Decision No. 226/2002/QĐ-NHNN On Issuing the Rules on Payment Activities Through Service Providers

DECISION OF THE GOVERNOR OF THE STATE BANK OF VIETNAM

Regarding the issuance of the Rules on Payment Activities through Service Providers

 

GOVERNOR OF THE STATE BANK OF VIETNAM

Pursuant to the Law on the State Bank of Vietnam;

the Law on Credit Institutions dated December 12, 1997,

Pursuant to Decree No. 15/ dated October 20, 2015 of the Government's Decree No. 20/1993/ND-CP dated March 2, 1993 on the tasks, powers, and responsibilities for state management of Ministries and agencies at the ministerial level;

Pursuant to the Government's Decree No. 64/2001/NĐ-CP dated September 20, 2001 on payment activities through service providers;

Pursuant to the proposal of the Director of the Monetary Policy Department,

 

DECISION:

Article 1The Rules on Payment Activities through Service Providers are hereby promulgated together with this Decision.

Article 2This Decision shall take effect fifteen days from the date of signature and shall replace Decision No. 22/QĐ-NH1 dated February 21, 1994 of the Governor of the State Bank of Vietnam on Cashless Payment Procedures, and Decision No. 144/QĐ-NH1 dated June 30, 1994 of the Governor of the State Bank of Vietnam on Conditions for Implementing Cashless Payments for People's Credit Funds.

Article 3The Heads of the Office, Heads of relevant units under the State Bank of Vietnam, Branch Governors of the State Bank of Vietnam in provinces and centrally-administered cities, General Directors (Directors) of service providers, organizations, and individuals using payment services are responsible for implementing this Decision./.

 

PAYMENT ACTIVITY RULES

THROUGH SERVICE PROVIDERS

(Issued together with Decision No. 226/2002/QĐ-NHNN3/2002 of the Governor of the State Bank of Vietnam)

June 26/SCOPE AND APPLICABILITY.

Chapter I

GENERAL PROVISIONS

Article 11.These rules apply to the following payment activity subjects:

a)Service providers, including:

The State Bank of Vietnam (hereinafter referred to as the State Bank); Commercial banks and other credit institutions established and operating under the Law on Credit Institutions, including development banks, investment banks, policy banks, cooperative banks, and other types of banks;

Central People's Credit Fund;

Other credit institutions that are not banks permitted by the State Bank to provide payment services;

Other entities that are not credit institutions permitted by the State Bank to provide payment services.

b)Payment service users are organizations and individuals.

2.These rules apply to domestic and international payment activities conducted through service providers operating within the territory of Vietnam, including: a)Opening payment accounts

b)Implementing and utilizing payment services

and participating in payment systems.

3.All payment activities through service providers must comply with the provisions of these rules and other specific regulations issued by the State Bank related to payment activities. CONDITIONS FOR PROVIDING PAYMENT SERVICES BY ENTITIES OTHER THAN BANKS.

1.The opening of accounts for implementing payment services by the National Treasury shall be carried out in accordance with the provisions of these rules and other relevant laws.

3.The leading appraisal body and participating appraisal bodies: 2.The opening of accounts and implementation of payment services by the Central People's Credit Fund shall be carried out in accordance with the provisions of these rules and other relevant laws.

3.The opening of accounts and implementation of payment services by grassroots People's Credit Funds primarily serving members shall be allowed by the State Bank if permitted.

Article 24.The opening of accounts and implementation of payment services by entities that are not credit institutions shall be allowed by the State Bank if they meet the following conditions:

a)Licenses for establishment or operation or business registration issued by competent authorities;

b)A payment service operation plan demonstrating that the requested payment service is necessary and closely related to their main activities;

c)Meeting material conditions suitable for the requested payment service; d)Having a staff with the appropriate expertise and skills to manage and implement the requested payment service.

e)Providing all relevant information and documents as required by the State Bank when considering the issuance of a license and being responsible for the accuracy and authenticity of the provided information under the law.

a)Containing content opposing the Socialist Republic of Vietnam, undermining the unity of the entire people; CONDITIONS FOR IMPLEMENTING INTERNATIONAL PAYMENT SERVICES BY BANKS AND OTHER ENTITIES THAT ARE NOT BANKS.

b)Containing content inciting violence, propaganda for aggressive war causing hatred among ethnic groups and peoples; inciting obscenity, depravity, crime; 1.For banks: it must be a bank authorized to conduct foreign exchange operations and have the material conditions, staff with the appropriate expertise and skills to manage and implement international payment services.

2.For entities that are not banks: permission to provide international payment services from the State Bank shall be granted if they meet the following conditions:

a)Authorized to conduct foreign exchange operations in accordance with the law;

b)The international payment service is necessary and closely related to their main activities;

c)Meeting material conditions suitable for international payment services;

Article 3d)Having a staff with the appropriate expertise and skills to manage and implement international payment services.

OPENING AND USING PAYMENT ACCOUNTS.

Service providers may open accounts for the following organizations and individuals if there are no other legal provisions:

Foreign credit institutions operating abroad.

b)Vietnamese and foreign organizations permitted to operate in Vietnam;

c)Vietnamese citizens with civil capacity and capacity for civil acts;

3. Commitment to comply with declared quality standards. d)Foreign individuals with civil capacity and capacity for civil acts as prescribed by the law of the country of which they are citizens.

Article 42.The type of payment account, nature, conditions, procedures for opening and using payment accounts shall be stipulated by service providers in accordance with the regulations of the State Bank and other relevant laws. ENSURING PAYMENT CAPACITY.

1.Organizations and individuals in Vietnam, organizations and individuals from foreign countries (hereinafter referred to as organizations and individuals) who have cultural goods for export and import not for business purposes must comply with the provisions of this Decree and other relevant laws. 1.Account holders must ensure that there is sufficient money in the payment account at the time the payment transaction must be executed according to the payment instruction issued by the account holder or agreed between the account holder and the service provider, except for overdraft cases as specified in Clause 2 of this Article.

The State Bank of Vietnam (hereinafter referred to as the State Bank); Foreign credit institutions operating outside Vietnam.

b) Vietnamese organizations and foreign organizations permitted to operate onVietnamese territory;

c) Individuals who are Vietnamese citizens with capacity for civil rights andcapacity for civil conduct;

d) Foreign individuals with capacity for civil rights and capacity for civil conductas prescribed by the laws of the country of which they are citizens.

2.The types of settlement accounts, nature, conditions, procedures for openingand using settlement accounts shall be stipulated by the service provider inaccordance with the regulations of the State Bank of Vietnam and relevant laws.

Article 5Ensure payment capability.

1.Account holders must ensure that there is sufficient money in their settlementaccount at the time when the payment transaction must be carried out accordingto the payment instruction issued by the account holder, or according to theagreement between the account holder and the service provider, except for casesof overdraft as provided for in Clause 2 of this Article.

2.Organizations and individuals wishing to publish and disseminate works abroad shall comply with the provisions of Government Decree No. 72/2000/NĐ-CP dated December 5, 2000 on publishing and disseminating works abroad. Individuals and entities using payment services may only be permitted to overdraft within the agreed overdraft limit set forth in a written agreement with the payment service provider, provided that such agreements do not contravene relevant legal provisions.

Article 6|||

Payment service providers and users must comply with government and State Bank regulations regarding foreign exchange management when opening accounts for payment service implementation and usage.

Chapter II

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, Clause 1, Clause 2 Article 7a of this Regulation.|||

1.A payment order is a directive from a payment service user to a payment service provider in the form of a paper or electronic document, or other forms as prescribed by competent state authorities, requesting the provider to execute a payment transaction.

2.Organizations and individuals wishing to publish and disseminate works abroad shall comply with the provisions of Government Decree No. 72/2000/NĐ-CP dated December 5, 2000 on publishing and disseminating works abroad. The payment service provider has the obligation to adjust payment transactions if the provider has executed a payment transaction contrary to the requirements of the payment order issued by the payment service user.

Article 8|||

1.Payment documents serve as the basis for executing payment transactions. Payment documents can be created in the form of paper documents, electronic documents, or other forms as prescribed by competent state authorities.

2.The types of payment documents, their elements, creation, control, circulation, preservation, storage, and responsibilities of users and providers in implementing payment documents shall be carried out in accordance with the State Bank's and relevant laws' regulations on payment documents.

Section 2. ||| |||AN, SUPPLY OF PAYMENT MEANSGRACE PERIOD |||

Article 9|||

Payment means include:

1.Cash: banknotes and coins issued by the State Bank, used as payment means within the territory of Vietnam.

2.Check: an order to pay money from an account holder, established according to legal provisions, requiring a payment service provider to deduct a certain amount from the payer's deposit account to pay the beneficiary named on the check or the person holding the check.

3.Direct debit or payment order: a payment means where the payer issues a payment order in a format prescribed by the payment service provider, sending it to the provider where they have an account, requesting the provider to deduct a specific amount from their account to pay the beneficiary.

4.Direct collection or mandate: a payment means where the beneficiary issues a payment order in a format prescribed by the payment service provider, sending it to the provider to collect a specific amount on behalf of the beneficiary.

5.Bank cards and other payment means issued and provided by payment service providers to users in accordance with contracts signed between the providers and users.

6.Other payment means such as drafts, bills of exchange, etc., as prescribed by relevant laws.

Article 10.Supply of payment means.

1.Supply of cash payment means.

Payment service providers have the obligation to promptly meet all cash deposit and withdrawal requests from users within the account balance and agreed overdraft limits, in compliance with legal provisions. Payment service providers may agree with users on prior notice for large cash withdrawals.

2.Supply of check payment means: Implemented in accordance with government and State Bank regulations on issuance and

use of checks. 3.Supply of direct debit or payment order, direct collection or mandate payment means: Implemented in accordance with State Bank regulations on payment documents.

4.Supply of bank card payment means: Implemented in accordance with State Bank regulations on issuance, use, and bank card payments.

5.Supply of other payment means implemented in accordance with relevant laws.

INTRA-COUNTRY PAYMENT SERVICES

Section 3: Provision of intra-country payment services.

Article 11.1.Intra-country payment services are payment services and transactions established, implemented, and concluded within the territory of Vietnam, except for cases involving foreign accounts or export processing enterprises.

2.Intra-country payment services include payment methods prescribed from Article 12 to Article 17

of this Regulation. |||

Article 12Payment by check.

1Implementation procedures and formalities follow government and State Bank regulations on issuance and use of checks, except for the guarantee of payment capability which is regulated under Clause 2 of this Article.

2.The issuer of the check (account holder or authorized representative) is obligated to ensure the payment capability for the check issued by them.

A check with guaranteed payment capability is a check presented to a payment service provider serving the payer that meets one of the following conditions:

The account balance of the account holder is sufficient to cover the amount stated on the check; or

Number The account balance plus the overdraft limit is sufficient to cover the amount stated on the check.

Article 13Payment by direct debit or payment order.

1.Direct debit or payment order is applied in the payment of goods, services, or money transfers between users of the same payment service provider or among different payment service providers.

2.A direct debit or payment order includes the following elements:

Order number or series number;

Name, address, account number of the payer;

Name, address of the payment service provider serving the payer;

Surname: Name, address, account number of the beneficiary;

Name, address of the payment service provider serving the beneficiary;

Amount to be paid in words and figures,

Place, date of issue of the direct debit or payment order;

Signature of the account holder or authorized representative;

Any other claims stipulated by the service provider organization that do not contravene the law.

3.Conditions, procedures for payment, and deadlines for executing payment orders or mandate payments shall be agreed upon by the service provider organization and the service user in accordance with the regulations of the State Bank.

4.Within no more than 1 working day from the time of receiving a payment order or mandate payment from the service provider organization serving the payer, the service provider organization serving the payee must credit the payee's account according to the requirements of the payment order or mandate payment. .

Article 14Payment by collection or mandate collection.

1.Collection or mandate collection may be applied in payment transactions between service users who have accounts within the same service provider organization or between different service provider organizations, based on agreements or contracts regarding collection conditions between the payer and the payee.

2.Collection or mandate collection includes the following elements:

Collection or mandate collection wording, serial number;

Name, address, account number of the collecting party;

Name, address of the service provider organization serving the collecting party;

Name, address, account number of the payer;

Name, address of the payment service provider serving the payer;

Contract number (or order form, agreement) serving as the basis for collection; quantity of accompanying documents;

Amount of collection in words and figures;

Place, date of issuance of the collection or mandate collection document;

Date of payment by the service provider organization serving the payer;

Date when the service provider organization serving the collecting party receives the payment;

Any other claims stipulated by the service provider organization that do not contravene the law.

3.Conditions, procedures for payment, and deadlines for executing collections or mandate collections shall be agreed upon by the service provider organization and the service user in accordance with the regulations of the State Bank.

4.Within no more than 1 working day from the time of receiving a mandate collection from the service provider organization serving the payee, the service provider organization serving the payer must complete the deduction from the payer's account if there is sufficient money in the payer's account to execute the transaction; or inform the payer if there is insufficient money in the payer's account to execute the transaction.

Article 15.

Payment by bank card shall be carried out in accordance with the regulations of the State Bank concerning the issuance, use, and payment of bank cards.

Article 16.

1.A letter of credit is a conditional commitment issued by a bank at the request of a service user (applicant for the letter of credit), under which the bank will fulfill the service user's (applicant's) request to:

Pay or authorize another bank to pay immediately upon receipt of documents presented in compliance with the terms of the letter of credit; or

Agree to pay or authorize another bank to pay at a specified future date upon receipt of documents presented in compliance with the payment terms of the letter of credit.

2.The opening, issuance, amendment, notification, confirmation, examination of documents, payment, and rights and obligations of the parties involved in letter of credit transactions shall be governed by the applicable laws of Vietnam and the rules agreed upon by the parties involved in the transaction.

Article 17Other domestic payment methods.

Payments made through other domestic payment methods shall be carried out in accordance with the regulations of the State Bank.

Section 4. INTERNATIONAL PAYMENT SERVICES

Article 18.

1.International payment services are services where the payment transaction falls into one of the following categories:

a)A payment transaction established, executed, or concluded abroad; or a payment transaction related to an account opened abroad; b)A payment transaction involving an export processing enterprise.

International payment services include the payment methods defined in Article 19 below: Various international payment methods.

2.1.Payment by letter of credit: The opening, issuance, amendment, notification, confirmation, examination of documents, payment, and rights and obligations of the parties involved in letter of credit transactions shall be carried out in accordance with the Uniform Rules for Documentary Credits published by the International Chamber of Commerce (ICC), as agreed upon by the parties involved in the transaction and in accordance with the current laws of Vietnam. 2.Payment by international check, international payment order or mandate, international collection or mandate collection, international card, and other payment methods: Procedures and formalities shall be carried out in accordance with international customs and practices and agreements that do not contravene Vietnamese law.

Article 19. Forms of international payments.

1.Payment by letter of credit: The issuance, amendment, notification, confirmation,document examination, payment, and rights and obligations of the parties involvedin letter of credit payment shall be conducted in accordance with the UniformRules for Documentary Credits issued by the International Chamber of Commerce(ICC), agreed upon by the parties involved in the payment, and in accordancewith current Vietnamese law. .

2.Payment by international check, international payment order or internationalmandate, international collection or international mandate, international cardand other forms of payment: Procedures and formalities shall be carried out inaccordance with international customs and practices and agreements notcontrary to Vietnamese law.

PART 5. COLLECTION AND PAYMENT SERVICES

Article 20.Collection and payment services.

1.Collection service is a payment service that the payment service provider carriesout at the request of the beneficiary to achieve immediate payment or acceptanceof payment at a specific future time by the payer. The collection service includesreceiving, processing, sending collection instruments, and making payments onthe results of collections, canceling collections according to the user'srequest. Collection service also involves the cancellation of collections upon therequest of the payment service user.

Various forms of collection include: check collection, draft collection, performingcollections or mandates for collections, and other collection methods agreedupon without violating the law.

2.Payment service is a payment service provided by the payment service provider at the request of the person obligatedtopay to make payments to the beneficiary.

Various forms of payment include: agency payment of cards, checks, and otheragency forms, mandates, or payments agreed upon without violating the law.

CHAPTER III

ORGANIZATION AND PARTICIPATION IN PAYMENT SYSTEMS

Article 21:Payment system, organizer and member of the payment system.

HPayment system: is a system organized according to common rules, conditions, and standards forpayment based on agreements or regulations between the payment serviceprovider organizing the system and direct members aimed at transferring andsettlement of payment obligations among members.

2.Payment system organizer: is the payment service provider responsible fororganizing the payment system, issuing, or agreeing with direct members oncommon rules, conditions, and standards due to the operation of the paymentsystem.

3.Direct member: is a member of the payment system who has the obligation tosettle with the payment service provider organizing the payment system or withother direct members regarding payment transactions carried out at the requestof their own payment service users or of indirect members they represent. 4.Indirect member: is a member not meeting the conditions to become a directmember of the payment system, conducting payment

transactions through the payment system via a direct member representing themselfand only having the obligation to settle with that direct member. become a direct member of the payment system, carry out payment transactions through the payment system via a direct member of the paymentsystem representing them and only having settlement obligations with thatdirect member.

Article 22INTERNAL PAYMENT SYSTEM ORGANIZATION

1.Internal payment system: is a payment system established to carry out paymenttransactions between direct members which are units subordinate to the paymentservice provider organizing the system.

2.Banks may organize internal payment systems for direct members which areunits subordinate to them. The General Director (Director) of the bank is responsible for organizing theoperation, technical equipment standards and means of service, staff operating theinternal payment system, setting conditions, standards, procedures forparticipation for members of the internal payment system, specifying securitymeasures, fraud prevention, and related business processes concerning theoperation of the internal payment system.

3.The State Treasury, Central Credit Cooperative Fund may organize internalpaymentsystems according to Clause 2 of this Article.

4.Other organizations not falling under the provisions of Clause 2 and Clause 3 ofthis Article may organize internal payment systems when permitted by the StateBank.

.ORGANIZATION AND PARTICIPATION IN INTERBANK PAYMENTS

Article 231.Banks, State Treasury, Central Credit Cooperative Fund may organize andparticipate in bilateral interbank payments with other payment service providersby:

a)Opening a payment account at that payment service provider:

b)Allowing that payment service provider to open a payment account at themselves.

Conditions, procedures, commitments, and regulations on payment between bothparties shall be agreed upon in accordance with the law.

2.Other organizations not falling under the provisions of Clause 1 of this Articlemay organize and participate in interbank payments when permitted by the StateBank:

3.The State Bank organizes an interbank payment system to implement paymenttransactions between direct members including the State Bank, creditorganizations, and other organizations providing payment services.

The State Bank's interbank payment system is organized in the following twoforms:

a)Settlement clearing including forms: Paper settlement clearing and electronicsettlement clearing.

The State Bank stipulates the conditions for participants joining the settlementclearing system, has the right to suspend participation in settlement clearing forparticipants if they violate the State Bank's settlement clearing regulations.

Based on the volume of daily payment transactions, the State Bank determines thenumber of daily settlement sessions for participating members.

Direct members must perform net settlement at the end of each settlement session.

b)Single transaction payment through accounts at the State Bank including forms:Payment by paper instruments and electronic payment.

The State Bank stipulates the conditions for participants joining the payment system,has the right to suspend participation in payment for participants if they violatethe regulations on single transaction payment through accounts at the State Bank.

Direct members must immediately perform total settlement when executing a paymentorder. The State Bank has the right to refuse to execute a payment transactionfor an order if the balance plus the overdraft limit (if any) in the account of themember issuing the order is insufficient to settle the payment order.

The priority order for executing payment orders through accounts at the State Bankis as follows:

Urgent payment orders are executed first; and

Orders arriving earlier are executed first.

In case a payment order is received but the balance plus the overdraft limit (ifany) in the account of the member issuing the order is insufficient to settle, thatmember has the right to change the priority order of the payment order or shift toexecuting the next payment order.

In case a payment instruction is received but the balance plus the overdraftlimit (if any) on the sender's account is insufficient for settlement, the senderhas the right to change the priority order of the payment instructions or toproceed with the next payment instruction.

4. Financial institutions and other organizations providing payment services maybecome direct members of the inter-bank payment system organized by the StateBank if they meet the membership conditions stipulated by the State Bank.

Financial institutions and other organizations providing payment services that donot meet the conditions to become direct members may become indirect membersof the inter-bank payment system organized by the State Bank.

"d) Within no more than one working day from the date of receiving the dossier submitted for administrative procedures by the specialized agency assigned by the Provincial People's Committee, the Chairman of the Provincial People's Committee shall issue a notification of the result of the inspection of plant-based food exports or a certificate at the request of the importing country.". Settlement and guarantee of settlement capability.

1. Settlement refers to the payment in cash by a member participating in thepayment system aimed at fulfilling the obligation to pay money arising from theexecution of payment orders through the payment system with other members ofthe payment system.

Settlement includes the following two types:

a) Net settlement: this is the settlement carried out based on the net result ofoffsetting the amounts receivable and payable during a settlement period for eachparticipant.

b) Gross settlement: this is the settlement carried out immediately upon theexecution of each payment order.

2. Organizations providing payment services that are direct members of theinter-bank payment system must settle according to the provisions set forth inpoints a and b of Clause 3, Article 23 of this Regulation.

3. In case there is not enough balance in the payment account to carry out thesettlement, the organization providing payment services must:

a) Arrange its own sources of funds or borrow from other financial institutions tocarry out the settlement;

b) Borrow from the State Bank under the conditions prescribed by the State Bank.

PART IV

RIGHTS AND OBLIGATIONS OF THE PARTIES PARTICIPATING IN PAYMENT ACTIVITIES

Article 25. Rights of organizations providing payment services.

1. To establish service fees for payment services provided by themselves, securitymeasures, fraud prevention measures to ensure safety in payments, closingaccounts when accounts are inactive for a long time and have balances below thethresholds set by the organization providing payment services, and limits onoverdrafts and other regulations that do not contravene the law. 2. To request users of payment services to provide relevant information when usingpayment services and during the process of using payment services.

3. To refuse to provide payment services when the user of payment services does notfully meet the conditions for using payment services, does not comply with theorganization's regulations, or violates other agreements.

. Obligations of organizations providing payment services. 1. To promptly and safely execute payment transactions as required by the user ofpayment services, publicly display information about payment service fees,retain confidential information related to the payment accounts of the user ofpayment services except where otherwise provided by law, resolve or respond tocomplaints of the user of payment services within their authority.

Article 262. To refuse to execute payment transactions that have evidence of illegal origins.

3. Not to conceal from competent state authorities the users of payment services,amounts paid, and other related information for payment transactions that haverelevant evidence of illegal origins.

4. To provide information to account holders as stipulated in Article 31 of thisRegulation; report to the State Bank as stipulated in Article 32 of this Regulation.

. Rights of users of payment services.

1. To agree with the organization providing payment services on overdraft limitsand other agreements that do not contravene the law.

Article 272. To request the organization providing payment services to provide information asstipulated in Article 31 of this Regulation.

3. To lodge complaints and claim compensation from the organization providingpayment services when the organization provides payment services: executespayment transactions later than agreed; fails to execute payment transactions orexecutes payment transactions incorrectly regarding the amount or the beneficiaryas requested by the payment order; charges payment service fees not in accordancewith the types or rates announced by the organization providing payment services,and other violations. . Obligations of users of payment services.

To pay payment service fees to the organization providing payment services; fullyrepay the overdraft amount on the payment account (if there is an agreement) andinterest on the overdraft amount according to the organization providing paymentservices' regulations, and comply with all other regulations of the organizationproviding payment services.

2. To repay the organization providing payment services in cases where the receiptof funds is not based on legal grounds through payment transactions executed bythe organization providing payment services.

Article 28Liability for Compensation.

1.1. In cases where the organization providing payment services delays execution ofpayment transactions due to errors caused by the organization providing paymentservices, resulting in damage to the user of payment services, the organizationproviding payment services shall be liable to compensate the user of paymentservices according to the maximum late fee penalty rate equal to the highestoverdue interest rate for loans at the organization providing payment services thatviolates the regulation, calculated based on the number of days and the amount ofthe penalty:

a) If payment is delayed, the number of days for the penalty is counted from theend date of the specified payment term to the date when the user's paymentaccount is credited with sufficient funds.

Article 29.b) If the wrong account is debited or the wrong amount is debited, the number ofdays for the penalty is counted from the date of the incorrect entry until theorganization providing payment services refunds the full amount to the user'spayment account after correcting the error, calculated based on the excessamount.

c) If the wrong account is credited or the wrong amount is credited: The number ofdays for the penalty is counted from the end date of the specified payment termuntil the correct account or the insufficient amount of the user's payment accountis credited with sufficient funds after correcting the error, calculated based on theinsufficient amount. at the service provider organization in violation, the number of days and thebeneficiary of the fine shall be calculated as follows:

a)If payment is delayed, the number of penalty days shall be counted from theend date of the period specified for that form of payment to the date when theaccount of the payment service user is credited with the full amount.

b)If the wrong account is debited or the wrong excess amount is debited, thenumber of penalty days shall be counted from the date of the incorrect debituntil the service provider refunds the full amount to the user's account afteradjusting the error, based on the excess amount.

c)If the wrong account is credited or the wrong insufficient amount is credited:The number of penalty days shall be counted from the end date of the periodspecified for that form of payment until the correct account or the insufficientamount of the payment service user is credited fully after adjusting theerror, based on the insufficient amount.

2. In case the payment service user violates the provisions announced by the payment service provider, or if agreements and commitments between the payment service user and the payment service provider cause damage, the party causing the damage shall be liable for compensation. for compensating the damage.

Article 30.Disputes and dispute resolution.

1. In case there is a complaint or dispute between the payment service user and the payment service provider, the parties involved should first resolve it through negotiation.

2. If the two parties cannot reach an agreement on resolving the dispute, they may agree on the competent authority to handle the dispute.

3. In case the parties cannot reach an agreement on both resolving the dispute and the competent authority to resolve the dispute, theparties involved may initiate legal proceedings before the competent authority.

CHAPTER V

INFORMATION, REPORTING AND INFORMATION SECURITY

Article 31Information.

1. The payment service provider has the obligation to regularly inform the account holder about the balance and payment transactions on the account holder's account.

2. The payment service provider may provide information promptly upon request of the account holder.

Article 32Reporting.

1. Monthly, the payment service provider reports on payment activities according to the indicators prescribed by the State Bank.

2. In addition to regular reports, the payment service provider must report upon request of the State Bank to serve national management objectives regarding payment activities.

Article 33Information Security.

Thekeeping confidential, storing, and providing information related to deposits ofpayment service users at the payment service provider shall be carried out inaccordance with the provisions of the law.

Chapter VI

VIOLATIONS AND PENALTIES FOR VIOLATIONS

Article 34Handling violations.

Anyorganization or individual violating the provisions of this Regulation shall bepunished with disciplinary action, administrative handling, or criminalresponsibility as provided by law depending on the nature and degree of violation.

2.Organizations and individuals wishing to publish and disseminate works abroad shall comply with the provisions of Government Decree No. 72/2000/NĐ-CP dated December 5, 2000 on publishing and disseminating works abroad. A payment service provider that violates the provisions may be suspended or have its license revoked by the State Bank.

3. A payment service user who violates the provisions may be temporarily or permanently prohibited from using payment services by the State Bank or the payment service provider as provided by law.

Chapter VII

IMPLEMENTING PROVISIONS

Article 35Implementation Responsibility.

TheGeneral Director (Director) of payment service providers shall be responsible forguiding specific payment operations for subordinate units and informing paymentservice users thereof.

TheState Bank Inspectorate shall be responsible for inspecting the implementationof this Regulation for payment service providers.

Article 36Amendments and supplements.

Anyamendment or supplementation to this Regulation shall be within the purview ofthe Governor of the State Bank./.