Circular No. 13/2013/TT-NHNN on amending and supplementing certain articles of Circular No. 23/2010/TT-NHNN dated November 9, 2010 of the Governor of the State Bank of Vietnam on management, operation, and use of the inter-bank electronic payment system.

CIRCULAR

Von amending and supplementing some articles of TCircular No. 23/2010/TT-NHNN dated November 9, 2010

of TGovernor N |||the cooperative N |||issued to regulate management, operation, and use

of the inter-bank electronic payment system

___________________

Pursuant to the Law on the State Bank of Vietnam No. 46/2010/QH12 dated June 16, 2010;

Pursuant to the Law on Credit Institutions No. 47/2010/QH12 dated June 16, 2010;

Pursuant to DecreeNo. Decree No. 96/2008/NĐ-CP dated August 26, 2008 of the Government on the functions, tasks, powers, and organizational structure of the State Bank of Vietnam;

Pursuant to DecreeNo. Decree No. 35/2007/NĐ-CP dated March 8, 2007 of the Government on electronic transactions in banking activities;

Pursuant to Decree No. 101/2012/NĐ-CP dated November 22, 2012 of the Government on payment activities;onWhen settling advance payments, units submit to the KBNN a Payment Settlement Form for Advance Payments.

At the proposal of the Director of the Information Technology Department;

The Governor of the State Bank of Vietnam hereby issues the Circular amending and supplementing certain articles of Circular No. 23/2010/TT-NHNN dated November 9, 2010 of the Governor of the State Bank of Vietnam on the regulation of management, operation, and use of the Inter-bank Electronic Payment System (hereinafter referred to as Circular 23/2010/TT-NHNN) as follows:

Article 1. Amending and supplementing certain articles of Circular 23/2010/TT-NHNN as follows:

1. Amending and supplementing Clause 1 Article 11 of Circular 23/2010/TT-NHNN as follows:

“1. The time points applicable in the Inter-bank Electronic Payment System (hereinafter referred to as the TTLNH) are stipulated as follows:

a) The technical inspection and data initialization time point for the TTLNH system is 8 o'clock on working days;

b) The time point for units to stop sending Low Value Payment Orders is 16 o'clock and for High Value Payment Orders is 17 o'clock on working days;

c) From 16:10 onwards, settlement and offset of low value amounts shall be carried out according to the provisions of Article 28 of this Circular;

d) From 17:15 onwards, end-of-day operations, reconciliation, and confirmation of data with the National Processing Center shall be conducted;

đ) In special cases due to technical failures, transmission issues, or excessive transaction documents generated at the end of trading hours, Regional Processing Centers and State Bank branches under central cities may request the National Processing Center to extend the transfer time of the TTLNH system (by paper, telephone, or email) to process received payment documents of the day, but the extension time shall not exceed 30 minutes from the time points specified in point b clause 1 of this Article;

e) The System Management Board decides the operating hours of the System on holidays, festivals, and year-end settlement times.”

2. Amending and supplementing Point a Clause 2 Article 26 of Circular 23/2010/TT-NHNN as follows:

"a) The Trading Department shall pledge securities of members who have pledged to participate in low-value payments with remaining value equal to 10% of the net debt limit announced by the Trading Department to the member. In case a member has insufficient settlement balance for low-value payments more than twice within a week, the Trading Department shall notify the Management Board to decide to increase the remaining value of securities pledged by that member at the State Bank to between 50% and 100% of the net debt limit."

3. Amending and supplementing Point b Clause 2 Article 29 of Circular 23/2010/TT-NHNN as follows:

“b) Prepare reports on members lacking low-value capital at the time of settlement offset according to the Model Report on Banks Lacking Low-Value Capital (Model No. 01 attached to this Circular) and inform the status of capital to members; Require members to take necessary measures to replenish capital.”

4. Amending and supplementing Point d Clause 2 Article 31 of Circular No. 23/2010/TT-NHNN as follows:

“d) The Trading Department prints the Bank's Debt Acknowledgment Form for members lacking low-value capital (according to Model No. 02 attached to this Circular) and implements lending solutions for settlement offset according to the regulations of the State Bank in cases where members are unable to pay their net receivables at the time of stopping high-value payment orders.”

Article 2. Responsibility for implementation

The Head of the Office, Heads of the Payment Department, Financial Accounting Department, Information Technology Department, Heads of units under the State Bank, Directors of the State Bank Trading Departments, Directors of State Bank branches under central cities, General Managers (Directors) of organizations providing payment services are responsible for implementing this Circular.

Article 3. Implementation Provisions

This Circular takes effect from August 1, 2013.