Decision No. 1092/2002/QD-NHNN On Issuing the Regulations on Payment Procedures Through Service Providers

Pursuant to …;

Regarding the issuance of the Payment Procedures through Service Providers

N ||| Organizations Providing Payment Services

_________________

 

GOVERNOR OF THE STATE BANK OF VIETNAM

Pursuant to the Law on the State Bank of Vietnam No. 01/1997/QH10 and the Law on Credit Organizations No. 02/1997/QH10 dated December 12, 1997;

Pursuant to Decree No. 15/CP dated March 2, 1993 of the Government on the tasks, powers, and responsibilities for state management of ministries and ministerial-level agencies;

Pursuant to Decree No. 64/2001/NĐ-CP dated September 20, 2001 of the Government on payment activities through organizations providing payment services;

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 bookkeeping and payment of funds by organizations providing payment services;

At the proposal of the Director of the Accounting and Finance Department.

Pursuant to …;

Article 1. Attached to this Decision is the "Payment Procedures through Organizations Providing Payment Services."

Article 2. This Decision shall take effect fifteen days from the date of signature and shall replace Part II and Part III of Circular No. 08/TT-NH2 dated June 2, 1994 of the State Bank of Vietnam on guiding the implementation of regulations for non-cash payment transactions.

Article 3. The Heads of the Office, Department of Accounting and Finance, Heads of relevant units under the State Bank of Vietnam, Branch Governors of the State Bank of Vietnam in provinces and centrally-administered cities, Chairmen of Management Councils, General Directors (Directors) of organizations providing payment services are responsible for implementing this Decision.

REGULATIONS

PAYMENT PROCEDURES THROUGH ORGANIZATIONS PROVIDING PAYMENT SERVICES
(Issued pursuant to Decision No. 1092/2002/QĐ-NHNN dated October 8, 2002 of the Governor of the State Bank of Vietnam)

Part 1:

GENERAL PROVISIONS

Article 1. These Payment Procedures through Organizations Providing Payment Services stipulate the procedures for the preparation, control, circulation, processing of payment vouchers, and accounting of domestic payment transactions through organizations providing payment services operating in Vietnam.

Article 2. When making payments through an organization providing payment services, the user of payment services (hereinafter referred to as the customer) must comply with the provisions and instructions of the organization providing payment services regarding the preparation of payment vouchers, methods of depositing and withdrawing money at the organization providing payment services.

Article 3. The organization providing payment services (hereinafter referred to as the bank) must control the payment vouchers of customers before accounting and paying, ensuring that they are prepared according to the prescribed procedures, stamped (if registered samples exist) and signed on the payment voucher in accordance with the sample registered at the bank (if it is a handwritten signature) or in accordance with the electronic signature issued by the bank (if it is an electronic signature), and that the customer's ability to pay is sufficient to cover the amount stated on the voucher.

For valid payment vouchers that are guaranteed to be payable, the bank has the responsibility to process them accurately, safely, and conveniently; use accounting accounts to record payment transactions and keep confidential the balance on the customer's deposit account in accordance with the provisions of the law. When there is a transaction recorded on the customer's deposit account, the bank must promptly send a debit or credit notice and at the end of the month send a copy of the deposit account ledger or a statement of the deposit account balance to the account holder.

The bank has the right to refuse payment for invalid payment vouchers that are not guaranteed to be payable, and is not liable for any related matters between the two parties involved.

Article 4. Depending on the business relationship and service provision between each other, customers may choose one of the following payment services:

- Payment by payment order (or mandate);

- Payment by check;

- Payment by collection or mandate collection;

- Payment by bank card;

- Payment by letter of credit;

- Other domestic payment services as provided by law.

Part II:

PROCEDURES FOR IMPLEMENTING PAYMENT TRANSACTIONS

Article 5. Payment by Payment Order or Mandate (hereinafter referred to as the payment order).

1. Procedure for preparing a payment order.

The payer prepares a payment order and sends it to the bank serving them (where the account is opened) to deduct from their deposit account to pay the beneficiary:

- If the payment order is in paper form, the payer must prepare it according to the correct model and number of copies as specified by the bank serving the payer. All elements must be fully, clearly, and accurately recorded on the payment order, matching the content across all copies, signed, and stamped (if applicable) on all copies of the payment order. The bank serving the payer has the responsibility to guide the customer in preparing and processing the payment order at its own unit, ensuring compliance with the current regulations of the State Bank of Vietnam.

- If the payment order is in electronic form, it must meet the data standards set by the bank serving the payer and comply with the rules for establishing, using, controlling, processing, preserving, and storing electronic vouchers of banks and credit institutions issued by the Governor of the State Bank of Vietnam.

2. Payment procedure for a payment order.

1. Supplementing Point 6a following Article 6 of Circular No. 02/2019/TT-BVHTTDL dated July 5, 2019 of the Minister of Culture, Sports and Tourism on the procedures for legal expertise regarding copyright and related rights as follows: At the bank serving the payer.

* Control of vouchers: Upon receipt of the payment order from the payer, the bank must strictly control to ensure the legality of the transaction and the validity of the voucher, specifically it must perform:

+ If the payment order is prepared in paper form:

- Must verify the validity and legality of the payment order;

- Compare and check the balance on the payer's deposit account to ensure sufficient payment capacity.

+ If the payment order is prepared in electronic form:

- Technical information control: The identification code on the voucher must match the specified code; passwords on the voucher must match the specified passwords; the file name must be established correctly according to the specified format and information, ensuring no overlap in content on the voucher; the voucher content is valid.

- Business content control: Check the electronic signature, password symbols, and security codes on the payment order; check the account name, account number, and payment capacity to cover the amount on the voucher; check the existence and format of certain mandatory areas of the voucher.

If the payment order is not valid or not guaranteed for payment capability, the bank shall immediately return it to the depositor. If the payment order is valid and guaranteed for payment capability, the bank shall record the accounting date, account number, and sign on the payment order in accordance with the regulations.

* Processing of Documents and Accounting Entries:

- In case both the payer and the beneficiary have accounts at the same bank:

+ Processing of Documents:

- If the payment order is issued in paper form, the following actions shall be taken:

+ One copy of the payment order shall be used as a debit entry document for the payer's account and a credit entry document for the beneficiary's account.

+ One copy of the payment order shall be used as a debit notice sent to the payer.

+ One copy of the payment order shall be used as a credit notice sent to the beneficiary.

On the debit notice and credit notice sent to customers, the bank must stamp its own seal in the designated place (above the bank's signature).

- If the payment order is issued in electronic form, the following actions shall be taken: Convert (print) the payer's payment order sent (transmitted) in electronic form into paper form for control, accounting, and storage purposes in accordance with the current regulations, then use it to notify the debit and credit to the customer.

+ Accounting entries: Based on the payer's payment order, the bank records:

Debit Account of the Payer's Deposit

Credit Account of the Beneficiary's Deposit.

and sends a debit notice to the payer; sends a credit notice to the beneficiary.

- In case the beneficiary has an account at another bank:

+ Processing of Documents:

- If the payment order is issued in paper form, the following actions shall be taken:

+ One copy of the payment order shall be used as a debit entry document for the payer's account.

+ One copy of the payment order shall be used as a debit notice sent to the payer.

+ Two copies of the payment order shall be used as the basis for establishing settlement documents with the bank serving the beneficiary for payment to the beneficiary.

- If the payment order is issued in electronic form, it must be converted (printed) from the payer's payment order sent (transmitted) in electronic form into paper form according to the current regulations for control, accounting, and storage purposes, then used to notify the debit to the customer.

+ Accounting entries: Based on the payer's payment order, the bank records:

Debit Account of the Payer's Deposit

Credit Suitable Account (Inter-bank Transfer this year, Money Transfer this year...)

and sends a debit notice to the payer.

The bank serving the payer, based on the payer's payment order (in paper or electronic form), establishes settlement documents with the bank serving the beneficiary according to the following cases:

- Establishes a netting settlement document with a bank participating in netting settlement within the province or city so that this bank credits the beneficiary's account or transfers through electronic payment (or inter-bank transfer) with a bank in the system (where the beneficiary has an account) to credit the beneficiary's account.

- Establishes an electronic payment (or inter-bank transfer) document with a bank in the same system so that this bank credits the beneficiary's account or nets with the bank serving the beneficiary to credit the beneficiary's account.

- Establishes a settlement document through the State Bank on the local level to credit the beneficiary's account or transfer money to the State Bank in another province or city to credit the beneficiary's account.

b. At the bank serving the beneficiary.

Upon receiving the settlement document transferred by the bank serving the payer, after inspection, if the conditions for payment are met, the bank serving the beneficiary processes:

+ Processing of Documents:

- In case of receiving a settlement document in paper form, after inspection, if there are no errors, the following actions shall be taken: Record the bookkeeping date, debit and credit account numbers, sign on the document used as a credit entry document for the beneficiary's account and send a credit notice to the beneficiary.

- In case of receiving a settlement document in electronic form, after inspection, if there are no errors, process the document in accordance with the current regulations (convert the Payment Order to an electronic form into paper, sign on the printed Payment Order, process accounting, storage, and use it to send a credit notice to the beneficiary according to the regulations).

+ Accounting entries: Based on the received payment order (Payment Order, Credit Order...), the bank serving the beneficiary records:

Debit Suitable Account (Inter-bank Transfer this year,

Money Transfer this year...)

Credit Customer's Deposit Account (or other suitable account)

and sends a credit notice to the beneficiary.

In case the beneficiary does not have a deposit account, the bank serving the beneficiary shall credit the payable account to the customer and inform the beneficiary to come to collect the money. When collecting the money, the beneficiary must present an ID card or passport to complete the collection procedure.

Article 6. Payment by Collection or Mandate Collection (hereinafter referred to as Mandate Collection).

1. Procedures for issuing a Mandate Collection.

The beneficiary issues a Mandate Collection along with delivery invoices and service provision documents submitted to the bank serving them or the bank serving the payer.

The format of the Mandate Collection, the number of copies of the Mandate Collection, procedures for issuing and methods of delivering the Mandate Collection between the customer and the bank are regulated by the bank accepting the Mandate Collection (accepting the Mandate Collection from the customer), but must ensure that the Mandate Collection is established, delivered, inspected, and processed in accordance with the provisions of the law.

2. Procedures for Mandate Collection Settlement.

1. Supplementing Point 6a following Article 6 of Circular No. 02/2019/TT-BVHTTDL dated July 5, 2019 of the Minister of Culture, Sports and Tourism on the procedures for legal expertise regarding copyright and related rights as follows: In case both the payer and the beneficiary have accounts at the same bank:

Upon receiving the Mandate Collection along with delivery invoices and service provision documents submitted by the beneficiary, the bank must check the validity of the Mandate Collection, verify whether the payer and the beneficiary have agreed to settle by Mandate Collection, if the conditions are met, record the receipt date on all copies of the Mandate Collection, sign the document for the customer, and process:

- In case the payer has the ability to pay, based on the Mandate Collection, the bank records:

Debit Account of the Payer's Deposit

Credit Beneficiary's Deposit Account

and sends a debit notice to the payer, a credit notice to the beneficiary.

- In case the payer's payment capacity is insufficient to cover the amount on the Mandate Collection, it shall be recorded in the Mandate Collection file as unpaid, and notify both the payer and the beneficiary. If the beneficiary requests, return the Mandate Collection to the beneficiary, otherwise retain the Mandate Collection until the payer has sufficient payment capacity. Upon payment, record the date, month, and year of payment on the Mandate Collection and proceed with payment according to regulations.

b. In cases where the payer and the beneficiary have accounts at two different banks (within the same system or different systems):

* At the bank serving the beneficiary:

The acceptance and control of the Mandate Collection shall be carried out in accordance with the provisions of paragraph a, Clause 2, Article 5 above. Subsequently, the bank serving the beneficiary shall sign and stamp the Mandate Collection, record it in the tracking book for received Mandate Collections sent out (used as a basis for searching and handling lost or delayed documents), and send the Mandate Collection along with invoices and delivery documents to the bank serving the payer.

- Upon receipt of the Mandate Collection payment documents transferred from the bank serving the payer, use these documents for accounting entries:

Debit Suitable Account (Inter-bank account, Deposit account at State Bank,...),

Credit Beneficiary's Deposit Account,

Send a credit notification to the beneficiary.

* At the bank serving the payer:

Upon receipt of the Mandate Collection accompanied by invoices and delivery documents sent from the bank serving the beneficiary or directly submitted by the beneficiary, the bank shall check the procedures for issuing the Mandate Collection, verify whether the payer and the beneficiary have agreed to pay through a Mandate Collection, assess the payer's payment capacity, and handle accordingly:

- If the conditions for payment are met, the bank shall process the deduction from the payer's deposit account to transfer funds to the bank serving the beneficiary for payment to the beneficiary as stipulated in paragraph a, Clause 2, Article 4 above.

- If the payer's deposit account does not have sufficient payment capacity, handle it as prescribed in paragraph a, Point 2, Article 5 above.

Article 7. Payment by bank card.

1. Procedures for issuing and using bank cards.

1. Supplementing Point 6a following Article 6 of Circular No. 02/2019/TT-BVHTTDL dated July 5, 2019 of the Minister of Culture, Sports and Tourism on the procedures for legal expertise regarding copyright and related rights as follows: For customers.

To be eligible to use a bank card (hereinafter referred to as "card"), customers must complete the registration procedures for card usage and meet all conditions set forth by the issuing bank. After approval by the issuing bank, the customer must sign a card usage agreement with the issuing bank.

If required by the issuing bank, the customer must issue a withdrawal order to deduct funds from their deposit account or submit cash to deposit into a reserved account to ensure card payments at the issuing bank.

b. For the issuing bank.

Upon receipt of the Card Usage Request Form and related documents from the customer, the issuing bank shall review and evaluate. If the conditions for card usage are met, the bank shall process the issuance of the card to the customer (cardholder) by establishing a tracking file for issued cards, delivering the card to the cardholder, and requesting the cardholder to sign for receipt.

2. Card payment procedures.

1. Supplementing Point 6a following Article 6 of Circular No. 02/2019/TT-BVHTTDL dated July 5, 2019 of the Minister of Culture, Sports and Tourism on the procedures for legal expertise regarding copyright and related rights as follows: Payment for goods and services to card-accepting units.

Acceptance of card payments must be based on an agreement between the issuing bank or the payment bank and the card-accepting unit.

The issuing bank and the payment bank (service provider for card payments) are responsible for fully guiding the card payment procedures to card-accepting units.

- At card-accepting units: When the cardholder presents the card to purchase goods or services, the card-accepting unit must use dedicated equipment combined with visual inspection to verify:

+ The validity and expiration date of the card;

+ Compare the card number of the customer with the list of rejected cards provided by the issuing bank;

+ Compare the payment amount with the payment limit set by the payment bank;

+ Verify the identity of the person holding the card by checking their ID or passport to confirm that they are the cardholder (in cases of doubt about the person holding the card).

After verification, if the card meets the payment conditions, the card-accepting unit shall issue a payment invoice for goods and services, request the cardholder to sign on the payment invoice, and compare the signature on the invoice with the signature of the cardholder on the card (if applicable). The payment invoice for goods and services shall be made in three copies for the following purposes:

+ One copy to be given to the cardholder together with the card;

+ One copy to be retained by the card-accepting unit;

+ One copy to be attached to the daily or periodic settlement statement sent to the payment bank for payment.

- At the payment bank: Upon receipt of the settlement statement and payment invoices from the card-accepting unit, after verifying that the conditions for payment are met, the payment bank shall promptly settle the payment to the card-accepting unit.

- The settlement between the issuing bank and the payment bank regarding the payment amount to the card-accepting unit shall be conducted according to the agreement between the two parties through inter-bank payment methods.

b. Cash collection procedures at the payment bank.

Cash collection procedures at the payment bank are regulated by the payment bank.

Settlement procedures between the payment bank and the issuing bank regarding the cash paid to card users are handled as prescribed in paragraph a, Clause 2 above.

c. Cash withdrawal procedures at ATMs.

Cash withdrawal procedures at ATMs are regulated by the issuing bank or the payment bank (service provider for card payments).

The issuing bank or the payment bank (service provider for card payments) must provide full guidance on ATM cash withdrawal procedures to cardholders.

3. Procedures for changing the card payment limit and extending the card usage period.

1. Supplementing Point 6a following Article 6 of Circular No. 02/2019/TT-BVHTTDL dated July 5, 2019 of the Minister of Culture, Sports and Tourism on the procedures for legal expertise regarding copyright and related rights as follows: Procedures for changing the card payment limit.

- When the card's payment limit has been exhausted, if there is a need to continue using it, the cardholder shall submit a request for increasing the card's payment limit (according to the form prescribed by the issuing bank) along with the card to the issuing bank. For a secured payment card, the cardholder shall also issue a payment instruction (mandate) to deduct from their deposit account or deposit additional pledged funds into the payment card account at the issuing bank.

After reviewing the documentation and accepting the customer's request, the issuing bank (card issuance management department) will insert the customer's card into a dedicated machine to update the payment limit, then return the card to the customer.

- In case the cardholder wishes to withdraw some of the pledged funds to pay off the card (for a secured payment card), the cardholder shall submit a request for reducing the card's payment limit (according to the form prescribed by the issuing bank) along with the card to the issuing bank.

After reviewing the documentation, confirming that the remaining payment limit balance matches the records, the issuing bank (card issuance management department) will insert the customer's card into a dedicated machine to reduce the payment limit and issue a payment receipt for the withdrawn amount. The cardholder must sign to confirm on the receipt. The issuing bank uses this receipt as evidence for debiting the payment card account and crediting the customer's account (previously debited for pledging funds into the payment card account) and hands over a copy of the receipt along with the card to the customer.

b. Procedures for extending the card usage period.

Upon expiration of the card usage period, if there is a need to continue using it, the cardholder shall submit a request for extending the card usage period (according to the form prescribed by the issuing bank) along with the card to the issuing bank.

After reviewing the documentation and accepting the customer's request, the issuing bank (card issuance management department) will insert the customer's card into a dedicated machine to extend the usage period, then return the card to the customer.

Article 8. Payment by letter of credit.

1. Procedures for opening a letter of credit.

1. Supplementing Point 6a following Article 6 of Circular No. 02/2019/TT-BVHTTDL dated July 5, 2019 of the Minister of Culture, Sports and Tourism on the procedures for legal expertise regarding copyright and related rights as follows: When there is a need to make payments through a letter of credit, the payer shall submit an application for opening a letter of credit to the bank serving them. The format of the letter of credit application, the number of copies of the application, procedures for preparation, methods of delivery and processing of the application shall be stipulated by the bank serving the payer but must ensure compliance with regulations on accounting document preparation, control, and processing issued by the Governor of the State Bank of Vietnam.

The payer shall prepare a sample signature registration form of the authorized recipient, clearly stating the name, position, number, date, month, year, and place of issuance of the identity card, and the sample signature of the authorized recipient, the payer's signature, and stamp (if any). The authorized recipient shall submit this form to the bank serving the beneficiary for verification purposes when processing the letter of credit.

b. At the bank serving the payer.

The bank serving the payer shall accept applications for opening letters of credit from customers when the beneficiary has an account within the same banking system. If the beneficiary has an account in another banking system, the bank will only accept the application if there is a bank within the same system operating in the area and these banks participate in mutual settlement transactions.

Upon receiving the application for opening a letter of credit from the customer, the bank serving the payer shall process:

- Reviewing the application for opening a letter of credit to ensure the legality and validity of the documents.

- Signing and stamping the bank's name on the first two copies of the letter of credit application.

- Marking a secret code on all copies of the letter of credit application.

* Processing the letter of credit application:

+ One copy of the letter of credit application serves as an accounting document at the bank serving the payer.

+ One copy of the letter of credit application serves as a debit notice sent to the payer.

+ Two copies of the letter of credit application are sent (by postal service or converted into electronic documents transmitted via the bank's computer network) to the bank serving the beneficiary.

* Accounting: Based on the letter of credit application, record:

Debit Customer Deposit Account

Credit Letter of Credit Deposit Account.

2. Procedures for settling a letter of credit.

1. Supplementing Point 6a following Article 6 of Circular No. 02/2019/TT-BVHTTDL dated July 5, 2019 of the Minister of Culture, Sports and Tourism on the procedures for legal expertise regarding copyright and related rights as follows: For the bank serving the beneficiary.

- Upon receipt of the letter of credit (in paper or electronic form) sent by the bank serving the payer, the bank serving the beneficiary shall check the validity of the letter of credit; verify the security code, stamp, and signature (if in paper form) or encryption key and digital signature (if in electronic form) of the bank serving the payer. Then, record the receipt date, sign, and stamp the unit on all copies of the letter of credit (if in electronic form, print out two copies on paper) and send one copy of the letter of credit to the beneficiary as a basis for delivery, while retaining one copy and opening a ledger for tracking the letter of credit.

- Upon receipt of four copies of the delivery statement accompanied by invoices and delivery documents submitted by the beneficiary, the bank serving the beneficiary shall review the delivery statement, invoices, and delivery documents; compare the signature of the authorized recipient with the sample signature; check the validity period of the letter of credit; and the amount requested for payment by the beneficiary within the scope of the letter of credit amount. If correct, proceed as follows:

+ Record in the ledger of settled letters of credit.

+ Record the date, month, year of payment and account number on the two copies of the delivery statement and invoices and use them as accounting documents at the bank serving the beneficiary.

+ One copy of the delivery statement and invoices, together with the retained copy of the letter of credit, serves as evidence for crediting the beneficiary's account.

+ One copy of the delivery statement and invoices serves as a credit notice sent to the beneficiary.

In cases where the beneficiary has an account in another bank in the same locality, based on the delivery statement and invoices, prepare settlement documents to credit the beneficiary's account through mutual settlement with the bank serving the beneficiary.

+ Pursuant to the invoice and delivery document list prepared for the Debit Order or the Debtor Notification attached with two copies of the invoice and delivery document list, record the debit to the transfer account or the debtor account and send it to the bank serving the payer (the Debit Order or the Debtor Notification must be accompanied by two copies of the invoice and delivery document list) for payment.

b. For the beneficiary.

- After receiving the letter of credit opening notice from the bank serving the payer, the beneficiary must compare it with the contract or purchase order, control the power of attorney for delivery, and verify the identification of the recipient if correct, deliver the goods and request the recipient to sign on the invoice or delivery document.

- Based on the invoice and delivery document, the beneficiary prepares four copies of the invoice and delivery document list (according to Appendix No. 01) to submit to the bank serving them for payment of the sale proceeds. On this list, the beneficiary must sign, stamp the unit (if applicable), and obtain the signature confirmation of the recipient regarding the total amount payable to the beneficiary.

c. For the bank serving the payer.

Upon receipt of the documentary evidence for letter of credit payment (Debtor Notification or Debit Order) sent by the bank serving the beneficiary, after checking the procedures for preparing the documents and the content of the documents, if correct, process:

- Based on the Debtor Notification accompanied by one copy of the invoice and delivery document list (or Debit Order), record:

Debit Letter of Credit Deposit Account,

Credit Suitable Account (Debtor Receipts This Year,

Payments This Year...)

- One copy of the invoice and delivery document list accompanied by the documentary evidence for the Debtor Notification sent to the payer.

The letter of credit only pays once. Therefore, after completing the payment, if there is still money in the deposit account for opening the letter of credit, the bank issues a transfer voucher to close this account, record:

Debit Letter of Credit Deposit Account

Credit Payer's Deposit Account

and send a Credit Notice to the payer.

Article 9. Payment by check.

The issuance procedure, accounting procedures, and check payment are carried out according to the current regulations of the Government and the State Bank.

Article 10. Collection of trade acceptance through the bank.

The handover, supervision, processing, and payment of trade acceptance collection through the bank are carried out according to the current regulations of the State Bank.

Part 3:

PAYMENTS BETWEEN BANKS

Article 11. Single payments through the deposit account of the Service Provider Organization (bank) opened at the State Bank.

1. In cases where banks use paper documents for transactions through the State Bank.

1. Supplementing Point 6a following Article 6 of Circular No. 02/2019/TT-BVHTTDL dated July 5, 2019 of the Minister of Culture, Sports and Tourism on the procedures for legal expertise regarding copyright and related rights as follows: At the bank serving the payer (hereinafter referred to as the paying bank).

For the bank's own payments (as the payer entity), the bank prepares and submits the payment document to the State Bank where the account is opened to carry out the payment in accordance with the provisions of Part II of these Regulations.

For customer payments, the paying bank prepares an additional list of payment documents through the deposit account at the State Bank (according to Appendix No. 02) and submits it to the State Bank along with the customer's payment documents. The list of payment documents is prepared separately for each beneficiary bank, with three copies in cases where both the paying bank and the beneficiary bank have accounts at the same State Bank branch, and two copies in cases where the beneficiary bank has an account at a different State Bank branch.

b. At the State Bank branch holding the deposit account of the paying bank.

Upon receipt of the List of Payment Documents accompanied by the paying bank's payment documents submitted, the State Bank checks the validity of the list, matches it accurately with the accompanying documents, and verifies the paying bank's ability to pay:

- If the list is invalid or the paying bank does not have sufficient funds to pay, return it to the paying bank.

- If the list is valid and the paying bank has sufficient funds to pay, the State Bank immediately processes the payment and handles:

* In cases where the paying bank and the beneficiary bank have accounts at the same State Bank branch:

+ One copy of the List of Payment Documents serves as the accounting document:

Debit Paying Bank's Deposit Account,

Credit Beneficiary Bank's Deposit Account.

+ One copy of the List of Payment Documents serves as the Debtor Notification sent to the paying bank.

+ One copy of the List of Payment Documents serves as the Credit Notice accompanied by the customer's payment documents sent to the beneficiary bank.

* In cases where the beneficiary bank has an account at a different State Bank branch:

The State Bank of the paying bank, based on the documents submitted by the paying bank, prepares a Credit Order to transfer funds to the State Bank of the beneficiary bank to credit the beneficiary bank's account, record:

Debit Paying Bank's Deposit Account,

Credit Suitable Account (Transfers Out This Year,

Debtor Receipts Out This Year...).

and send a Debtor Notification to the paying bank.

c. At the State Bank branch holding the deposit account of the beneficiary bank.

Upon receipt of the transfer order, after checking and processing the transfer according to the regulations, the State Bank of the beneficiary records:

Debit Suitable Account (Transfers In This Year,

Debtor Receipts In This Year...)

Credit Beneficiary Bank's Deposit Account.

and sends a Credit Notice to the beneficiary bank.

d. At the bank serving the beneficiary: Based on the Credit Notice from the State Bank, the bank serving the beneficiary rechecks, if correct, record:

Debit State Bank Deposit Account,

Credit Beneficiary's Account

and send a Credit Notice to the beneficiary.

2. In cases where banks use electronic documents for transactions through the State Bank.

1. Supplementing Point 6a following Article 6 of Circular No. 02/2019/TT-BVHTTDL dated July 5, 2019 of the Minister of Culture, Sports and Tourism on the procedures for legal expertise regarding copyright and related rights as follows: Banks that conduct electronic payments through the State Bank must register and agree with the State Bank on the use of Electronic Documents and Electronic Signatures issued by the State Bank for use in Inter-bank Electronic Payments in accordance with current regulations.

- Payment Orders (Debit Orders; Credit Orders...) and electronic payment lists used in inter-bank electronic payments must comply with the prescribed formats set forth by the State Bank.

- Electronic documents must be accurately prepared with all required elements and must bear the electronic signatures of the authorized person(s) to use funds from the account (General Director, Director, or authorized representative) and the electronic signature of the controller (Chief Accountant, Head of Accounting Department, or authorized representative).

Electronic documents must be capable of being printed on paper. In cases where printing is necessary, the printed document must display the names and unique identifiers of those who have signed and assumed responsibility for the electronic document and the execution of the payment.

b. The technical procedures for inter-bank electronic payments through the State Bank (electronic fund transfers, etc.) shall be carried out in accordance with current regulations.

Article 12. Inter-bank net settlement.

1. Inter-bank net settlement within (or outside) the province/city limits, with the State Bank acting as the central bank:

Inter-bank net settlement, with the State Bank acting as the central bank, shall be conducted in accordance with the current regulations issued by the State Bank.

2. Direct inter-bank net settlement between two or more banks in a district or town without a branch of the State Bank:

Banks in the area select one bank as the central bank and other banks as member banks. Member banks must open deposit accounts at the central bank to facilitate net settlement. Net settlement shall be conducted as stipulated above in point 1.

Article 13. Collection and disbursement services among banks.

1. Opening a deposit account at another bank for transaction purposes:

Transactions through a deposit account at another bank shall be conducted similarly to transactions involving accounts opened at the State Bank.

2. Entrusted collection and disbursement services among banks that have established contractual relationships under agency agreements:

Collection and disbursement services among banks shall only be conducted within the scope of agreed-upon transactions under the agency contracts between the banks. Each time collections or disbursements arise, the bank where they occur must submit payment documents to the relevant bank for accounting purposes. At the end of each settlement period, the banks must reconcile their records, settle the amounts collected or disbursed, and settle any discrepancies owed or due.

Part 4:

IMPLEMENTING PROVISIONS

Article 14. Based on this Regulation and related laws, the General Directors (Directors) of organizations providing payment services are responsible for guiding and organizing the implementation of these provisions for their subordinate units and customers.

The Head of the Accounting and Finance Department, the Inspector General of the State Bank, within their respective functions and duties, are responsible for guiding and supervising the implementation of this Regulation.

Article 15. Amendments and supplements to this Regulation shall be decided by the Governor of the State Bank.