Decision No. 1014/2005/QD-NHNN amends and supplements the technical procedures for electronic fund transfer operations within the State Bank system. The Decision applies to banks and organizations providing payment services, specifying control times, tasks of transaction accountants, and monitoring of incoming Transfer Orders.
Scope of application
Banks and organizations providing payment services under the State Bank of Vietnam.
Key points
- Bank A only accepts customers' fund transfer documents on working days and processes them until 15:45.
- The Accounting and Finance Department ceases to accept incoming Transfer Orders no later than 15:45, stops transferring outgoing Transfer Orders at 16:00; from 16:00 onwards, units must reconcile and confirm the fund transfer data.
- Transaction accountants check the validity of paper documents, enter data into computers as prescribed.
- Controllers use passwords and electronic signature verification programs to determine the accuracy of incoming Transfer Orders.
- Annexes 1a, 1b, 2, and 3 are replaced by new annexes attached to this Decision.
🌐 Social impact of this document
- Positive impact: Enhances management and control effectiveness in electronic fund transfers, ensuring asset safety.
- Negative impact: May cause difficulties for banks in adjusting their operational procedures according to the new control times.
❓ Frequently asked questions
What are the control times for electronic fund transfers specified?
Bank A only accepts customers' fund transfer documents on working days and processes them until 15:45; The Accounting and Finance Department ceases to accept incoming Transfer Orders no later than 15:45, stops transferring outgoing Transfer Orders at 16:00.
What tasks must transaction accountants perform?
Check the validity of paper documents, enter data into computers as prescribed.
What password and program does the controller use to verify the accuracy of incoming Transfer Orders?
Passwords and electronic signature verification programs of the Accounting and Finance Department.
What replaces Annexes 1a, 1b, 2, and 3?
New annexes attached to this Decision.
When does the Decision take effect?
The Decision takes effect fifteen days after its publication in the Official Gazette.
Full text
Pursuant to …;
Regarding amendments and supplements to certain provisions of The technical procedures for electronic fund transfer operations within the State Bank of Vietnam system issued together with Decision No. 134/2000/QĐ-NHNN2 dated April 18, 2000 of the Governor of the State Bank of Vietnam
________________________
GOVERNOR OF THE STATE BANK OF VIETNAM
Pursuant to the Law on the State Bank of Vietnam dated December 12, 1997 and the Law Amending and Supplementing Certain Provisions of the Law on the State Bank of Vietnam dated June 17, 2003;
Pursuant to Decree No. 52/2003/NĐ-CP dated May 19, 2003 of the Government stipulating the functions, tasks, powers, and organizational structure of the State Bank of Vietnam;
Pursuant to Decree No. 64/2001/NĐ-CP dated September 20, 2001 of the Government on payment activities through service providers;
Pursuant to Decision No. 44/2002/QĐ-TTg dated March 21, 2002 of the Prime Minister on the use of electronic vouchers as accounting vouchers for capital accounting and settlement by service providers;
At the proposal of the Director of the Accounting and Finance Department,
Pursuant to …;
Article 1. Amend and supplement Clause 1 Article 6, Point 1.1 Clause 1 Article 7, Clause 1 Article 9 and Annexes No. 1a, 1b, 2, 3 of the Technical Procedures for Electronic Fund Transfer Operations within the State Bank of Vietnam System issued together with Decision No. 134/2000/QĐ-NHNN2 dated April 18, 2000 of the Governor of the State Bank of Vietnam as follows:
1. Clause 1 Article 6 shall be amended and supplemented as follows:
"1/The control time points applicable in electronic fund transfers are specified as follows:
a/For the State Bank of Vietnam A (Bank A):
- Regarding the acceptance of transfer documents from customers who are credit institutions and the State Treasury: only accepted during working days; and only accepted until 15:30 each day;
- Regarding the processing of outgoing transfers by Bank A daily: only processed up to the time of 15:45 except on year-end settlement days and in cases of technical transmission issues or other objective reasons, specifically as follows:
+ All transfer documents received before 11:30 and high-value transfers, urgent transfers will be processed and transferred to the State Bank of Vietnam B (Bank B) on the same day, except in cases of technical issues, transmission problems, or other objective reasons;
+ Transfer documents received after 11:30 until 15:30 will continue to be processed and transferred to Bank B on the same day or the next working day; in cases of technical issues, transmission problems, or other objective reasons, they will be transferred after the issue has been resolved;
+ In exceptional cases, if transfer documents are received after 15:30, they will be processed and transferred in the morning of the next working day.
b/For the Accounting and Finance Department:
The latest time for receiving transfer orders from Bank A is 15:45 and the latest time for transferring transfer orders to Bank B is 16:00. From 16:00, the Accounting and Finance Department will reconcile and confirm the transfer figures sent and received on that day with all units involved in electronic fund transfers;
c/From 16:00 onwards, the units involved in electronic fund transfers must reconcile and confirm the transfer figures sent and received on that day with the Accounting and Finance Department. After the unit completes reconciliation and confirmation with the Accounting and Finance Department, it will be considered to have completed the work for the day, except in cases of technical issues, transmission problems that cannot be reconciled and confirmed on the same day, then reconciliation and confirmation will be carried out in the morning of the next working day."
d/ The Head of the Accounting and Finance Department is responsible for guiding units involved in electronic fund transfers to apply the control time points in electronic fund transfers within the State Bank of Vietnam system on year-end settlement days and in cases of technical issues, transmission problems, or other objective reasons, but must ensure asset safety and fully and promptly implement the supervision and reconciliation of transfers according to the prescribed regulations."
2. Point 1.1 Clause 1 Article 7 shall be amended and supplemented as follows:
"1/Duties of accountants managing customer accounts or internal accounts (hereinafter referred to as transaction accountants):
1.1 - For paper documents:
- Must control the legality and validity of the documents;
- Reconcile and control the account balance of the unit to ensure sufficient funds for the transfer;
- Post to the appropriate account (if the document is legal and valid, and there is sufficient balance);
- Enter into the computer (create) the following elements based on the original transfer document:
+ The electronic transfer account of the State Bank of Vietnam;
+ The issuer and recipient of the order;
+ Address/ID number of the issuer and recipient;
+ Account of the issuer and recipient;
+ Serving bank of the issuer and recipient;
+ Name and Code of the Issuing Bank and Receiving Bank: The Issuing Bank is a bank or State Treasury with an account at State Bank of Vietnam A, for State Bank of Vietnam A to deduct from the account and transfer funds out, the Receiving Bank is a bank or State Treasury with an account at State Bank of Vietnam B and is transferred funds into the account of this Receiving Bank. The name and code of the Issuing Bank and Receiving Bank must be recorded correctly according to Decision No. 1247/2003/QĐ-NHNN dated October 20, 2003 of the Governor of the State Bank of Vietnam on the issuance of Regulations on the Banking Code System used in transactions through the State Bank of Vietnam; and the Announcement of Current Banking Codes of the State Bank of Vietnam (Accounting and Finance Department);
+ Tax identification number of the taxpayer
+ Budget item of the budget payer
+ Content of the transfer;
+ Amount.
- Review the entered data again and sign the document, then transfer the paper document simultaneously with the data transmitted via the computer network to the electronic fund transfer accountant (from here referred to as the transfer accountant) for further processing."
3. Clause 1 Article 9 shall be amended and supplemented as follows:
"1/Control of incoming transfer orders:
- Controller: Upon receipt of the transfer order from Bank A (through the Accounting and Finance Department), the controller must use the password and program to check the electronic signature of the Accounting and Finance Department (hereinafter referred to as the program) to verify the accuracy of the incoming transfer order, then transmit it via the computer network to the transfer accountant for further processing.
The accountant transferring funds must print out the Payment Order to - in electronic form on paper, ensuring the necessary number of copies for accounting purposes, hand over to the customer, and retain. (maximum not exceeding three original copies)Thereafter, carefully check the elements of the Payment Order to determine:
+ Is it the correct Payment Order sent to their Bank?
+ Are the elements on the Payment Order valid, lawful, and accurate? (Is there authorization for a Debit Order?)
+ Is there anything suspicious about the content?
After completing the verification, the accountant transferring funds signs the printed Payment Order and transfers it to the transaction accountant for appropriate processing and accounting.
- Transaction Accountant: Must recheck before performing accounting for the customer.
4. Annexes 1a, 1b, 02, 03 are replaced by Annexes 1a, 1b, 2, 3 attached to this Decision.
Article 2. THIS DECISION SHALL TAKE EFFECT 15 DAYS AFTER ITS PUBLICATION IN THE OFFICIAL GAZETTE.
Article 3. The Director of the Office, the Head of the Accounting and Finance Department, the Director of the Banking Information Technology Department, the Director of the Branch, the Heads of units under the State Bank of Vietnam, the Directors of the State Bank branches in provinces and centrally governed cities, and the General Managers (Directors) of service providers are responsible for implementing this Decision./.
DEPUTY DIRECTOR
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