Thông tư 15/2024/TT-NHNN quy định về cung ứng dịch vụ thanh toán không dùng tiền mặt do Thống đốc Ngân hàng Nhà nước Việt Nam ban hành

CIRCULAR

ON PROVISION OF CASHLESS PAYMENT SERVICES

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

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

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

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

Pursuant to Decree No. 52/2024/ND-CP dated May 15 of 2024 of the Government on cashless payment;

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

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Governor of State Bank of Vietnam promulgates Circular on provision of cashless payment services.

Chapter I

GENERAL PROVISIONS

Article 1. Scope

This Circular prescribes the provision of domestic cashless payment services (hereinafter referred to as “payment services”) of payment service providers, including: direct credit, direct debit, wire transfer, collections-on-behalf-of, and payments-on-behalf-of.

Article 2. Regulated entities

1. Payment service providers include:

a) State Bank of Vietnam (hereinafter referred to as “SBV”);

b) Commercial banks, policy banks, cooperatives, foreign bank branches (hereinafter referred to as “banks”);

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d) Public postal service providers.

2. Payment intermediary service providers.

3. Organizations and individuals related to the provision of payment services.

4. Entities accepting the payment.

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

Article 3. Definitions

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

1. “Payment document” refers to a type of banking and accounting document which serves as the basis for execution of payment services. Payment documents include physical documents and electronic documents.

2. “Payment services executed via electronic means” (hereinafter referred to as “electronic payment services”) refers to the production, submission, and processing of payment orders via electronic means.

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4. “Direct debit service” refers to a service where a bank, at request of the payee, debits checking account of the payer and transfers to the payee on the basis of written agreement pertaining to direct debit between the payer and the payee.

5. “Collections-on-behalf-of service” (hereinafter referred to as “COBO service”) refers to a service where a payment service provider, in execution of trust of the payee, collects payment made by the payer in accordance with written agreement between the payment service provider and the payee. COBO service consists of service of collecting-on-behalf via customer’s checking account and service of collecting-on-behalf outside of customer’s checking account.

6. “Payments-on-behalf-of service” (hereinafter referred to as “POBO service”) refers to a service where a payment service provider, in execution of trust of the payer, represents the payer to pay the payee on the basis of written agreement between the payment service provider and the payer. POBO service consists of service of paying-on-behalf via customer’s checking account and service of paying-on-behalf outside of customer’s checking account.

7. “Wire transfer service” refers to a service where payment service provider, at request of the payer, transfers a specified amount of money to the payee. The payee can also be the payer. Wire transfer service consists of service of transferring via checking account and service of transferring outside of checking account.

8. “Entities accepting cashless payment” refers to goods and service providers that accept payment for goods and services other than cash according to Clause 10 Article 3 of Decree No. 52/2024/ND-CP on cashless payment under contract or agreement signed with payment service providers and payment intermediary service providers.

9. “QR Code payment” refers to the use of QR Code for payment and wire transfer of organizations and individuals.

10. “Personal document” consists of citizen ID Card, ID card, certificate of ID Card, valid 9-digit ID Card, electronic ID Card (if customer has level 2 electronic identification account); passport and entry visa or visa-equivalent documents or documents proving eligibility for visa exemption in case of foreigner; or electronic identification (by accessing level 2 electronic identification account) (if any).

Article 4. Payment document

1. The preparation, signing, control, circulation, management, use, and preservation of payment documents must conform to accounting and e-transaction laws.

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3. Payment documents for payments made via banks, people’s credit funds, microfinance organizations, and public postal service providers shall have their format, forms, printing, distribution, and instructions regulated by respective banks, people’s credit funds, microfinance organizations, and public postal service providers in a manner that adheres to payment procedures of each service type under this Circular and relevant law provisions.

4. Documents on direct debit, direct credit, and wire transfer are also payment documents.

5. Information and data of electronic documents must be adequately controlled so as to maintain legitimacy, adequacy, and integrity of information. At the same time, documents must be controlled and managed privately so as to prevent illegal exploitation, access, duplication of information.

Article 5. Electronic payment services

Payment service provider must, in order to provide electronic payment services, meet requirements below:

1. Comply with regulations on preparation, processing, use, preservation, and storage of electronic documents in accordance with e-transaction laws.

2. Develop payment procedures which require all necessary information for inspection, cross-examination for know-your-customer; satisfy technical infrastructures; manage risk, safety, and security of electronic payment services in accordance with regulations of Governor of SBV and e-transaction laws.

3. Enter into written agreement with customers and relevant parties at their discretion which specifies rights and obligations of the parties and settlement of disputes (if any) as per the law.

4. Inform customer about proof of electronic payment via electronic means, which at least includes transaction reference number, date of transaction, and transaction amount. At least SMS, email, or other channels must be used as notification channel and such use must be specified under written agreement with customer.

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Article 6. Procedures for rectifying errors and handling error adjustment, reconciliation, and complaint request in payment and payment intermediary services

1. Where errors are found in wire transfer or in wire transfer data, the parties must adjust as per the law and ensure accurate and consistent data so that wire transfer activity is not affected or damage is not done to payment service providers, payment intermediary service providers and/or customers. Adjustment of error in wire transfer must respect the following principles:

a) Closely adhere to regulations and methods for error adjustment in accounting and wire transfer: make adjustment to the stage at which error occurs; do not correct data, adjust error without permission;

b) Organizations and individuals that cause errors or violate regulations and methods for error adjustment shall be met with punitive actions and made to compensate for damage that they have caused to relevant parties as per the law depending on the nature and severity of the violation.

2. Payment service providers and payment intermediary service providers shall set the time limit in which customers have the right to submit request for reconciliation and complaint to payment service providers and payment intermediary service providers. The aforementioned time limit must be at least 60 days from the date on which transaction for which reconciliation request is made occurs.

3. Payment service providers and payment intermediary service providers are responsible for processing request for reconciliation and complaint of customers in a manner that satisfying regulations below:

a) Adopt at least 2 methods for receiving request for reconciliation and complaints via hotline (recorded, and active 24 hours per day and 7 days per week) and via legitimate trading locations of payment service providers and payment intermediary service providers; verify basic information that the customers have provided to payment service providers and payment intermediary service providers;

b) Promulgate request forms for reconciliation and complaint (physical and electronic forms) for use by customers upon requesting reconciliation and complaint at transaction locations of payment service providers and payment intermediary service providers or online channels. Where information is received via hotline or online channels, payment service providers and payment intermediary service providers shall request customers to provide other necessary information to verify customers and implement solutions for storing customer information to facilitate reconciliation and complaint settlement. Where customers authorize other individuals to request reconciliation and complaint, the authorization shall conform to authorization laws;

c) Payment service providers and payment intermediary service providers are responsible for responding or handling complaints of customers within a set time limit up to 30 working days from the date on which complaint request is filed by customers in accordance with Point a of this Clause;

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4. Handling reconciliation and dispute settlement results:

a) Within 5 working days from the date on which results of reconciliation and dispute settlement are sent to customers, payment service providers and payment intermediary service providers shall reimburse customers for losses where the customers are not at fault and/or not force majeure do not apply according to service terms and conditions agreement as per agreement and applicable laws;

b) Where the cause cannot be identified or fault cannot be attributed to any party within the time limit under Clause 3 of this Article, within the next 15 working days, payment service providers and payment intermediary service providers shall negotiate with customers about possible solutions. Where a solution cannot be agreed upon by the parties, settlement of dispute shall be implemented in a manner compliant with regulations and law.

5. Where the case exhibits signs of criminal activities, payment service providers and payment intermediary service providers must report to competent authority according to criminal proceeding laws and SBV (Payment Department, SBV branches of provinces and cities) and inform customers in writing about status of reconciliation and dispute settlement request. Where competent authority concludes that the case does not contain criminal elements, within 15 working days from the date on which conclusion of competent authority is made, payment service providers and payment intermediary service providers shall negotiate with customers about methods for processing reconciliation and dispute settlement results.

6. Payment service providers and payment intermediary service providers must adopt solutions to allow customers to look up information, progress, and results of reconciliation and dispute settlement request.

7. Cooperation in reconciliation between payment service providers:

Payment service providers are responsible for cooperating in promptly processing request for reconciliation in settlement of direct credit, direct debit: within 4 working days from the date on which request for reconciliation is received, the requested party must respond to reconciliation request or results or reverse payment order containing information requested for reconciliation.

Chapter II

PAYMENT SERVICES VIA PAYMENT SERVICE PROVIDERS

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Article 7. Individual payment services via checking accounts opened at SBV

1. Organizations opening checking accounts at SBV (“the payers”) shall send payment documents to SBV to request SBV to debit their accounts and pay the payees whose accounts are opened at the same SBV entities or to request SBV to transfer money to the payees via appropriate payment systems. Payment procedures are detailed below:

a) Preparing and sending documents

In respect of payments made by the payer: the payer shall prepare and submit payment documents (direct credit documents, other appropriate payment documents) to SBV where they open checking account to debit their checking account and transfer to the payee.

b) Processing documents and recording payment

Upon receiving payment documents sent by the payer, SBV shall examine legitimacy of the documents and solvency of the payer.

(i) Where the documents are not legitimate or adequate or the payer do not have sufficient solvency, SBV shall deny payment and inform the payer.

(ii) Where the documents are legitimate and adequate and the payer have sufficient solvency, SBV shall record the payment and:

Where the payer and the payee both open accounts at the same entity of SBV, SBV shall debit checking account of the payer, credit checking account of the payee and send notice of debit, notice of credit to the payer and the payee.

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Upon receiving incoming transfer order, SBV shall examine and process documents in accordance with regulations of payment system, then record payment to checking account of the payee (or appropriate account of the payee if the payee does not open checking account at SBV) and send notice of credit to the payee.

2. Organizations opening checking accounts at SBV shall deposit, withdraw cash via checking accounts opened at entities of SBV via payment facilities. Where a credit institution of foreign bank branch (hereinafter referred to as “credit institution”) that is a member of the Inter - bank Electronic Payment System deposits or withdraws cash at SBV branch of province or city via the Inter - bank Electronic Payment System, the procedures for implementation are as follows:

a) The credit institution shall send list of officials authorized to conduct cash transactions with SBV of provinces and cities and written authorization produced by each official and signed by legal representative of the credit institution (Appendix No. 1 attached hereto) to SBV of provinces and cities. The written authorization must specify information on the authorized individual, term of authorization, detail of authorization pertaining to cash transactions and transport.

b) Cash withdrawal at SBV branches of provinces and cities:

(i) The credit institution produces transfer order via the Inter - bank Electronic Payment System to debit checking account of headquarters of the credit institution at Central Banking Department of SBV and sends to receiving bank that is SBV branch of province or city where branch of the credit institution wishes to withdraw cash. Credit institution branch assigns representative authorized to conduct cash transactions to SBV branch of province or city to receive cash.

(ii) SBV branch of province or city examines and cross-check information of official authorized to conduct cash transactions of the credit institution branch, produces payment note, and issues money to credit institution branch in accordance with regulations on accounting cash delivery, transport, issuance, revocation, and destruction at SBV. Where transfer order is received after the period designated for cash transactions at SBV branch of province or city, cash withdrawal procedures will be proceeded on the next working day.

c) Cash deposit at SBV branches of provinces and cities: credit institution branch submits deposit order regulated under regulations on accounting cash delivery, transport, issuance, revocation, and destruction at SBV at which point SBV branch of province or city produces transfer order via Inter - bank Electronic Payment System and transfers money to checking account of headquarters of credit institution opened at Central Banking Department of SBV. Where SBV branch of province or city initiates cash deposit procedures from credit institution branch after the time limit for sending payment order of the Inter - bank Electronic Payment System has expired, SBV branch of province or city shall send transfer order via the Inter - bank Electronic Payment System to headquarters of credit institution on the next working day.

d) On a monthly basis, SBV branch of provinces and cities determine fees to be collected from local credit institution branches (cash withdrawal fees, individual transaction fees) and produce debit transfer orders via the Inter - bank Electronic Payment System to headquarters of credit institutions in order to collect fees in accordance with regulations of SBV. Where credit institutions deposit or withdraw cash via checking accounts opened at SBV branches of provinces and cities, fees shall conform to regulations of SBV.

dd) On an annual basis, SBV branches of provinces and cities shall consolidate and produce report on cash deposit and withdrawal via the Inter - bank Electronic Payment System (Appendix No. 2 attached hereto) to SBV.

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Article 8. Direct credit service

Banks providing direct credit service must ensure rapid, accurate, safe, secure, and legitimate procedures; promulgate internal regulations which must contain the followings:

1. Producing and sending direct credit documents

The payer produces and sends direct credit document to the bank where they open their checking account to debit their account to pay or transfer to the payee. The bank shall guide the payer to produce and send direct credit documents at their bank in a manner compliant with this Circular and applicable regulations of SBV.

2. Controlling direct credit documents

a) Upon receiving direct credit documents, the bank must closely inspect legitimacy and adequacy of the documents.

b) The bank must then examine solvency. Where direct credit documents are inadequate or illegitimate or solvency is not guaranteed, the bank shall inform the payer to revise or return the documents to the payer.

3. Processing documents and recording payment

a) At bank serving the payer (hereinafter referred to as “payer’s bank”):

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(i) Where the payee and the payer have checking account opened at the same bank, within 1 working day from the date on which direct credit documents are sent (unless otherwise agreed upon), the back shall record payment to checking account of the payer and the payee and send notice of debit to the payer, notice of credit to the payee.

(ii) Where the payee does not have checking account opened at the payer’s bank, within 1 working day from the date on which direct credit documents are sent (unless otherwise agreed upon), the bank shall record payment to checking account of the payer, send notice of debit to the payer and produce transfer order to bank serving the payee in accordance with appropriate payment system.

b) At bank serving the payee (hereinafter referred to as “payee’s bank”):

Upon receiving transfer order sent by the payer’s bank, the payee’s bank shall examine the documents and:

(i) Where transfer order is legitimate and adequate, within 1 working day from the date on which transfer order is received, the payee’s bank must record the payment to checking account of the payee and send notice of credit to the payee.

(ii) Where transfer order is erroneous, within 1 working day from the date on which transfer order is received, the payee’s bank shall send request for reconciliation or return transfer order to the payer’s bank. Upon receiving response regarding reconciliation, within 1 working day, the payee’s bank shall execute transfer order or reverse transfer order to the payer’s bank.

(iii) Where account of the payee is closed, within 1 working day from the date on which transfer order is received, the payee’s bank shall reverse the transfer order to the payer’s bank (or according to agreement with the payer).

(iv) Where the payee does not have checking account opened at a bank:

Upon receiving transfer order, within 1 working day, the bank shall examine documents, record payment to appropriate account, and inform the payee using contact information provided by the payer. Where the payee receives cash:

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Within 30 days from the date on which notice of credit is sent to the payee in accordance with Clause 4 of this Article, where the payee fails to arrives at the bank to receive money after being informed by the bank or the bank cannot contact the payee, the bank must immediately produce transfer order to return the money to the payer’s bank.

4. Bank shall send notice of debit and notice of credit in an adequate and timely fashion to customers in accordance with law-compliant agreement between the bank and customers.

Article 9. Direct debit service

Banks providing direct debit service must ensure rapid, accurate, safe, secure, and legitimate procedures; promulgate internal regulations which must contain the followings:

1. Producing and sending direct debit documents

The payee sends direct debit documents and attach written agreement between the payer and the payee regarding direct debit and other documents (if any) to the payee’s bank or the payer’s bank. The bank guides customers to produce and send documents in a manner compliant with this Circular and applicable regulations of SBV.

2. Controlling direct debit

a) At the payee’s bank: Upon receiving direct debit documents and attachments, the bank must closely examine legitimacy and adequacy of direct debit documents in accordance with regulations on banking accounting documents. Where direct debit documents are inadequate or illegitimate, the bank shall request the payee to revise or return to the payee.

b) At the payer’s bank: Upon receiving direct debit documents, the bank must closely examine legitimacy, adequacy, and solvency.

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3. Processing documents and recording payment

a) Where the payer opens checking account at the payee’s bank:

After controlling direct debit documents, the bank shall examine payment agreement via direct debit between the payer and the payee and:

(i) Where the payer has authorized the bank to automatically debit their checking account to settle the direct debit:

Where the payer has sufficient solvency, within 1 working day from the date on which direct debit documents are received, the bank must record the payment to checking account of the payer, the payee and send notice of credit to the payee, notice of debit to the payer.

Where the payer does not possess sufficient solvency, within 1 working day from the date on which direct debit documents are received, the bank must inform the payer and the payee, return the direct debit documents to the payee (where the payee requests) or keep direct debit documents until the payer possesses sufficient solvency. Where the payer has sufficient solvency, the bank must record payment to checking accounts of the payer and the payee and send notice of debit to the payer, notice of credit to the payee.

(ii) Where the payer has not authorized their bank to automatically debit their checking account to settle direct debit, the bank must inform the payer about direct debit.

Where the payer has approved and authorized debiting their checking account, within 1 working day from the date on which authorization made by the payer is received, the bank shall record payment to checking accounts of the payer, the payee and send notice of debit to the payer, notice of credit to the payee.

Where the payer does not approve debiting authorization, the bank must immediately inform and return direct debit documents to the payee.

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b) Where the payer does not have checking account opened at the payee’s bank:

(i) After inspecting legitimacy of direct debit documents, the payee’s bank shall monitor processed documents accordingly and, within 1 working day from the date on which they receive direct debit documents, send to the payer’s bank.

(ii) After receiving direct debit documents and attachments (if any) from the payee’s bank or the payee and inspecting legitimacy of direct debit documents, the payer’s bank shall inspect agreement on authorization for debiting of checking account and record the payment to checking account of the payer in the same process as if the payer has checking account opened at the payee’s bank and send transfer order to the payee’s bank via appropriate payment system.

(iii) Within 1 working day from the date on which the payee’s bank receives transfer order from the payer’s bank, the payee’s bank shall rely on the transfer order to record payment in appropriate account and send notice of credit to the payee.

4. Bank shall send notice of debit and notice of credit in an adequate and timely fashion to customers in accordance with law-compliant agreement between the bank and customers.

Article 10. COBO service

1. The beneficiary must provide payment service provider with necessary documents to enable the payment service provider to execute COBO service in accordance with written agreement between the payment service provider and the beneficiary and relevant law provisions.

2. Where payment service provider provides COBO service together with payment intermediary service provider that is licensed to provide COBO, POBO services by SBV, written agreement may contain clauses authorizing payment intermediary service provider to enter into agreement with the beneficiary.

3. Payment service provider shall promulgate internal regulations regarding law-compliant execution of COBO service which specify responsibilities and rights of relevant parties in a manner that ensures safety and coherence.

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1. In respect of POBO service, payment service provider shall adhere to request of the payer under written agreement between payment service provider and the payer and relevant law provisions.

2. Where payment service provider provides POBO service together with payment intermediary service provider that is licensed to provide COBO, POBO services by SBV, written agreement may contain clauses authorizing payment intermediary service provider to enter into agreement with the payer.

3. Payment service provider shall promulgate internal regulations regarding law-compliant execution of POBO service which specify responsibilities and rights of relevant parties in a manner that ensures safety and coherence.

Article 12. Transfer service

1. Procedures for transferring via checking accounts of customers are similar to that for settling direct credit service.

2. Procedures for transferring outside of checking accounts of customers:

Banks providing transfer service must ensure quick, coherent, accurate, safe, secure, and law-compliant processing; promulgate internal regulations which must contain:

a) Producing and controlling documents:

(i) Where a customer wishes to deposit cash for the bank to transfer to a beneficiary, the bank shall guide the customer to fill a cash transfer form in accordance with regulations of the bank, including all necessary information of the sender and the beneficiary: full name, number of personal documents, phone number, signature (of the sender) and other information.

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(iii) After receiving cash deposit form of the sender, the bank shall examine the documents and money deposited by the sender and transfer as per the law.

b) Processing documents and recording payment:

(i) At bank serving the sender (hereinafter referred to as “sender’s bank”): After inspecting legitimacy and adequacy of documents:

Where the beneficiary has checking account opened at the sender’s bank: within 1 working day from the date on which the sender finishes deposit procedures, the bank shall record the payment to appropriate account of the sender and send notice of credit to the beneficiary.

Where the beneficiary has checking account opens at another bank: within 1 working day from the date on which the sender finishes deposit procedures, the bank shall record payment to appropriate account and send transfer order to bank serving the beneficiary via appropriate payment system.

(ii) At bank serving the beneficiary (hereinafter referred to as “beneficiary’s bank”):

After receiving transfer order, the beneficiary’s bank shall inspect the documents and:

Where transfer order is legitimate and adequate, within 1 working day from the date on which transfer order is received, the beneficiary’s bank must record the payment to checking account of the beneficiary and send notice of credit to the beneficiary.

Where transfer order is erroneous, within 1 working day from the date on which transfer order is received, the beneficiary’s bank shall cooperate with the sender’s bank in reconciling as per the law. Upon receiving response regarding reconciliation, within 1 working day, the beneficiary’s bank shall execute transfer order or reverse transfer order to the sender’s bank.

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Where the beneficiary does not have checking account: within 1 working day from the date on which transfer order is received, the bank shall inspect documents, record payment to appropriate account, and notify the beneficiary using contact information provided by the sender.

Where the beneficiary wishes to receive cash: If the beneficiary is a person, the beneficiary must present personal documents upon receiving cash. If the beneficiary is an authorized individual, the beneficiary must present written authorization. If the beneficiary is a representative of an organization, the beneficiary, in addition to their personal documents, must present documents proving their status as legitimate representative of the organization upon receiving cash. The bank shall examine, cross-check, authenticate information and KYC data and store as per the law.

Within 30 days from the date on which notice of credit is sent to the beneficiary in accordance with Point c of this Clause, where the beneficiary fails to arrives at the bank to receive money after being informed by the bank or the bank cannot contact the beneficiary, the bank must immediately produce transfer order to return the money to the sender’s bank.

c) The bank shall promptly send notice of credit to beneficiary having checking account opened at their bank in accordance with methods and time agreed upon between the bank and customer as per the law.

Section 3. PAYMENT SERVICES VIA PEOPLE’S CREDIT FUNDS, MICROFINANCE ORGANIZATIONS, PUBLIC POSTAL SERVICE PROVIDERS

Article 13. Payment services via people’s credit funds and microfinance organizations

1. People’s credit funds provide payment services outside of checking accounts for members and customers of the people’s credit funds, including transfer service, COBO service, POBO service. Microfinance organizations provide payment services outside of checking account for customers of microfinance organizations, including transfer service, COBO service, POBO service.

2. People’s credit funds and microfinance organizations shall promulgate internal payment procedures for transfer, COBO, and POBO outside of checking accounts in a manner compliant with Article 10, Article 11, and Article 12 hereof.

Article 14. Payment services via public postal service providers

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Public postal service providers entitled to issuing written approval must operate within the written approval.

Public postal service providers are not allowed to fabricate, edit, purchase, sell, transfer, lease, lend written approval; entrust, assign other organizations and individuals to execute activities licensed under written approval.

2. Procedures for transferring outside of checking accounts of customers:

a) Public postal service providers providing transfer service must ensure rapid, coherent, accurate, secure, and law-compliant service; promulgate internal regulations which must contain:

(i) Specific actions such as: producing, cross-examining, controlling, storing money transfer documents; processing money transfer order; error and handling error, reconciliation, complaint; recording payment according to applicable accounting regulations, adequately monitoring accounting logbooks;

(ii) Specific money transfer and receipt limit at service locations appropriate to facilities, technical infrastructures, and operating apparatus to maintain safety and compliance with the law during implementation;

(iii) Specific responsibilities of each department, individual in charge of management, operation, and execution of money transfer procedures, at least including: adequate compliance with payment procedures, payment transactions, regulations on safety ,security, responsibilities in cooperation in reconciliation, handling complaints, and compensating customers for damage that they cause;

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

(v) Other relevant regulations.

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(i) Upon receiving money transfer request, employees of public postal service providers are responsible for examining information on cash transfer form. If payment documents filed by the customers are legitimate and adequate and amount deposited by the customers match amount specified on transfer order, the employees shall sign the documents and adopt procedures for transferring money. Within 1 working day from the date on which adequate and legitimate payment documents are received, public postal service providers must process and transfer money for customers.

(ii) Upon receiving incoming transfer order, public postal service providers serving the beneficiaries must inspect legitimacy and adequacy of the documents, record the payment in appropriate accounts, and inform the beneficiaries to receive the money or deliver at address required by the sender as per agreement; public postal service providers shall examine, cross-check, verify KYC information and data and store as per the law.

(iii) Within 30 days from the date on which public postal service providers serving the beneficiaries receive incoming transfer order and informs the beneficiaries, where the beneficiaries fail to receive the money or cannot be contacted, public postal service providers serving the beneficiaries shall return the money to the sender.

3. COBO and POBO services

a) For the purpose of executing COBO service, the beneficiaries must provide public postal service providers with necessary relevant documents to enable public postal service providers to collect money on the beneficiaries’ behalf in accordance with written agreement between the public postal service providers and the beneficiaries and relevant law provisions;

b) For the purpose of executing POBO service, public postal service providers shall adhere to request of the payer under written agreement between the public postal service providers and the payer and relevant law provisions;

c) Public postal service providers shall promulgate internal regulations on COBO and POBO services compliant with relevant law provisions.

4. Reporting

a) Public postal service providers shall submit reports on service provision to SBV (via Payment Department) on a quarterly basis (before the 5^th of the month following the reporting quarter) and annual basis (before January 15 of the year following the reporting year) under Appendix 3 attached hereto.

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(i) At specific request of SBV for state management purposes;

(ii) In case of any irregularity or disruption to services that may affect operation of payment service providers or other relevant organizations and individuals.

Article 15. Procedures for approving, extending payment services outside of checking accounts of customers provided by public postal service providers

1. Procedures for approving

a) Within 10 working days from the date on which Payment Department receives adequate documents under Decree No. 52/2024/ND-CP dated May 15 of 2024 of the Government on cashless payments and amending documents (if any), Payment Department shall review and send written request for remarks to relevant bodies in SBV;

b) Within 15 working days from the date on which request sent by Payment Department are received:

(i) Information Technology Department shall review, evaluate, and send documents to Payment Department verifying requirements pertaining to technical aspects, technology solution, security and safety capability, technician staff to provide payment services outside of checking accounts of customers by public postal service providers as per the law.

(ii) Anti-money laundering authority shall review and send evaluation regarding internal regulations on anti-money laundering, anti-terrorism financing, and preventing financing of weapons of mass destruction to Payment Department in respect of payment services provide outside of checking accounts of customers by public postal service providers as per the law.

c) Within 30 working days from the date on which Payment Department receives responses from SBV entities, Payment Department shall consolidate the remarks, evaluate the documents, and request Governor of SBV to, in writing, approve or reject payment services provided outside of checking accounts by public postal service providers.

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a) Within 10 working days from the date on which Payment Department receives adequate documents under Decree No. 52/2024/ND-CP dated May 15 of 2024 of the Government on cashless payments and amending documents (if any), Payment Department shall review and send written request for remarks to relevant bodies in SBV;

b) Within 07 working days from the date on which request sent by Payment Department are received:

(i) Information Technology Department shall review, evaluate, and send documents to Payment Department verifying requirements pertaining to technical aspects, technology solution, security and safety capability, technician staff to provide payment services outside of checking accounts of customers by public postal service providers as per the law.

(ii) Anti-money laundering authority shall review and send evaluation regarding internal regulations on anti-money laundering, anti-terrorism financing, and preventing financing of weapons of mass destruction to Payment Department in respect of payment services provide outside of checking accounts of customers by public postal service providers as per the law.

c) Within 10 working days from the date on which Payment Department receives responses from SBV entities, Payment Department shall consolidate the remarks, evaluate the documents, and submit decision on extension or decision on rejection of extension of payment services provided outside of checking accounts by public postal service providers to Governor of SBV.

Chapter III

RIGHTS AND RESPONSIBILITIES OF PARTIES TO PAYMENT SERVICES

Article 16. Rights of organizations and individuals using payment services

Organizations and individuals using payment services have the right to:

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2. negotiate with payment service providers about rights and obligations in use of payment services in accordance with regulations of the law.

3. request payment service providers to provide information on payment services in accordance with agreement with the payment service providers.

4. file complaints and request payment service providers at their service to compensate for damage when: payment service providers fail to execute payment transactions in a timely fashion as per agreement, fail to execute payment transactions or execute payment transactions that do not match payment orders, collect payment service fees that do not match fee rate or type previously publicly posted by payment service providers, or commit other violations as per agreement.

5. exercise other rights according to this Circular and relevant law provisions.

Article 17. Responsibilities of organizations and individuals using payment services

Organizations and individuals using payment services have the obligation to:

1. adequately comply with requirements and procedures of payment services according to this Circular and agreement between organizations and individuals using payment services and payment service providers as per the law.

2. reimburse or cooperate with payment service providers in reimbursing amounts received after payment service providers transfer by mistake (including human errors and system errors of payment service providers).

3. assume legal responsibility for accuracy and authenticity of information and payment documents that they provide.

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5. exercise other responsibility in accordance with this Circular and relevant law provisions.

Article 18. Rights of payment service providers

Payment service providers have the right to:

1. request organizations and individuals using payment services to provide all relevant information and exercise obligations as per agreement during use of payment services.

2. deny payment services provided to organizations and individuals using payment services when:

a) Organizations and individuals using payment services fail to satisfy all requirements for payment services according to this Circular or violate agreements between payment service providers and organizations, individuals using payment services;

b) Competent authority issue written request or proof proving that transactions serve money-laundering, terrorism financing, financing proliferation of weapons of mass destruction in accordance with anti-money laundering, anti-terrorism financing, prevention of proliferation of weapons of mass destruction laws are present;

c) The customers are named under lists of suspicion/blacklists/warning lists pertaining to transactions involved in fraud, money laundering, terrorism financing, financing proliferation of weapons of mass destruction, violations of competent authority.

3. request organizations and individuals using payment services to reimburse amounts received after payment service providers transfer by mistake (including human errors and system errors of payment service providers).

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5. exercise other rights according to this Circular and relevant law provisions.

Article 19. Responsibilities of payment service providers

Payment service providers have the responsibility to:

1. notify and guide customers using services that they provide; promptly respond or settle questions, complaints of organizations and individuals using payment services within their obligations and powers.

2. execute payment services in a timely, safe, and accurate fashion in accordance with agreement with organizations and individuals using payment services;

3. promptly rectify any error or mistake in payment transactions in case of failure to adequately adhere to payment orders of organizations and individuals using payment services; cooperate with relevant payment service providers in recovering amounts transferred by mistake as per the law.

4. adequately comply with regulations pertaining to e-transactions and safety, confidentiality, risk management assurance in banking operations. Promulgate risk management regulations: identifying risks, categorizing risks for each type of service, confidentiality, integrity and accuracy assurance for information and data related to transactions, solutions for evaluating, controlling, preventing risks, and complying with regulations and law.

5. inform and issue warning to enable customers to recognize and avoid risks during use of payment services and comply with written agreement signed with payment service providers; guide organizations and individuals using payment services to comply with obligations to protect account information, other identification factors, and electronic devices used for payment and avoid exploitation and fraud.

6. adopt customer identification measures; control, detect, and report transactions of high value, transfer of digital currency, and suspicious transactions to competent authority in accordance with anti-money laundering laws and other relevant law provisions.

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8. adopt measures and solutions to examine and match customer identification information during execution of payment services.

9. promulgate internal procedures for providing cashless payment services at their establishments based on this Circular and relevant law provisions and assume responsibility for their internal procedures.

10. exercise other responsibility in accordance with this Circular and relevant law provisions.

Article 20. Responsibilities of payment service providers in cooperation with payment intermediary service providers, payment accepting entities, international organizations

1. When providing payment services in cooperation with payment intermediary service providers, payment service providers must enter into written agreement or contract for cooperation with the parties which set obligations and commitments of the parties regarding maintaining confidentiality of customer, transaction information and responsibilities to losses caused by disclosure of customer, transaction information.

2. Banks may only enter into contracts with payment intermediary service providers that have been licensed by SBV to provide payment intermediary services within the license scope and must cooperate with payment intermediary service providers in examining, cross-checking data, authenticating transactions, customer information, adopting security measures in payment and in executing other obligations in accordance with regulations of SBV on payment intermediary services.

3. Responsibilities of payment service providers in respect of payment accepting entities:

a) Enter into written agreement or contract with payment accepting entities which must specify: rights and obligations of the parties; whether payment accepting entities must be responsible for legitimacy of goods and services provided and avoid all prohibited transactions as per the law; request payment accepting entities to not collect any additional fee from customers in any shape or form upon processing payment services; processing of private data of customers or private data provided by customers, provision of information for a third party for identification of payment accepting entities; cases of contract termination;

b) Guide payment accepting entities to adopt payment procedures, utilize payment facilities and solutions for detecting fraud and comply with security requirements of account and transaction information of customers in goods and service payment;

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(i) Classification of business model and nature, documents proving business/household business model; compliance with procedures for account opening and use or any cashless payment facilities accepted for goods and service payment compliant with anti-money laundering, anti-terrorism financing, prevention of proliferation of weapons of mass destruction;

(ii) Physical inspection of business location or online sale channels for the purpose of examining legitimacy of documents proving business model;

(iii) Development of criteria for selecting and developing payment accepting entities;

d) Promulgate mechanisms for identifying risks, categorizing risks appropriate to each type of payment service made via payment accepting entities; evaluating and classifying payment accepting entities by risk levels; regularly monitoring, supervising, examining, and closely managing operation of payment accepting entities during execution of contracts and agreements in order to deal with or request competent authority to deal with violations in payment as per the law; in respect of high-risk payment accepting entities, adopting means or solutions for monitoring, examining payments of payment accepting entities in an adequate and comprehensive manner including increasing inspection frequency or conducting inspection via online sale channel;

dd) Receive and process reconciliation and complain request of payment accepting entities;

e) Request payment accepting entities to open checking accounts at banks, foreign bank branches to receive payment for goods and service provision. Request payment accepting entities to provide invoices and payment documents for payments made at payment accepting entities in accordance with regulations of payment service providers or when necessary to examine legitimacy of the transactions;

g) Adequately provide information and documents on payments made via payment accepting entities to SBV or competent authority when requested;

h) Produce report on list of payment accepting entities in accordance with guidelines of SBV. Payment service providers shall submit reports on payment accepting entities suspected of fraud and violation of the law using Appendix 4 attached hereto to SBV. Information is provided via electronic means in accordance with connection techniques of SBV.

Criteria set for identifying payment accepting entities suspected of fraud and violation of the law (hereinafter referred to as “criteria set”) on the basis of consulting causes for suspicion are promulgated under Appendix No. 4 attached hereto. Payment service providers must regularly review, amend, and update the criteria set based on documents, information, and data acquired throughout payment service provision and monitoring, examination, supervision of operation of payment accepting entities during execution of contracts and agreements.

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4. Where payment service providers allow payment intermediary service providers to enter into contracts or agreements with payment accepting entities, payment intermediary service providers must assume all responsibilities to payment accepting entities in accordance with Clause 3 of this Article.

5. Payment service providers shall send notice to SBV (via Payment Department) upon cooperating with international organizations (organizations established overseas) in payment sector to ensure that the cooperation complies with operating license issued by SBV, relevant law provisions, and is legally accountable.

Article 21. Rights and responsibilities of payment accepting entities

1. Payment accepting entities must publicly post non-discrimination of price and no surcharge or extra fee required in respect of goods and service payment made via cashless payment facilities relative to cash. Payment accepting entities must refund or cooperate with payment service providers in refunding amounts that are a result of rate difference and surcharges illegally collected.

2. Payment accepting entities have the right to request payment service providers to reconcile or file complaints in respect of erroneous transactions or transactions suspected of being erroneous.

3. Payment accepting entities must regularly inspect and supervise their payment equipment and devices (POS/mPOS/QR Code) at payment and service locations to prevent illegal use thereof and assume responsibilities for damage caused as a result of QR Code being swapped.

Chapter IV

IMPLEMENTATION

Article 22. Entry into force

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2. Clause 6 Article 6 hereof comes into force from January 1 of 2025.

3. Payment service providers shall review contracts/agreements on cooperation with payment accepting entities signed before the effective date hereof to amend, collect additional documents, information, and provide for customers in accordance with Article 20 and Article 21 hereof before December 31 of 2024. Starting January 1 of 2025, payment service providers must terminate services under contracts/agreements with payment accepting entities that have not been reviewed or adequate according to this Circular.

4. This Circular replaces Circular No. 46/2014/TT-NHNN dated December 31 of 2014 of Governor of SBV; Circular No. 38/2019/TT-NHNN dated December 31 of 2019 of Governor of SBV; annuls Article 3 of Circular No. 30/2016/TT-NHNN dated October 14 of 2016 of Governor of SBV.

Article 23. Organizing implementation

1. Payment Department

a) Is responsible for monitoring, examining, and cooperating with relevant entities in settling difficulties that arise during implementation of this Circular;

b) Acts as liaison and cooperates with Bank Supervision and Inspection Agency, Information Technology Agency in inspecting compliance with regulations on provision of payment services outside of checking account of customers of public postal service providers.

2. Bank Supervision and Inspection Agency, SBV branches of provinces and central-affiliated cities

a) Are responsible for examining, inspecting, and supervising compliance with this Circular and taking actions against violations within their powers and informing Payment Department for monitoring;

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3. Chief of Office, Director of Payment Department, Chief of Banking Inspection and Supervision, heads of entities affiliated to SBV, SBV branches of provinces and central-affiliated cities, Chairpersons of Board of Directors (Board of Members), General Directors (Directors) of payment service providers are responsible for the implementation of this Circular.

PP. GOVERNOR
DEPUTY GOVERNOR




Pham Tien Dung

APPENDIX NO. 1

 (Attached to Circular No. 15/2024/TT-NHNN dated June 28 of 2024 of Governor of SBV on cashless payment services)

……………………BANK

LIST OF OFFICIAL AUTHORIZED TO CONDUCT CASH TRANSACTIONS WITH STATE BANK OF VIETNAM BRANCHES OF PROVINCES AND CITIES

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Bank: ……………………………………………… License No. ………………………

Business address: ……………………………. Business phone number: ……………………

Name of checking account: ………………………………………………………………

Number of checking account: ………………………… at Central Banking Department of SBV,

Hereby registers list and specimen signature of officials authorized to deposit, withdraw, and transport cash via Inter - bank Electronic Payment System at SBV branch of ………………:

No.

Authorized official

First specimen signature

Second specimen signature

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Full name: ……………………………

Position: ………………………………

At: ……………………………………

Personal identification number (for ID Card, Citizen ID Card)/9-digit ID Card number/(valid) passport number:

Date of issue: ………………

Valid until: ……………………………

Place of issue: …………………………

Phone number: …………………

Written authorization No. …… dated ……………

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2

Full name: ……………………………

Position: ………………………………

At: ……………………………………

Personal identification number (for ID Card, Citizen ID Card)/9-digit ID Card number/(valid) passport number: ………………………………………

Date of issue: ………………….

Valid until: ………………………

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Phone number: …………………………

Written authorization No. …………… dated …………………

Term of authorization: ………………………………

3

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(location and date)
LEGAL REPRESENTATIVE
(Signature, full name, seal)

VERIFICATION OF SBV BRANCH
(specify that registration documents of credit institution have been received)

(location and date)
DIRECTOR OF SBV BRANCH
(Signature, full name, and seal)

APPENDIX NO. 2

(Attached to Circular No. 15/2024/TT-NHNN dated June 28 of 2024 of Governor of SBV)

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 (location and date)

REPORT ON CASH DEPOSIT AND WITHDRAWAL AT STATE BANK OF VIETNAM BRANCHES VIA INTER - BANK ELECTRONIC PAYMENT SYSTEM OF …………… (YEAR)

To: State Bank of Vietnam

I. Number:

No.

Name of credit institution branch

CASH DEPOSIT

CASH WITHDRAWAL

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Reconciled transaction

Unsuccessful transaction

Successful transaction

Reconciled transaction

Unsuccessful transaction

Number of transaction
(item)

Value of transaction
(billion VND)

Number of transaction
(item)

Value of transaction
(billion VND)

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Number of transaction
(item)

Value of transaction
(billion VND)

Reason

Number of transaction
(item)

Value of transaction
(billion VND)

Number of transaction
(item)

Value of transaction
(billion VND)

Reason

Number of transaction
(item)

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Reason

1

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…………………..

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II. Evaluating results:

1. Advantages and disadvantages

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DIRECTOR OF SBV BRANCH
(Signature, full name, and seal)

Instructions:

- Reporting period: From January 1 to December 31 of the reporting year.

- Reporting entity: State Bank of Vietnam Branch.

- Recipient: Payment Department, Issue and Payment Department of State Bank of Vietnam.

- Report deadline: By January 1 of the year following the reporting year. Where the deadline of report submission time limit falls onto holiday, Chinese New Year, or weekend, the deadline will be the next working day.

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(Attached to Circular No. 15/2024/TT-NHNN dated June 28 of 2024 of Governor of SBV)

REPORTING ENTITY

SOCIALIST REPUBLIC OF VIETNAM
Independence - Freedom - Happiness
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 …………… (Location and date)

REPORT

ON PAYMENT SERVICE PROVISION

of ……… Period (Quarter/Year)

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I. Payment services outside of checking accounts of customers

(Report each type of service provided in detail)

1. Type of service provided, starting date

2. Number of customers using the service (by the end of reporting period), business address.

3. Payment transactions made in each payment service (in reporting period):

Total number of transactions, daily/monthly average

Total value of transaction, daily/monthly average

Total service fee collected from each payment service.

4. In respect of COBO and POBO services, list of goods and service providers entering into contracts/agreements on COBO and POBO services with payment service providers, specific type of COBO and POBO services.

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II. Difficulties and issues

III. Propositions and recommendations

Reporting person
(Signature and full name)

Control person
(Signature and full name)

Legal representative
(Signature, full name, and seal)

APPENDIX NO. 4

(Attached to Circular No. 15/2024/TT-NHNN dated June 28 of 2024 of Governor of State Bank of Vietnam)

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LIST OF PAYMENT ACCEPTING ENTITIES SUSPECTED OF FRAUD OR VIOLATION OF THE LAW

 …………………(Location and date)

No.

Identification number of payment accepting entity

Name of payment accepting entity

Registered business model

Electronic identification number/Tax identification number (if any)

Address

Phone number

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Type of account

Account status

Cause of suspicion

Organization/business

Household business/individual business

Type of identification document

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Business registration number

Personal document number (legal representative)

Personal document number

- Date of issue: …

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(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

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(11)

(12)

(13)

1

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Note:

- Report deadline: Before the 10^th of each month.

- Report submission method: Via Information system for managing, supervising, and preventing fraud risk in payment activities of State Bank of Vietnam (SIMO).

Instruction:

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- Column 10: Specify type of account in number (1, 2) as follows: 1. Business account; 2. Personal account.

- Column 12: Specify account status in number (1, 2, 3, 4) as follows: 1. Suspended e-banking service; 2. Temporarily locked; 3. Frozen; 4. Closed.

- Column 13: Specify at least one reason in number (1, 2, 3, 4, 5, 6, 7, 8) as follows:

1. Information in documents, dossiers of payment accepting entity does not match that of the payment accepting entity in National database on business registration/population. Legitimacy of documents, information, and data in documents provided to payment service provider upon signing cooperation contract is suspicious.

2. Payment accepting entity is named under list of violation pertaining to tax evasion, fraud, failure to operate within registered business line.

3. Suspicion of fictitious transaction is established on a well-grounded basis (where goods and service procurement does not occur).

4. Quantity, value, or frequency of transaction does not match identification information corresponding to business model of the payment accepting entity.

5. Checking account of payment accepting entity receives money transfer orders that contain the following phrases such as: “chuyển tiền cho Tòa án” (wire to Court), “Viện kiểm sát” (wire to Procuracy), “Công an” (wire to police), “Thanh tra” (wire to inspector), “giao thông” (wire to traffic police), “chuyển tiền phục vụ công tác điều tra” (wire for inspection), etc.

6. Device ID, IP address with which mobile banking app is installed or payment accepting device is changed.

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8. Other signs: specify as footnote.

SCHEDULE MAKER
(Signature and full name)

LEGAL REPRESENTATIVE OF THE BANK
(Signature, full name, and seal)

Phone number:

Department: