance with the law, handle violations within their authority, and notify the Payment Department and relevant units of the results.

3. The Chief of Office, the Director of the Payment Department, the Chief Inspector of Banking Supervision Agency, and the Heads of units under the State Bank, the State Bank branches in provinces and centrally-run cities, the Chairpersons of the Board of Directors (Members' Council), the General Directors (Directors) of payment service providers shall be responsible for implementing this Circular.