Circular No. 23/2010/TT-NHNN on the management, operation, and use of the Interbank Electronic Payment System

CIRCULAR

Provisions on the management, operation, and use of the Interbank 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 Organizations No. 47/2010/QH12 dated June 16, 2010;

Pursuant to the Accounting Law dated June 17, 2003;

Pursuant to the Law on Electronic Transactions dated November 29, 2005;

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

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

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

Pursuant to Decree No. 26/2007/NĐ-CP dated February 15, 2007 of the Government detailing the implementation of the Law on Electronic Transactions regarding digital signatures and certification services for digital signatures,

The State Bank of Vietnam hereby stipulates the management, operation, and use of the Interbank Electronic Payment System to facilitate payment and settlement between participating units in the Interbank Electronic Payment System as follows:

 PART I. GENERAL PROVISIONS

Article 1. Scope of Regulation and Applicability

This Circular stipulates the management, operation, and use of the Interbank Electronic Payment System to facilitate payment and settlement in Vietnamese dong between participating units in this System.

Article 2. Interpretation of Terms

In this Circular, the following terms shall be understood as follows:

1. Interbank Electronic Payment (abbreviated as IEP) is the process of handling interbank payment transactions from the creation of a Payment Order until its completion, carried out through a computer network.

2. Direct member (abbreviated as member) is an entity under the State Bank of Vietnam system or a service provider organization that has been permitted by the System Management Board to directly participate in the Interbank Electronic Payment System.

3. Direct member unit (abbreviated as member unit) is an organization subordinate to a direct member and has been permitted by the System Management Board to directly participate in the Interbank Electronic Payment System at the request of the direct member.

4. Indirect member is an organization that has opened an account with a direct member and conducts payments through the direct member of the Interbank Electronic Payment System.

5. Payment Order is an electronic message created and used by a member unit to execute a payment transaction within the Interbank Electronic Payment System. A Payment Order may be either a Credit Payment Order or a Debit Payment Order.

6. Credit Payment Order is a Payment Order issued by the issuer to debit their account at the initiating unit for a specified amount and credit the recipient's account at the receiving unit for that amount.

7. Debit Payment Order is a Payment Order issued by the issuer to debit the recipient's account at the receiving unit for a specified amount and credit the issuer's account at the initiating unit for that amount.

8. Urgent Payment Order is a low-value Payment Order requested by the customer to be transferred urgently.

9. High-value Payment Order is a Payment Order with an amount equal to or greater than the threshold for high-value payments or an urgent Payment Order.

10. Low-value Payment Order is a Payment Order with an amount below the threshold for high-value payments.

11. Issuer is an organization or individual issuing a Payment Order.

12. Recipient is an organization or individual receiving a Payment Order.

13. Initiating Unit of a Payment Order (abbreviated as initiating unit) is a direct member or member unit acting on behalf of the issuer to create and process a Payment Order.

14. Receiving Unit of a Payment Order (abbreviated as receiving unit) is a direct member or member unit acting on behalf of the recipient to receive and process a Payment Order.

15. Electronic Message is electronic information representing the content of a Payment Order or a notification related to a payment transaction to be executed and transmitted through a computer network among participating units in the Interbank Electronic Payment System.

16. Confirmation of Electronic Message is electronic information confirming the status of Payment Orders in the Interbank Electronic Payment System.

17. Settlement is the determination and payment of the final value between relevant members to complete payment obligations.

18. Real-time Net Settlement is the execution of payment obligations between members or member units based on real-time processing of each Payment Order.

19. Low-value Payment Offset Settlement (shortened as offset settlement) is the execution of payment obligations between parties involved in direct offset payments after balancing total receivables and payables.

20. Net Debit Limit is the maximum value set for low-value payment transactions eligible for offset settlement.

21. User is the person operating the IEP software program according to assigned tasks.

Article 3. Components and main functions of the National Payment System (NPS)

1. The National Payment System (NPS) is an integrated system consisting of: High-value Payment Subsystem, Low-value Payment Subsystem, and Deposit Account Processing Subsystem.

2. The High-value Payment Subsystem is a component of the NPS, responsible for immediate settlement of high-value payment orders and urgent payments.

3. The Low-value Payment Subsystem is a component of the NPS, responsible for processing low-value payments.

4. The Deposit Account Processing Subsystem is a component of the NPS, responsible for checking and accounting for high-value payment orders and processing results of low-value payments.

5. The National Electronic Payment Processing Center (referred to as the National Processing Center - NPSC) is a technical equipment system including hardware, software, communication networks, and security measures located at the Information Technology Department to perform the functions of the High-value Payment Subsystem, Low-value Payment Subsystem, Deposit Account Processing Subsystem, and system testing.

6. The National Electronic Payment Processing Center Backup (referred to as the National Processing Center Backup - BNPSC) is a technical equipment system including hardware, software, communication networks, and security measures located in Son Tay Town (Hanoi) to perform disaster recovery functions for the National Processing Center.

7. The Regional Electronic Payment Processing Center (referred to as the Regional Processing Center - RPC) is a technical equipment system including hardware, software, communication networks, and security measures located at the State Bank of Vietnam branches in Hanoi City, Ho Chi Minh City, Da Nang City, Hai Phong City, Can Tho City, and the State Bank of Vietnam Trading Department (referred to as the Trading Department) to perform certain functions of the NPS for members and member units within the province or city where the RPC is located and other provinces or cities connected to the RPC.

Article 4. Documents used in the NPS

1. The basis for issuing payment orders is the documents used in the NPS according to the current regulations.

2. Documents used in the NPS include paper payment orders or electronic payment documents.

3. Payment orders must be issued in accordance with the prescribed format, meet data standards, and have sufficient copies (if they are paper documents) as stipulated by the State Bank of Vietnam.

Article 5. Accounts used in the NPS

1. Accounts used in the NPS:

a) Deposit accounts of members;

b) Settlement accounts;

c) Collection and disbursement accounts;

d) Other appropriate accounts.

2. For members

a) At headquarters, the following accounts are used:

- Collection and disbursement accounts (opened with detailed accounts for each member unit participating in the NPS);

- Settlement accounts;

- Other appropriate accounts related (customer deposit accounts, other internal accounts);

- Members without branches do not need to open collection and disbursement accounts.

b) At member units, the following accounts are used:

- Collection and disbursement accounts (opened with detailed accounts for transactions with headquarters);

- Settlement accounts;

- Deposit accounts;

- Other appropriate accounts related (customer deposit accounts, other internal accounts).

3. For the National Processing Center, the following accounts are used:

a) Deposit accounts of members participating in the NPS;

b) Settlement accounts;

c) Other appropriate accounts.

Article 6. Debt Settlement in the TTLNH System

1. Debt settlement within the TTLNH system shall process the following debt payments internally within the State Bank and shall be deemed to be authorized debt settlement (without prior authorization agreement):

a) Cash transfers between units of the State Bank;

b) Transfer of the shortage difference (the actual counted amount being less than the recorded amount on the document) when transferring cash between units of the State Bank according to the inspection result report of the Inspection Committee;

c) Demand for payment of important printed documents among units of the State Bank;

d) Settlement of foreign currency purchases on behalf of units within the State Bank;

đ) Transfer of the surplus difference from the units of the State Bank to the Trading Department after approved settlement;

e) Settlement of various negotiable instruments upon maturity;

g) Debt settlement in cases where payment orders are refused and the settlement data is transferred;

h) Settlement of debts related to advance payments based on a request document from the head of the unit receiving the debt within the allowed advance payment regulations;

i) Settlement of the final account results of receivables/payables of credit organization branches opened at the State Bank.

2. Debt settlement between members that are not units of the State Bank must have a prior authorization agreement and be approved by the TTLNH System Management Board (hereinafter referred to as the Management Board).

3. Debt settlement between members that are units of the State Bank and members that are not units of the State Bank shall be carried out in accordance with the regulations of the State Bank.

Article 7. Provisions on High Value and Low Value Settlements

1. High value settlements are those valued at 500,000,000 VND (Five hundred million dong) or more.

2. Low value settlements are those valued below 500,000,000 VND (Five hundred million dong).

Article 8. Costs for Building, Maintaining, and Developing the TTLNH System and Fees within the TTLNH System

1. Costs for building, installation, maintenance, development, and upgrading the operations of the TTLNH System belonging to the State Bank shall be borne by the State Bank. Costs for building, installation, maintenance, development, and upgrading the operations of the TTLNH System belonging to the members shall be borne by the members.

2. The fee levels and types of fees shall be applied in accordance with the regulations of the State Bank.

 PART II. PROVISIONS ON MANAGEMENT AND OPERATION OF THE TTLNH SYSTEM

Article 9. Inspection of the TTLNH System

1. The Information Technology Bureau shall daily inspect the technical status of the TTLNH System regarding balance data, low-value transaction limit data, transaction data, software systems, equipment, and communication networks at the National Processing Center, the National Backup Processing Center, and regional processing centers.

2. Regional processing centers shall continuously monitor and supervise the operational status of the TTLNH System concerning equipment and communication networks, transaction data at their own center and provincial/municipal branch State Banks within their jurisdiction; they shall notify and coordinate with the Information Technology Bureau and relevant parties to handle any incidents occurring.

Article 10. Verification of the Validity of Payment Orders

Payment Orders within the TTLNH System are established in the form of electronic documents in accordance with the regulations of the State Bank. During the usage process, members or member units must verify and bear legal responsibility for the legality of the documents. Information to be verified includes:

1. The type and format of the data;

2. The validity (authorized) of the person initiating the data;

3. Date, month, total check;

4. Uniqueness;

5. Mandatory elements for Payment Orders;

6. Confirmation code for electronic messages;

7. Participant unit code, device terminal code used, and approver code.

Article 11. Operating Hours in the TTLNH System

1. The application times within the TTLNH System are defined as follows:

a) The time for technical checks and initial data creation at the start of the day for the TTLNH System is 7:30 on working days;

b) The time for units to stop sending low-value Payment Orders is 15:00 and for high-value Payment Orders is 16:00 on working days;

c) From 15:10 onwards, settlement and offsetting of low-value amounts shall be carried out in accordance with Article 28 of this Circular;

d) From 16:15 onwards, end-of-day tasks such as reconciliation and confirmation of data with the National Processing Center shall be performed;

e) In special cases due to technical failures, transmission issues, or excessive volume of documents generated at the end of trading hours, Regional Processing Centers and State Bank branches in centrally-administered cities and provinces may request the National Processing Center to extend the payment transfer time of the TTLNH System (by phone or other agreed methods) to process received payment documents of the day, but the extension period shall not exceed 15 minutes.

2. Members of the TTLNH System must comply strictly with the application times within the TTLNH System as stated above to ensure smooth, accurate, timely, and secure payments.

3. The National Processing Center and Regional Processing Centers must regularly have personnel on duty to receive and process Payment Orders, ensuring continuous and secure operation of the TTLNH System.

Article 12. Recording Transaction Logs

The processing of transactions by the TTLNH System is automatically recorded in log data files. Daily, these log files must be stored on portable storage devices (magnetic tape, floppy disk, hard drive, CD-ROM, USB) and preserved according to the prescribed regulations for the preservation of electronic documents. In necessary cases (audits, controls, dispute resolution...), units are responsible for presenting log data files to competent authorities. The recording of transaction logs is regulated as follows:

1. For each member and member unit, record requests for transactions and electronic message results;

2. For the National Processing Center and Regional Processing Centers, record transaction electronic messages and processing results.

Article 13. Issuance, Management, and Use of Electronic Signatures Participating in the TTLNH System

1. Electronic signatures are divided into four types:

a) Electronic signature of the person issuing the Payment Order (referred to as the issuer);

b) Electronic signature of the person controlling the Payment Order (referred to as the controller);

c) Electronic signature of the person approving the Payment Order (referred to as the approver);

d) Electronic signature of the person assigned the task of transmitting and receiving payment data (abbreviated as Communication Electronic Signature).

2. Electronic signatures are managed and used as follows:

a) The electronic signature of the issuer and the controller is issued and managed by the member or member unit itself;

b) The electronic signature of the approver and communication electronic signature are issued and managed by the Department of Information Technology in accordance with the issuance, management, and use regulations for digital signatures, digital certificates, and digital signature certification services issued with Decision No. 04/2008/QD-NHNN dated February 21, 2008, of the Governor of the State Bank.

c) The organization of user permissions at member units is stipulated by the head of the unit, ensuring the principle that the issuer is independent from the approver.

Article 14. Inquiry and Verification

1. Inquiry

Members and member units shall perform inquiries and information searches by sending electronic messages requesting inquiries or through the provided electronic information website. The TTLNH system will automatically check the validity of these requests and provide corresponding responses.

2. Verification

Verification work is conducted daily at the time when the TTLNH system completes its end-of-day processing tasks:

a) The accounting data recorded on the same day at the National Processing Center and Regional Processing Centers serve as the primary basis for verifying payment results.

b) In principle, all generated Payment Orders must be verified to match accurately between the data at the National Processing Center, Regional Processing Centers, and member units on the same day, except in cases of force majeure such as technical failures or communication issues.

c) Payment Order verification is carried out separately for each day. In cases where an incident prevents completion within the specified timeframe, verification may be extended to the next working day after the issue has been resolved. However, even if verification occurs on the subsequent day, it must still reflect the date of the Payment Order issuance.

d) The Regional Processing Center receives inter-provincial Payment Order data from the National Processing Center and aggregates it with its own managed Payment Order data to transfer to member units for verification.

đ) Member units receive data and verify it against the actual sent and received Payment Orders according to Clause 2, Article 41 of this Circular.

In case of discrepancies, member units must report and coordinate with the Regional Processing Center and the National Processing Center to resolve them.

Article 15. Extension of Operating Time

In cases where work requirements necessitate it, due to errors in the TTLNH System at the National Processing Center, Regional Processing Centers, or member units, or due to other reasons affecting the payment process, the Management Board may temporarily extend operating hours and notify all units within the TTLNH System.

Article 16. Transfer of Files and Electronic Messages

1. Besides Payment Orders, the TTLNH System also processes the following types of files or electronic messages:

a) Files or electronic messages requesting confirmation replies;

b) Files or electronic messages containing settlement results;

c) Files or electronic messages reporting;

d) Files or electronic messages for inquiries;

đ) Files or electronic messages for transactions (through interface gateways) between the TTLNH System and other payment systems.

2. Requirements for processing files or electronic messages:

a) Files or electronic messages must be automatically encrypted upon sending and decrypted upon receiving;

b) Depending on the type, files or electronic messages are checked for validity based on the following factors:

- File or message structure and required elements;

- Checksums for the number of payments and amounts.

3. Changes in file or electronic message formats

Transaction files or electronic messages between the TTLNH System and other payment systems will be automatically converted to appropriate formats before being sent or after receipt.

Article 17. Operations of the National Processing Center

1. Processing valid Payment Orders and High-Value Cancellation Orders; notifying Regional Processing Centers and relevant members about Payment Orders and their processing results upon request;

2. Implementing procedures as prescribed to transmit Payment Orders and Low-Value Cancellation Orders to recipient units, except in cases of force majeure;

3. Conducting reviews of Regional Processing Centers and initiating units if there is suspicion or discovery of errors in Payment Orders and High-Value Cancellation Orders;

4. Verifying Payment Orders with Regional Processing Centers and member units within the TTLNH System;

5. Refusing to execute high-value Payment Orders, urgent Payment Orders, invalid Cancellation Orders, or refusing to forward invalid Payment Orders and Low-Value Cancellation Orders;

6. Refusing to execute high-value Payment Orders and urgent Payment Orders; settling low-value netting for members without sufficient funds in their settlement accounts.

Article 18. Activities of Regional Processing Center

1. Require initiating units to create and send Payment Orders or Cancellation Orders in accordance with regulations, ensuring the validity of electronic documents to prevent acts of embezzlement and abuse causing damage to customers;

2. Notify initiating units about the execution of Payment Orders and provide related information regarding such Payment Orders;

3. Verify with initiating units and the National Processing Center on executed Payment Orders;

4. Return Payment Orders to initiating units if, after the specified time period, there is insufficient funds in the initiating unit's account to execute the payment (Credit Payment Order) as stipulated in this Circular;

5. Request the National Processing Center and other Regional Processing Centers to confirm receipt of Payment Orders transferred by them and related information;

6. Coordinate with the National Processing Center, members, and member units to handle errors arising during the operation of the TTLNH System and switch to the backup system.

Article 19. Activities of the Backup System

1. For the National Processing Center

a) In case of an unforeseen incident preventing the National Processing Center from operating normally, the Head of the System Management Board shall consider and decide to switch to the National Processing Center backup;

b) All data and processing results at the National Processing Center backup have the same legal value as those at the National Processing Center;

c) The resumption of activities at the National Processing Center following resolution of the incident will commence on the next working day;

d) The National Processing Center must notify all members and member units about this transition.

2. For the Regional Processing Center

a) In case of an unforeseen incident preventing the Regional Processing Center from operating normally, the Governor of the State Bank branch in the province or city where the Regional Processing Center is located must report the situation to the Management Board. If it takes more than four hours to resolve the incident, the Management Board will decide to switch the Regional Processing Center's operations to the Regional Processing Center backup;

b) All data and processing results at the Regional Processing Center backup have the same legal value as those processed at the Regional Processing Center;

c) Once the incident has been resolved, the resumption of normal operations of the TTLNH System will begin on the next working day. Data transfer from the Regional Processing Center backup back to the Regional Processing Center will be carried out at the end of the working day via computer networks or portable storage devices such as magnetic tapes, hard disks, CD-ROMs, USB drives, etc.;

d) Upon receiving notification to switch to the Regional Processing Center backup, relevant members and member units must cooperate with the Regional Processing Center and the National Processing Center to quickly implement and maintain the operation of the Regional Processing Center backup until the Regional Processing Center resumes normal operations;

đ) The National Processing Center must inform all units within the TTLNH System about this transition. Other members and member units must temporarily suspend transactions with affected member units until they receive notification from the National Processing Center confirming the readiness of the Regional Processing Center backup for operation;

e) Conduct data verification at the Regional Processing Center backup as follows:

- Members and member units must submit reports on the total number of outgoing and incoming Payment Orders up to the point of being notified to switch to the Regional Processing Center backup;

- Staff at the Regional Processing Center backup must compile and verify data stored at the Regional Processing Center backup against the reports submitted by units. Only when the figures match and the total number of outgoing Payment Orders equals the total number of incoming Payment Orders can the Regional Processing Center backup officially commence operations;

- Members and member units bear legal responsibility for their reported figures;

- In case of discrepancies in figures, relevant members and member units must collaborate with the Regional Processing Center backup and the National Processing Center to address the issue;

- For the State Bank Trading Department, upon switching to the backup system due to an incident, it must comply with regulations applicable to a Regional Processing Center. Additionally, account management functions will be performed at the National Processing Center;

Section III. ACCOUNTING RECORDS IN THE TTLNH SYSTEM

Article 20. Procedures for Creating Payment Orders

1. For Payment Orders initiated from paper documents:

a) The person creating the order (the customer account management accountant) shall initiate the Payment Order through the following procedures:

- Verify the validity and legality of the customer's transaction payment documents;

- Determine and classify the Payment Order for processing;

- Reconcile and check the customer's account balance;

- Enter data according to the prescribed format displayed on the screen: initiating unit, receiving unit, amount, name and address, identification number or passport number of the order issuer, issuer's account, serving unit of the issuer, name and address, identification number or passport number of the recipient, recipient's account, serving unit of the recipient, transfer content;

- Review the entered data and sign an electronic signature (internal) on the electronic document;

- Sign the document, transfer the document and entered data to the order controller.

b) The order controller (accounting manager or authorized person):

- Based on related documents, re-enter elements such as the receiving unit, serving unit of the issuer, serving unit of the recipient, amount to verify the data entered by the order creator;

- If errors are found, return the document to the order creator for correction;

- If the data is correct, sign their own electronic signature (internal) on the Payment Order, sign on the document, and transfer it to the approver.

c) The approver (account holder or authorized person; specifically for members that are State Bank, the approver is the head of the unit or authorized person):

- Check the accuracy between the original document data and the screen data;

- If errors are found, return the document to the order creator or order controller for correction;

- If the data is correct, sign the document, sign their own electronic signature on the Payment Order to send it.

2. For Payment Orders created from electronic documents:

In cases where the input is an internal payment system electronic document of the members:

a) If the electronic document is valid but lacks information: the order creator supplements the missing contents according to the Payment Order creation regulations; the order controller and approver review similar factors as in the case of paper documents to ensure accuracy and sign their own electronic signatures on the Payment Order to send it;

b) The General Director/Manager of the units decides whether only the approver needs to sign an electronic signature on the Payment Order and bear responsibility for this decision if the input electronic documents are valid, contain complete information, and meet security, safety, and data accuracy conditions; or follow Point a Clause 2 of this Article.

3. After the approver has checked and signed the electronic signature, print out two copies: one copy for the journal entry, one copy for notifying the customer of Debit or Credit.

Article 21. Accounting at the Initiating Unit for High-Value or Low-Value Payment Orders Already Approved (including processing settlement results across provinces, cities, regions)

1. Accounting for High-Value or Urgent Payment Orders

a) For Credit Payment Orders

Debit appropriate account (customer deposit for payment);

Credit collection/distribution account or other appropriate internal payment account (detailed account for payment with headquarters).

b) For Debit Payment Orders

Debit collection/distribution account or other appropriate internal payment account (detailed account for payment with headquarters);

Credit other pending payment account.

When receiving notification of acceptance of the Debit Payment Order from the receiving unit, the initiating unit will pay the customer and issue a transfer voucher for accounting:

Debit other pending payment account (for customer Debit Payment Orders);

Credit appropriate account (customer deposit for payment).

When receiving a notification of rejection of the Debit Payment Order (with clear reasons for rejection), the initiating unit checks the validity and accounts as follows:

Credit collection/distribution account or other appropriate internal payment account (detailed account for payment with headquarters);

Debit other pending payment account.

2. Accounting for Low-Value Payment Orders and Settlement Results after Processing Settlements Across Regions

a) When sending Payment Orders to participate in regional settlement processing

- For Credit Payment Orders, account as follows:

Debit appropriate account:

Credit settlement account.

- For Debit Payment Orders, account as follows:

Debit settlement account;

Credit appropriate account.

Before processing and accounting for Debit Payment Orders (if permitted), a notification of acceptance of the Debit Payment Order from the receiving unit must be received, which is stored together with the Debit Payment Order.

b) Upon receipt of Payment Orders transferred through regional settlement processing, account as follows:

- For Credit Payment Orders, account as follows:

Debit settlement account;

Credit appropriate account.

- For Debit Payment Orders, account as follows:

Debit appropriate account;

Credit settlement account.

c) Upon receipt of settlement results sent back by the Regional Processing Center after each settlement result processing, account as follows:

- In the case of excess funds in settlement being collected (must collect), account as follows:

Debit collection/distribution account or other appropriate internal payment account (detailed account for payment with headquarters);

Credit settlement account.

- In the case of deficit funds in settlement needing to be paid (must pay), account as follows:

Debit settlement account;

Credit collection/distribution account or other appropriate internal payment account (detailed account for payment with headquarters).

At the end of the trading day, the settlement account must have a zero balance.

Article 22. Accounting for Payment Orders at the Receiving Unit

1. At the Head Office of the Member:

a) Accounting for Payment Orders:

- For Credit Payment Orders (high value or urgent):

+ In cases where individuals and entities receiving funds have accounts at the Head Office, the accounting shall be as follows:

Debit the deposit account with the State Bank;

Credit an appropriate internal account.

+ In cases where individuals or entities receiving funds have accounts opened at branches within the system, the accounting shall be as follows:

Debit the deposit account with the State Bank;

Credit the collection and payment account or an appropriate internal settlement account (detailed account for each branch, Head Office).

- For Debit Payment Orders:

+ In cases where individuals and entities required to pay have accounts opened at the Head Office, the accounting shall be as follows:

Debit an appropriate internal account;

Credit the deposit account with the State Bank.

+ In cases where individuals or entities required to pay have accounts opened at branches within the system, the accounting shall be as follows:

Debit the collection and payment account or an appropriate internal settlement account (detailed account for each branch, Head Office);

Credit the deposit account with the State Bank.

b) Accounting for Payment Orders participating in netting settlements and processing netting settlement results when the Head Office participates directly as a member under the leadership of the Trading Department, the processing and accounting shall be as follows:

- When sending orders to participate in netting settlements on the local market, as well as when receiving Payment Orders from other members, the processing and accounting shall be similar to the guidance provided in Points a and b Clause 2 Article 21 of this Circular.

- When receiving netting settlement results transferred back by the Trading Department, the processing shall be as follows:

+ If the result is received (receivable), the accounting shall be as follows:

Debit the deposit account with the State Bank;

Credit settlement account.

+ If the result is payable, the accounting shall be as follows:

Debit settlement account;

Credit the deposit account with the State Bank.

c) When receiving netting settlement results from Regional Processing Centers, the accounting shall be as follows:

- Based on the Settlement Statement sent by the Trading Department, according to the total receivable or payable difference, the accounting shall be between the deposit account with the State Bank and the netting settlement account.

Based on the detailed results on the Settlement Statement sent by the Trading Department, the detailed accounting shall be between the netting settlement account and the collection and payment account or an appropriate internal settlement account (detailed account for each branch, Head Office).

2. At Member Units (branches):

a) Accounting for Payment Orders:

+ For Credit Payment Orders:

Debit collection/distribution account or other appropriate internal payment account (detailed account for payment with headquarters);

Credit appropriate account.

+ For Debit Payment Orders:

Debit appropriate account;

Credit collection/distribution account or other appropriate internal payment account (detailed account for payment with headquarters).

b) In cases where Payment Orders are received through local netting settlements and the results of netting settlements after each processing, the processing and accounting shall be as provided in Points b and c Clause 2 Article 21 of this Circular;

c) Handling Debit Payment Orders with authorization but the customer lacks the ability to pay:

- The receiving unit must immediately notify the customer to deposit sufficient funds into their account to execute the Debit Payment Order within the acceptable time limit (maximum two working hours from receipt of the Debit Payment Order);

- Within the acceptable time limit, if the customer deposits sufficient funds into their account to execute the Debit Payment Order, the receiving unit shall account as follows:

Debit the customer's account;

Credit the collection and payment account or an appropriate internal settlement account.

- After the acceptable time limit, if the customer does not deposit sufficient funds into their account to execute the Debit Payment Order, the receiving unit shall issue a Debit Payment Order to return to the initiating unit, clearly stating the refusal content and account for the received Payment Order as follows:

Debit the receivable account;

Credit the collection and payment account or an appropriate internal settlement account;

Issue a Debit Payment Order to send to the initiating unit based on the refused content:

Debit the collection and payment account or an appropriate internal settlement account;

Credit the receivable account.

The receiving unit must maintain a record of unredeemed Debit Payment Orders to provide data for electronic payment situation reports as prescribed.

Article 23. Accounting and Processing of Payment Orders at the State Bank Trading Department

Based on the list prepared from electronic data (according to Models TTLNH-10, TTLNH-11, TTLNH-12, TTLNH-13, TTLNH-14, TTLNH-15 attached to this Circular) to serve as the basis for control, accounting, auditing, and storage.

1. For high-value and urgent payment orders, accounting shall be conducted as follows:

a) For Credit Payment Orders:

Debit the settlement account of the initiating entity;

Credit the settlement account of the receiving entity.

b) For Debit Payment Orders:

Debit the settlement account of the receiving entity;

Credit the settlement account of the initiating entity.

2. Accounting for the results of low-value netting settlements:

a) For members who must pay:

Debit the settlement account of the member;

Credit settlement account.

b) For members who must receive:

Debit settlement account;

Credit the settlement account of the member.

3. Handling the results of low-value netting settlements for State Bank entities:

Based on the results of low-value netting settlements, the Trading Department will issue payment orders and process them similarly to high-value payment orders sent to State Bank entities.

Article 24. Implementation of TTLNH at Regional Processing Centers

When implementing TTLNH at Regional Processing Centers, accounting entries are not made but the following actions are carried out:

1. Sending electronic messages instructing requests for post-settlement reconciliation after completing the settlement of documents.

2. Checking and categorizing the following payments to prepare payment orders and process them according to the procedures outlined in the relevant clauses of this Circular:

a) High-value payments;

b) Low-value payments;

c) Debit payments with authorization.

3. Receiving electronic messages confirming and reporting the results of settlement from the National Processing Center to compile and send confirmation and settlement results to branches of the State Bank in provinces and cities, and other units within the area.

SECTION IV. HANDLING RECONCILIATION SETTLEMENTS BETWEEN MEMBERS

Article 25. Net Debt Limit

1. Establishing the Net Debt Limit:

a) Members participating in low-value payment services must establish their own net debt limit and submit it to the Trading Department. The Trading Department will check the arithmetic accuracy, combine it with the actual implementation of low-value payments, collateral securities of the members, and notify the result for the unit to implement;

b) The net debt limit is calculated based on the difference between the total number of incoming low-value payment orders and the total number of outgoing low-value payment orders during a specified period;

c) The establishment of the net debt limit is carried out once every six months during the first five days of January and July each year;

d) Members holding securities must establish the net debt limit in accordance with Article 26 of this Circular;

e) Members unable to hold securities as prescribed by law, the State Bank will have separate regulations regarding the establishment of the net debt limit for these members.

2. Adjusting the Net Debt Limit:

a) The Trading Department may request members participating in low-value payment services to adjust their net debt limit upwards if it finds that the limit is too low or too high after reviewing the previous net debt limit of the member;

b) Each member can change their net debt limit and must notify the Trading Department of the result after completing the procedures for changing the net debt limit;

c) In case of necessity, the Director of the Trading Department may accept the request to increase the net debt limit of a member participating in reconciliation settlement without prior notice. However, this acceptance may be revoked immediately if the member does not provide the necessary collateral securities within the specified time frame;

d) The Trading Department will promptly inform members participating in low-value payment services about changes to the net debt limit.

3. Managing the Net Debt Limit:

a) At the start of each working day, the National Processing Center updates the Regional Processing Centers with the net debt limit announced by the Trading Department (the initial net debt limit). Throughout the working day, this limit may change (increase or decrease) depending on the transaction activities of the members and affiliated units (current net debt limit). Every ten seconds, the National Processing Center recalculates the current net debt limit of each member and updates the Regional Processing Centers. The current net debt limit of each member is calculated by adding the initial net debt limit to the total receivables and subtracting the total payables. Members must continuously monitor their net debt limit to maintain it at an appropriate level.

b) In case a transaction cannot be executed due to insufficient net debt limit, the member must immediately notify the National Processing Center and related customers about the payment request and take necessary measures to resolve the blockage, including increasing their net debt limit.

Article 26. Valuable papers used for collateral

1. Valuable papers used for collateral (hereinafter referred to as collateral valuable papers) to establish net debt limits in low-value transactions include:

a) Treasury bills of the State Treasury;

b) Treasury bills of the State Bank;

c) Government bonds of the State Treasury;

d) Central government construction bonds;

d) National construction bonds;

e) Government bonds issued by the Vietnam Development Bank (formerly the Development Support Fund), designated by the Prime Minister;

g) Bonds issued by the Vietnam Development Bank guaranteed by the Government to pay 100% of principal and interest at maturity;

h) Bonds issued by the Social Policy Bank guaranteed by the Government to pay 100% of principal and interest at maturity;

i) Local government bonds issued by the People's Committee of Hanoi City and the People's Committee of Ho Chi Minh City;

k) Other valuable papers as prescribed by the State Bank.

2. Calculation of collateral valuable papers

a) The Trading Floor shall pledge the remaining value of members' collateral valuable papers equal to 10% of the net debt limit announced by the Trading Floor for participation in low-value transactions;

b) The Trading Floor may adjust the equivalent value of members' collateral valuable papers within the permitted range to ensure their payment capacity;

c) After calculating the amount of collateral valuable papers, the decimal part under 100 million VND will be rounded up to the nearest whole number.

3. Time of submission of collateral valuable papers

Members participating in settlement must provide collateral valuable papers to the Trading Floor at the following times:

a) Collateral valuable papers as specified in Point a Clause 2 of this Article shall be submitted to the Trading Floor at the time of notification of the established or increased net debt limit. In cases of increasing the net debt limit as stipulated in Point c Clause 2 of this Article, the collateral valuable papers shall be submitted on the same day as the related settlement reconciliation transaction;

b) Collateral valuable papers as specified in Point b Clause 2 of this Article shall be submitted at the end of the month after completing the calculation of the minimum amount of collateral valuable papers.

4. Valuation of collateral valuable papers

Collateral valuable papers participating in low-value transactions shall be valued based on the remaining value of each type of valuable paper at the valuation time.

5. Return of collateral valuable papers

a) When the value of collateral valuable papers held at the Trading Floor exceeds the minimum amount calculated as stipulated in Point b Clause 2 of this Article, the corresponding settlement reconciliation member may request the return of collateral valuable papers equivalent to the excess amount;

b) Upon receipt of a valid request for the return of collateral valuable papers, the Trading Floor shall process the return of these papers on the next working day.

6. Transfer of collateral valuable papers

In case a member lacks funds for payment, after implementing the measures prescribed in Article 31 of this Circular and still not having sufficient funds, the Trading Floor shall transfer the member's collateral valuable papers at the nearest money market or securities market trading session. The procedure for transferring collateral valuable papers shall be in accordance with the regulations of the State Bank.

Article 27. Handling Insufficient Net Debit Cap in Low-Value Payment Settlements

In cases where the amount on the Payment Order exceeds the net debit cap, the handling shall be carried out as follows:

- Report to the member to immediately increase the net debit cap in accordance with Point c Clause 2 Article 25 of this Circular for the purpose of processing the Payment Order;

- Wait until the net debit cap is sufficient before executing the Payment Order.

- At the time when sending low-value Payment Orders is stopped, Payment Orders exceeding the net debit cap will be canceled. Members and their units providing information services shall check the status of these Payment Orders.

Article 28. Execution of Net Settlement

The results of net settlement of low-value payment transactions transmitted from the low-value switching network and regional processing centers shall be settled by the National Processing Center and the final result shall be recorded in the settlement accounts of members opened at the Trading Floor. Specifically as follows:

1. At the National Processing Center

a) Send electronic messages directing requests for net settlement to regional processing centers to collect net low-value data;

b) Receive internal net settlement results from each regional processing center and combine them with inter-provincial net settlement results at the National Processing Center to perform another round of net settlement. This net settlement result shall be reported to the regional processing centers;

c) The National Processing Center executes net settlement:

Record according to the guidance provided in Clause 2 Article 23 of this Circular;

d) The National Processing Center reports the net settlement results to the regional processing centers.

2. At Regional Processing Centers

a) Upon receiving the request to send net settlement results from the National Processing Center, regional processing centers shall process net settlement and send electronic messages requesting net settlement and net settlement results to the National Processing Center;

b) Receive confirmation messages and net settlement results from the National Processing Center.

Article 29. Monitoring Net Settlement Status

1. Time for Monitoring

The Trading Floor shall monitor net settlement through the TTLNH System, one hour before the designated settlement time for morning settlement sessions and half an hour before the designated settlement time for afternoon settlement sessions.

2. Sequence of Monitoring Content to be Implemented:

a) Check capital status through inquiries on the TTLNH System, review daily log files;

b) Notify members about capital status; Forecast potential capital shortages and request members to take necessary measures to replenish capital;

c) Check the implementation of capital replenishment into settlement accounts of members previously notified of capital shortages.

 PART V. HANDLING CAPITAL SHORTAGES IN TTLNK

Article 30. Queue Management and Resolution

1. In cases where a member's settlement account is short of funds, the National Processing Center shall retain Payment Orders in the queue. When funds are replenished into the member's deficit account, the National Processing Center shall process Payment Orders in the queue on a first-in-first-out basis. If a large-value Payment Order in the queue causes congestion for other Payment Orders in the queue, the National Processing Center may rearrange (reorder) unprocessed Payment Orders while still retaining the net debit with the large-value amount received earlier but held in the queue due to insufficient funds.

Manage queues as follows:

a) Periodically check settlement accounts;

b) Send requests for net settlement if there are sufficient funds;

c) Process cancellation requests on a first-in-first-out basis.

2. Payment participants can only cancel Payment Orders in the queue before the end of the posting period; low-value Payment Orders that have not been netted. The sequence of steps to be implemented is as follows:

a) Upon receipt of the Payment Order cancellation instruction from the initiating unit, the regional processing center shall base on the log to verify the validity of the cancellation order;

b) If it is a valid transaction, the cancellation order shall be forwarded to the National Processing Center;

c) The National Processing Center checks the queue, if the transaction is in the queue, the cancellation process shall be executed; the cancellation result shall be reported to the initiating unit. If the transaction is not in the queue, the system sends a transaction status report to the initiating unit.

Article 31. Handling in cases of insufficient settlement funds

1. For High-value Payment Orders:

a) Supplementing capital from the member's own capital sources;

b) Supplementing capital through transactions on the money market;

c) The payment order shall be temporarily transferred to the queue; when there is sufficient money, the payment order will be processed;

d) The Exchange shall implement overdraft in payment or lend capital to members according to the regulations of the State Bank;

đ) At the end of the trading day, if the corresponding settlement deposit account still lacks funds, high-value payment orders remaining in the queue will be automatically canceled. Members and affiliated units providing information services shall check the status of these payment orders;

2. For low-value payment settlement results:

a) Supplementing capital from the member's own capital sources;

b) Supplementing capital through transactions on the money market;

c) The Exchange shall implement overdraft in payment according to the regulations of the State Bank;

d) In case members are unable to settle net payable amounts at the end of the working day, the Exchange shall implement a loan solution for net settlement according to the regulations of the State Bank;

Article 32. Responsibility for sharing insufficient funds in net settlement

1. Determination of responsibility

If a member lacks settlement funds, after implementing the measures prescribed in Clause 6, Article 26 of this Circular and still does not have sufficient funds, the State Bank may allocate the shortage amount to other participating net settlement members to share as a temporary loan. If any member is unable to bear the allocated shortfall, the State Bank will require the remaining participating net settlement members to assume the responsibility of sharing this surplus with a temporary loan form. The ratio of allocating the fund shortfall to participating net settlement members is based on their corresponding collateral securities deposited at the Exchange. In case a member lacking funds goes bankrupt, the members who have shared the fund shortfall of the bankrupt member will be paid off according to the Enterprise Bankruptcy Law;

2. Sharing the fund shortfall in net settlement

a) Upon receiving notification of the allocated share of the fund shortfall, the allocated member sends the allocated amount to their deposit account at the Exchange within the specified payment time;

b) Based on the notification of the allocated amounts, participating net settlement members will recalculate the net settlement balance including the contribution to the allocated fund shortfall and send the revised net settlement notification to the Exchange for settlement within the specified time;

3. Repayment of the fund shortfall

The member lacking funds to perform net settlement must repay the temporary loan amount plus interest determined according to the overnight lending regulations of the State Bank by the due date;

 PART VI. HANDLING ERRORS IN THE NATIONAL PAYMENT SYSTEM

Article 33. Principles for correcting errors in the National Payment System

1. Ensuring consistency of data between the initiating unit, receiving unit, and National Processing Center. Errors occurring where they must be corrected there. Arbitrary modification of data and error correction in the National Payment System is strictly prohibited;

2. When errors are discovered, corrective measures must be taken immediately without delaying payment operations. Error corrections must follow accounting principles and methods and the regulations for the National Payment System;

3. Any unit or individual causing errors or violating error correction principles and methods will be penalized according to the degree of fault and must fully bear material responsibility for the errors caused to related parties.

Article 34. Revocation and Refund of Payment Orders at Members and Subordinate Units

1. Principles

a) A Payment Order may only be revoked in the following cases:

- Initiated but not yet transmitted;

- Transmitted but still pending in queue.

b) A Payment Order may only be refunded in the following cases:

- A Debit Payment Order with authorization may only be refunded when the initiating unit has not yet paid the customer according to the Payment Order or has already paid but has recovered the payment;

- A Credit Payment Order may only be refunded when the receiving unit has not yet credited the customer's account or has credited the customer's account but the customer has returned the payment.

2. Documents for revocation and refund of Payment Orders:

a) Documents for revoking Payment Orders include:

- Debit Payment Order Revocation Order: has the value of a Credit Payment Order; Issued by the initiating unit and sent to the receiving unit to revoke a faulty Debit Payment Order (refund the full amount);

- Credit Payment Order Revocation Order: issued by the initiating unit to revoke a Credit Payment Order that has not been transmitted or has been transmitted but is still pending in queue (unprocessed due to lack of funds).

b) Documents for refunding Payment Orders include:

- Request for Refunding Payment Order: issued by the initiating unit and sent to the receiving unit, requesting to refund a faulty Credit Payment Order; Serves as the basis for the receiving unit to issue a Credit Payment Order to refund the initiating unit, provided that the money has been recovered or the customer has returned it;

- Notification of Refusal to Process Request for Refunding Payment Order: issued by the receiving unit to refuse a request for refunding a faulty Credit Payment Order, due to inability to recover the money from the customer.

3. Subordinate units must handle revocation and refund of Payment Orders promptly, as they would for urgent Payment Orders.

Article 35. Handling Errors at Initiating Units

1. Handling errors before transmitting the Payment Order

a) If an error in the Payment Order is detected before the approver signs the electronic signature to transmit it, the preparer shall correct it based on the original document;

b) If an error in the Payment Order is detected after the approver has signed the electronic signature, a cancellation record of the erroneous Payment Order must be established, clearly noting the order code, time, and date of cancellation, and must have signatures of the approver, supervisor, and relevant preparer. The record is kept in a separate file for preservation, followed by issuance of the correct Payment Order for transmission.

2. Handling errors discovered after transmitting the Payment Order

Upon discovering errors such as incorrect amounts (over or under), reversed debits and credits, the initiating unit must immediately verify information with the receiving unit to take timely measures. The initiating unit must establish a record to determine the cause, clearly assign individual responsibility, and implement handling:

a) In case of underpayment:

Based on the record, issue a supplementary Payment Order for the underpaid amount and send it to the receiving unit. The payment content must clearly state "supplementary transfer according to Debit (or Credit) Payment Order number ... dated ..., amount transferred so far ..." and then process according to the guidance in Article 21 of this Circular.

b) In case of overpayment:

- For a Credit Payment Order with overpayment:

Based on the record, issue a Request for Refunding the Overpaid Credit Payment Order amount, immediately send it to the receiving unit while establishing a Bank Transfer Voucher, and process:

Credit "Tracking Number of Request for Refunding Credit Payment Order Sent"

Upon receipt of the Credit Payment Order from the receiving unit returning the excess amount, the initiating unit processes:

Debit "Tracking Number of Request for Refunding Credit Payment Order Sent" and process:

In case the receiving unit refuses the Request for Refunding the Overpaid Credit Payment Order due to inability to recover the money from the customer, the initiating unit must establish a Committee to handle the matter according to current regulations to determine the liability and compensation level of the individual responsible for the error.

- For a Debit Payment Order with overpayment:

Based on the record, issue a Debit Payment Order Revocation Order to immediately send to the receiving unit to revoke the overpaid amount on the Debit Payment Order, and simultaneously process:

In case the customer's account does not have sufficient balance to execute the Debit Payment Order Revocation Order for the overpaid amount, the initiating unit must record it in the Accounts Receivable account (individual responsible for the error) and then take all measures to recover the money, if unsuccessful, liability for compensation must be determined according to the prescribed regulations.

Upon receipt of the notification of the amount transferred back by the receiving unit, process and record:

c) In case of reversed debits and credits:

The initiating unit must establish a record, and simultaneously issue a Debit Payment Order Revocation Order (for a Credit Payment Order with reversed debits and credits) or request revocation of a Credit Payment Order (for a Debit Payment Order with reversed debits and credits) to cancel the entire reversed Payment Order, then issue a correct Payment Order and send it to the receiving unit.

- Handling a Credit Payment Order with reversed debits and credits:

+ Should have transferred Credit and processed:

Debit appropriate account;

Credit Collection and Disbursement Account or appropriate Internal Settlement Account (detailed settlement account with headquarters)

+ But transferred Debit and processed:

Debit Collection and Disbursement Account or appropriate Internal Settlement Account (detailed settlement account with headquarters);

There is an appropriate account

+ Now must be adjusted by: issuing a Payment Order cancellation for the incorrect Payment Order Debit to the receiving unit and posting:

+ Then issue a correct Payment Order Credit to send out.

- Handle the incorrect Payment Order Debit in reverse:

+ Should have transferred Debit and posted:

Debit Collection and Disbursement Account or appropriate Internal Settlement Account (detailed settlement account with headquarters);

Credit appropriate account.

+ But transferred Credit and posted:

Debit appropriate account;

Credit Collection and Disbursement Account or appropriate Internal Settlement Account (detailed settlement account with headquarters)

+ Now must be corrected by: issuing a Request for Refund of the incorrect Payment Order Credit to the receiving unit and creating a transfer voucher, posting:

+ Then issue a correct Payment Order Debit to send out;

+ Upon receiving the Payment Order Credit from the receiving unit returning the incorrectly transferred amount, the initiating unit should post the entry into the accounts receivable account to settle the incorrectly transferred amount.

Article 36. Handling Errors at the Receiving Unit

1. Handling Payment Orders with errors due to technical faults or discovering fraudulent Payment Orders;

In these cases, the receiving unit shall not be allowed to post entries but must investigate the initiating unit; simultaneously notify the Regional Processing Center to coordinate in applying measures to handle the situation.

2. For Payment Orders with insufficient amounts:

Upon receiving the supplementary Payment Order transferring the missing amount from the initiating unit, the receiving unit must carefully review and control both the original erroneous Payment Order and the supplementary Payment Order; if valid, post the supplementary Payment Order as a regular correct Payment Order.

3. For Payment Orders with excess amounts:

a) Detected before posting to the customer's account: If the receiving unit receives a notification from the initiating unit about an excess transfer before receiving the Payment Order, the receiving unit must record the erroneous Payment Order in a tracking book to take timely action;

Upon receiving the Payment Order, the receiving unit must control and compare it with the received notification content; if verified correctly, handle as follows:

- If it is a Payment Order Credit, post:

Credit the agency collection/distribution account or other suitable internal settlement account (detailed settlement account with the head office): The entire amount transferred

Upon receiving a Request for Refund of the Payment Order Credit for the excess amount (in case of an excess Payment Order Credit error) or a Payment Order Cancellation for the excess amount (in case of an excess Payment Order Debit error) from the initiating unit, handle as follows:

- For a Credit Payment Order with overpayment:

Based on the Request for Refund of the Payment Order Credit, issue a Payment Order Credit to refund the initiating unit the excess amount, posting:

- For a Debit Payment Order with overpayment:

Based on the Payment Order Cancellation, post:

b) In case of receiving a notification from the initiating unit after the payment has been made to the customer, the receiving unit records the erroneous Payment Order in the tracking book and handles as follows:

- For a Credit Payment Order with overpayment:

Upon receiving a Request for Refund of the Payment Order Credit for the excess amount from the initiating unit, if verified correctly, the receiving unit handles as follows:

+ If the customer's account has sufficient balance: Based on the Request for Refund of the Payment Order Credit, issue a Payment Order Credit to refund the initiating unit the excess amount:

+ If the customer's account does not have sufficient balance to recover the amount, the receiving unit records the unexecuted Request for Refund of the Payment Order Credit in the tracking book and requests the customer to deposit money into the account to execute this Request for Refund. When the customer deposits enough money, the accountant records the executed Request for Refund of the Payment Order Credit in the tracking book, issues a Payment Order Credit to the initiating unit, and posts as previously instructed.

+ If the customer is unable to pay or the customer is a non-resident with an unknown address, the receiving unit must cooperate with local authorities and law enforcement agencies such as police and courts, etc., to find all means to recover the funds. After applying all recovery measures without success or insufficient recovery, the receiving unit may refuse the Request for Refund of the Payment Order Credit; issue a Notice of Refusal of the Request for Refund of the Payment Order Credit, clearly stating the reasons for refusal along with the recovered amount (if any); return to the initiating unit while recording the unexecuted Request for Refund of the Payment Order Credit in the tracking book.

4. Adjusting Other Errors

For Payment Orders with incorrect customer addresses (Payment Orders transferred to the correct receiving unit but without a recipient or the recipient has an account at another bank), incorrect names or account numbers of the recipient (correct name but wrong account number or vice versa), document symbols, transaction type symbols, handle as follows:

a) For Payment Orders Credit (or Debit) that the receiving unit has received but not yet posted, post to the payable (receivable) account then issue a Payment Order to return to the initiating unit. Strictly prohibit the receiving unit from continuing to transfer funds;

b) For already executed Payment Orders, the receiving unit handles similarly as described in Point b Clause 3 of this Article.

Article 37. Cancellation and Refund of Payment Orders at Customer's Request

1. Processing at the Order Originating Unit:

Upon receiving a Valid Request to Cancel a Payment Order or a Customer's Debit Payment Order Cancellation, the order originating unit must verify the validity of these documents and compare them with the Payment Order to be canceled. If invalid, return to the customer; if valid, proceed as follows:

a) For Unexecuted or Undelivered Payment Orders: Process according to the cancellation procedure for Payment Orders, the order originating unit sends the customer a notification accepting the cancellation order and will not execute that Payment Order (no accounting entry).

b) For Executed and Delivered Payment Orders but still pending at the National Processing Center (due to insufficient funds in the deposit account), process according to the cancellation procedure (with accounting entries) for Payment Orders:

- For Valid Cancellation Orders of Credit Payment Orders:

+ Based on the customer’s valid cancellation request, the transaction accountant supplements necessary elements of the cancellation order according to regulations (Form TTLNH-05) and signs their electronic signature on the cancellation order;

+ The order approver must recheck the elements of the newly created cancellation order against the customer’s cancellation request to ensure accuracy and match. If correct, the order approver signs their electronic signature on the cancellation order to send it out;

+ Record the Cancellation Order Tracking Book for sent Credit Payment Order cancellations (no internal accounting entry).

The National Processing Center sends the order originating unit a notification of the cancellation request result. The order originating unit prints and checks the information on the notification; if the cancellation is successful, both the order preparer and the order approver sign to confirm on the notification and perform accounting entries:

Debit Collection and Disbursement Account or appropriate Internal Settlement Account (detailed settlement account with headquarters);

Credit the appropriate customer account (previously debited).

If the cancellation is unsuccessful (the Payment Order is no longer in the queue), the order originating unit processes according to the refund request procedure as directed in Point c Clause 1 of this Article.

- For Valid Cancellation Orders of Authorized Debit Payment Orders:

Based on the cancellation order, the order originating unit performs accounting entries to debit the customer's account for the previously credited amount to transfer to the receiving unit:

Debit the appropriate account after:

- Other pending payment amounts (if not yet paid to the customer);

- Funds transferred by the transferring unit (if already paid to the customer).

Credit Collection and Disbursement Account or appropriate Internal Settlement Account (detailed settlement account with headquarters)

c) If the Payment Order has been processed and sent, and the National Processing Center has performed accounting entries, the order originating unit prepares a Refund Request for the Payment Order and proceeds:

- For Refund Requests for Credit Payment Orders:

+ Based on the customer’s valid cancellation request, the order preparer supplements necessary elements of the refund request according to regulations (Form TTLNH-06) and signs their electronic signature on the refund request;

+ The order approver must recheck the elements of the newly created refund request against the customer’s cancellation request to ensure accuracy and match. If correct, the order approver signs their electronic signature on the refund request to send it to the receiving unit;

+ The order originating unit records the Refund Request Tracking Book for sent Credit Payment Orders (no internal accounting entry);

+ When receiving the full amount (of the canceled Credit Payment Order) refunded by the receiving unit, the order originating unit performs accounting entries to refund the money to the customer. Based on the Credit Payment Order from the receiving unit, record the Refund Request Tracking Book for sent Credit Payment Orders and perform accounting entries:

Debit Collection and Disbursement Account or appropriate Internal Settlement Account (detailed settlement account with headquarters);

Credit the appropriate customer account (previously debited).

- For Valid Cancellation Orders of Authorized Debit Payment Orders:

Based on the cancellation order, the order originating unit performs accounting entries to debit the customer's account for the previously credited amount to transfer to the receiving unit:

Debit the appropriate account after:

- Other pending payment amounts (if not yet paid to the customer);

- Funds transferred by the transferring unit (if already paid to the customer).

Credit Collection and Disbursement Account or appropriate Internal Settlement Account (detailed settlement account with headquarters)

2. Processing at the Receiving Unit:

Upon receiving a Refund Request (for Credit Payment Orders) or a Cancellation Order (for Debit Payment Orders) from the order originating unit, the receiving unit must verify the validity of the Refund Request (or Cancellation Order) and compare it with the received Payment Order and process according to the refund procedure.

a) If a Refund Request error is detected, the receiving unit prepares a Notification of Refusal to Process the Refund Request for Credit Payment Orders (clearly stating the reasons for refusal) and returns it to the order originating unit (no accounting entry);

- If there is an error in the Cancellation Order, the receiving unit processes it as for a Credit Payment Order with errors.

b) If the Refund Request (or Cancellation Order) is valid, proceed as follows:

If canceling or refunding an unexecuted Payment Order:

The receiving unit immediately sends the order originating unit a Notification Accepting the Refund Request or Cancellation Order and processes:

- In case of canceling a Credit Payment Order:

+ Based on the Credit Payment Order received (the canceled Credit Payment Order), perform accounting entries:

+ Based on the Cancellation Request, prepare a Credit Payment Order to return to the order originating unit, perform accounting entries:

- In case of canceling a Debit Payment Order:

+ Based on the Debit Payment Order received (the canceled Debit Payment Order), perform accounting entries:

Debit the receivable account;

Credit Collection and Disbursement Account or appropriate Internal Settlement Account (detailed settlement account with headquarters)

+ Simultaneously based on the Cancellation Order, perform accounting entries:

Debit Collection and Disbursement Account or appropriate Internal Settlement Account (detailed settlement account with headquarters);

Credit the appropriate payable account.

If canceling an executed Payment Order:

- For Refund Requests for Credit Payment Orders:

+ If the Credit Payment Order received has been executed, the receiving unit must immediately send a Refund Request to the customer to notify them. Only upon the customer's agreement (in writing) or submission of cash, preparing a payment document to debit their own account to transfer back can the receiving unit proceed with the Refund Request, performing accounting entries:

Debit the appropriate account (previously credited according to the canceled Credit Payment Order).

Credit Collection and Disbursement Account or appropriate Internal Settlement Account (detailed settlement account with headquarters)

Then send a Notification Accepting the Refund Request to the customer and the order originating unit.

+ For Refund Requests not approved for transfer back by the customer as stipulated above, the receiving unit prepares a Notification of Refusal to Process the Refund Request clearly stating the reasons and returns it to the order originating unit (no internal accounting entry).

- For Cancellation Orders for Debit Payment Orders:

Based on the received Cancellation Order, the receiving unit performs accounting entries:

Debit Collection and Disbursement Account or appropriate Internal Settlement Account (detailed settlement account with headquarters);

Credit the appropriate account (previously debited).

Then send a Notification Accepting the Cancellation Order to the customer and the order originating unit.

If the request to cancel the Payment Order or the Order to Cancel the Debit Payment Order accompanied by a valid Payment Order to replace the canceled Payment Order is received, the receiving unit must strictly monitor the Payment Order Register to prevent double payment to the customer.

Article 38. Inquiry and Response to Inquiry

In cases where inaccurate elements are found on the Payment Order (excluding the following elements): Bank Code, Credit/Debit nature, execution date, amount, type of payment, the following actions shall be taken:

1. The initiating unit must establish an inquiry to correct the information or the receiving unit must establish an inquiry to request the initiating unit to correct the information.

2. Procedures for processing electronic inquiry messages include:

a) Creating the electronic message

- The person creating the order enters the data;

- The person approving the order conducts control and signs with an electronic signature;

- Sending the electronic message to the Regional Processing Center; print out the content of the electronic message and both persons sign the printed copy.

b) Receiving the electronic message

- The person approving the order checks the electronic signature;

- Both the person creating the order and the person approving the order sign on the printed copy.

3. Retaining inquiry and response documents.

Inquiry and response documents with complete signatures are kept together with the original Payment Order and serve as the basis for payment to customers.

Article 39. Handling Technical Errors in the TTLNH System

1. Common errors

a) In cases where hardware, software, database, communication link, or terminal device errors occur, preventing transactions from being executed, the error status should be reported as follows:

- Errors occurring at members and member units: report to the Regional Processing Center and the National Processing Center;

- Errors occurring at the Regional Processing Center: report to the National Processing Center, relevant members and member units;

- Errors occurring at the National Processing Center: report to the Regional Processing Centers or the entire system;

- Errors occurring at the State Bank branch in provinces and cities: report to the National Processing Center and the Regional Processing Center currently connected.

b) Communication methods: through computer networks, fax, or telephone;

c) Members, member units, and Regional Processing Centers must have the responsibility to report and promptly handle errors within their management scope; simultaneously cooperate in handling other errors arising in the TTLNH System when requested.

2. Force majeure errors

Force majeure errors are those that arise due to events beyond the control of the system managers and operators and cannot be predicted. They are handled as follows:

a) Report the force majeure error status to the System Management Board;

b) The Management Board reviews and decides on the resolution measures. In cases where it is necessary to switch to the backup system, the Management Board decides on the time to switch to the backup system and implements the notification:

- Switching to the National Processing Center backup: notify the Regional Processing Centers; members and member units;

- Switching to the Regional Processing Center backup: notify other Regional Processing Centers and units under the jurisdiction of the Regional Processing Center being switched.

c) Communication methods: through computer networks, fax, or telephone;

d) Backup data method and content for the backup system: comply with procedures specified in the TTLNH System Operation Process.

3. Handling cases due to technical failures or transmission issues, resulting in non-receipt or non-sending of Payment Orders.

a) For outgoing Payment Orders:

- When the Payment Order has been sent but no confirmation is received from the Regional Processing Center due to technical failures, member units must take the following actions:

+ Query to update the current status of the Payment Order at the Regional Processing Center accurately;

+ For Payment Orders that remain unfinished after querying, handle as follows:

Resend the unfinished Payment Order to complete the transfer.

After resending, if the Payment Order still cannot be completed, the member unit establishes an Order to Cancel (in queue) the Payment Order. Based on the successful cancellation result sent back by the Regional Processing Center, the creator and approver sign and store this result on paper. After successfully canceling and completing all necessary procedures, the member unit can create a new Payment Order with a new journal entry to replace the previously canceled Payment Order or refund the money to the customer.

In cases where the resubmitted Payment Order is still unsuccessful and cannot be canceled, the member unit prepares a record of the incident. Based on the end-of-day reconciliation results and the cooperation in handling between the member unit and the National Processing Center, the member unit may retain the existing journal entries, refund the money, or issue a new Payment Order for the customer.

- Due to technical failures, the end-of-day reconciliation table may not balance, the member unit must query the Regional Processing Center to update the status of the unbalanced orders, then prepare a confirmation record of the current status. The final result of the end-of-day reconciliation table is based on the latest status of the Payment Orders and the cooperation in handling between the member unit and the National Processing Center.

b) For incoming Payment Orders:

In cases of technical failures due to inability to decode or receive the incoming Payment Order file, member units request the National Processing Center to change the file status and proceed to receive, decode, recheck, and print the incoming Payment Order.

c) In cases of technical failures with outgoing or incoming Payment Orders, member units must carefully monitor and reconcile to avoid sending multiple times (for outgoing Payment Orders) or over-recording (for incoming Payment Orders).

d) Failure to connect with the Regional Processing Center or the State Bank branch in provinces and cities:

In the event of computer, modem, telephone, etc., failures that prevent a member unit from connecting to the Regional Processing Center or the State Bank branch in the province/city to receive confirmations, reconciliation results, and other information, the member unit must notify the Standing Management Board through alternative means (fax, telephone, etc.) about the incident. For incomplete Payment Orders, the member unit shall only process payments for customers once the failure has been resolved and there is confirmation regarding the final status of the Payment Order.

d) For certain special technical issues:

When the TTLNH System encounters other special technical issues, the Management Board will examine and decide on appropriate technical measures to address each specific case.

 SECTION VII. REPORTING AND HANDLING REPORTS

Article 40. Daily Reports at the State Bank Trading Office

1. Preparation of Same-Day Fund Transfer Reports in the TTLNH System

After completing the same-day fund transfer reconciliation, the Trading Office shall create (generate) the same-day payment report for the entire TTLNH System in electronic form, including the following types:

a) Summary of Member Unit Transactions (Form TTLNH-10);

b) Summary of Member Transactions (Form TTLNH-11);

c) Interbank Settlement Balance Sheet (Form TTLNH-12);

d) Accounting Result Statement (Form TTLNH-13);

đ) Summary of Finalized Transaction Results (Form TTLNH-14);

e) Summary of Accounting Results (Form TTLNH-15).

2. Handling Reports

a) The Trading Office's Payment Supervisor must recheck the Same-Day Fund Transfer Report (including both electronic and paper documents) and verify the balances according to regulations to ensure the accuracy and consistency of the report preparation and the data reflected on the forms;

b) After the Same-Day Fund Transfer Report for the entire TTLNH System has been controlled and completely reconciled according to regulations, the Payment Supervisor signs the report. The handling and storage of the Same-Day Fund Transfer Report for the entire TTLNH System are as follows:

- Paper documents: the report forms (with complete signatures and stamps) are stored according to regulations for paper documents;

- Electronic documents: the Same-Day Fund Transfer Report for the entire TTLNH System is stored according to regulations for electronic documents.

Article 41. Preparation and Handling of Reports at Member Units Participating in the TTLNH System

1. For member units:

a) Outgoing Fund Transfer Report (Form TTLNH-16);

b) Incoming Fund Transfer Report (Form TTLNH-17);

c) Outgoing Fund Transfer Reconciliation (Form TTLNH-18);

d) Incoming Fund Transfer Reconciliation (Form TTLNH-19);

đ) Member Unit Payment Result Summary (Form TTLNH-20).

2. Handling Reports

a) Control:

- The Debit (Credit) amount on Form TTLNH-16 must equal the Debit (Credit) amount on Form TTLNH-18;

- The Debit (Credit) amount on Form TTLNH-17 must equal the Debit (Credit) amount on Form TTLNH-19;

- The discrepancy in the reconciliation result on Form TTLNH-18 and Form TTLNH-19 must be zero.

b) Handling Incorrect Reports:

If there are errors, the member unit must contact the National Processing Center to cooperate in resolving them.

3. Preparation of Reports at the Head Office of Members:

a) Outgoing Fund Transfer Report (Form TTLNH-16);

b) Incoming Fund Transfer Report (Form TTLNH-17);

c) Outgoing Fund Transfer Reconciliation (Form TTLNH-18);

d) Incoming Fund Transfer Reconciliation (Form TTLNH-19);

đ) Member Unit Payment Result Summary (Form TTLNH-20);

e) Member Payment Result Summary (Form TTLNH-21)

4. Daily Electronic Fund Transfer Reports of both the Head Office and member units, after being used for reconciliation and consolidation, must be stored in accordance with current regulations.

Article 42. Monthly Report

Units shall implement in accordance with the current information reporting regime of the State Bank.

||| PART VIII. CONDITIONS AND PROCEDURES FOR PARTICIPATION IN THE TTLNH SYSTEM

Article 43. Membership Conditions

1. Members participating in the TTLNH System must be payment service providers and comply with the following conditions:

a) Must have a settlement account at the Trading Center.

b) Must maintain a balance in the settlement account to ensure the execution of Payment Orders and netting settlements through the TTLNH System.

c) Must establish, maintain, and manage the net debt limit when participating in low-value payment services.

d) Must register the name, position, specimen signature, and contact address of the staff member responsible for or authorized to perform TTLNH on behalf of the unit.

đ) Must register terminal equipment, communication channels, and obtain an electronic signature issued by the Information Technology Department.

2. For units under the State Bank system, only the provisions at Points d and đ Clause 1 of this Article apply.

Article 44. Conditions for Member Units

Member units participating in the TTLNH System must comply with the following conditions:

1. Must have the consent of the direct management member.

2. Must register the name, position, specimen signature, and contact address of the staff member responsible for or authorized to perform TTLNH on behalf of the unit.

3. Must register terminal equipment, communication channels, and obtain an electronic signature issued by the Information Technology Department.

Article 45. Procedures for Joining and Leaving the TTLNH System

1. Payment service providers wishing to join the TTLNH System must submit an application form (Form TTLNH-01) to the Management Board. If approved as a member, the application will be processed for high-value payment services.

2. Members wishing to participate in low-value payment services must have:

- Application for using low-value payment service (Form TTLNH-01);

- Confirmation letter from the Trading Department establishing the net debit limit.

3. Members wishing to participate in Debit Payment Services must have:

- Application for using debt payment service (Form TTLNH-01);

- Pre-authorization contract for debt payments among members. The contract must include the following elements:

+ Maximum daily amount that can be paid in debt between members;

+ Maximum amount of a debt payment order without confirmation of debt;

+ The validity period of the contract.

4. Subordinate organizations of members wishing to become member units of the TTLNH System must register a list of participants (Form TTLNH-03) and submit it to the Management Board. Upon approval to join the TTLNH System, the member unit will inherit the rights to perform high-value payment services, low-value payment services, and Debit Payment Services with authorization from the member they belong to.

5. Members and member units wishing to leave the TTLNH System must submit a Withdrawal Application (Form TTLNH-02) to the Management Board at least 30 working days before the intended withdrawal date from the TTLNH System.

6. Applications for joining or leaving the System, registration for service usage, must be sent via postal service to the State Bank (Management Board of the TTLNH System) or submitted directly at the State Bank's headquarters.

7. Within the latest 30 working days from the date of receipt of complete and valid applications, the Management Board will notify the results of the application processing to the applicant members and member units (or withdrawing from) the TTLNH System and to all TTLNH System members via postal service or through the State Bank's computer network.

In case a member has a Withdrawal Application from the TTLNH System, upon receiving the Management Board's approval notice, the member and subordinate member units must cease participation in the TTLNH System at the time specified by the Management Board.

Article 46. Head Office of Members

1. Manage settlement activities and net debt limits of the National Payment System (NPS) within their jurisdiction.

2. Receive and process electronic data from the National Processing Center at the end of each working day. The content of the data includes:

a) The amount to be credited (debited) to the head office's clearing account;

b) The amount to be credited (debited) for each member unit, through which the head office records and settles payments on behalf of the member units;

c) Details of each payment order sent and received by all member units in the NPS.

Article 47. Rights and Obligations of Members and Member Units

1. Members and member units have the following rights:

a) To use payment services provided by the NPS;

b) To request the National Processing Center to confirm receipt of payment orders sent by them and provide related information on the execution of such orders;

c) To request the National Processing Center to cancel payment orders in accordance with this Circular;

d) To directly lodge complaints against members causing errors or delays in the execution of payment orders, with compensation limited to the amount to be transferred and late payment penalties under current regulations;

đ) To request the receiving unit to compensate for delays in transferring authorized debts. Compensation is limited to the amount to be transferred and late payment penalties under current regulations.

2. Members and member units have the following obligations:

a) To comply with regulations on the issuance and sending of payment orders through the NPS and to bear responsibility for the accuracy of the data and contents related to such orders;

b) To cooperate with the National Processing Center, Regional Processing Centers, other members and member units to handle errors arising during the operation of the NPS and switch to backup systems;

c) In cases where the initiating unit violates regulations on the issuance and sending of payment orders or the data and contents on the payment orders are incorrect, leading to delayed payments, loss of funds, and other material losses, that unit shall be responsible for the damages caused by its own fault;

d) To implement fee and fee management regulations in the NPS as stipulated in Article 8 of this Circular;

đ) Not to disclose or provide information obtained through the NPS to unrelated parties;

e) To share shortfalls with other members in cases where any member experiences capital shortages in settlement reconciliation.

 PART IX. MANAGEMENT OF THE NATIONAL PAYMENT SYSTEM

Article 48. Management Board of the National Payment System

1. The Management Board of the National Payment System is established by the Governor's decision, consisting of the Chairman and representatives of some units at the headquarters of the State Bank and commercial banks.

2. The Management Board performs tasks as prescribed in the charter issued by the Governor.

Article 49. State Bank Trading Department

1. Performs the function of a Regional Processing Center

Connects with the National Processing Center to carry out high-value and low-value payment procedures between member head offices.

2. Supervises and manages clearing accounts.

a) Supervises and manages the balance of clearing accounts of members:

- Daily, at the start of business hours, the Trading Department determines the balance of clearing accounts of members to perform daily payment activities of units;

- Handles money transfers of member units when member units need additional capital;

- Updates (at the end of the day) and synchronizes clearing accounts in the Trading Department's accounting system;

- Updates information on the status of clearing accounts.

b) Through the National Processing Center, the Trading Department provides real-time and at any time to members the following information in electronic form:

- Balance of clearing accounts;

- Status of transfer requests;

- Documentation of processed transfer transactions;

- Status of settlement reconciliation requests;

- Status of pending settlement reconciliation requests in the queue;

- Status of canceled settlement reconciliation requests.

3. Manages settlement reconciliation

a) Monitors and controls the maintenance of net debt limits of members as prescribed by the State Bank;

b) Monitors, calculates, and maintains limits for non-limit payment transactions;

c) Processes transactions related to collateral securities;

d) Supervises settlement reconciliation as stipulated in Article 29 of this Circular.

4. Performs the function of a participating member in the National Payment System

Fully complies with regulations for participating members in the National Payment System.

Article 50. Financial Accounting Department

1. Managing the accounting of payment transactions through the Interbank Electronic Payment System of State Bank units.

a) Monitoring and reconciling payment transaction accounting data between State Bank units;

b) Summarizing daily and monthly payment transaction accounting data of State Bank units;

c) Year-end settlement of payment transactions between State Bank units in accordance with regulations.

2. Performing the function of a member participating in the Interbank Payment System.

Fully complies with regulations for participating members in the National Payment System.

Article 51. Payment Department

Supervising the implementation of monitoring and reconciliation by the Interbank Payment System.

Article 52. Information Technology Management Bureau

1. Managing and operating the National Processing Center, the National Backup Processing Center.

2. Coordinating with units: State Bank Branches in Hanoi City, Ho Chi Minh City, Da Nang City, Hai Phong City, Can Tho City and the Trading Department to manage and operate regional processing centers.

Article 53. State Bank Branches in Provinces and Cities

1. Requesting the National Processing Center and Regional Processing Centers to confirm receipt of payment orders sent by themselves and related information;

2. Organizing connectivity for member units on their territory to participate in the Interbank Payment System;

3. Ensuring technical conditions within their jurisdiction for the Interbank Payment System to operate smoothly;

4. Cooperating with the National Processing Center, Regional Processing Centers, members, and member units to handle errors arising during the operation of the Interbank Payment System and switching to the backup system.

PART X. DISPUTES AND RESOLUTION OF DISPUTES

Article 54. Resolution of disputes arising from Interbank Payment System failures

1. Resolving disputes among members.

a) When disputes arise, participating members must resolve them through mediation, based on mutual trust;

b) In cases where they cannot mediate themselves, parties may request the Management Board to resolve the dispute. Based on reviewing the submitted files, the Management Board will propose a resolution method or convene a meeting of the parties involved in the dispute to hear their viewpoints before proposing a resolution;

c) If parties disagree with the Management Board's resolution, they may seek resolution according to the law.

2. Resolving disputes with customers

When disputes arise with customers, the relevant parties have the responsibility to provide and exchange data with each other and report the situation to competent authorities for resolution.

Article 55. Procedures and time limits for handling complaints and disputes

1. When there are errors and delays in payments, members can directly submit complaints to the party causing damage; the maximum complaint period is one month from the date the unit receives the payment order; Within ten days of receiving the complaint, the recipient must clearly explain the reasons for the error and delay. If it is due to the recipient's fault, then the recipient must compensate the damaged party within one month from the date of receiving the complaint.

2. In cases where disputing parties need to request the Management Board to resolve disputes, they must submit a mediation request letter to the Management Board along with necessary data. Upon receiving the dispute mediation request from relevant members and after reviewing the received data, the Management Board will mediate the dispute based on a fair and reasonable analysis and resolution between the parties. Within fifteen days of the Management Board's opinion, the relevant parties are responsible for implementing it.

3. In cases where disputes are brought to the Commercial Court, disputing parties must fully comply with the procedures stipulated by law.

PART XI. VIOLATIONS AND PENALTIES FOR VIOLATIONS

Article 56. Violations

1. Engaging in transactions that repeatedly appear in the queue of the National Processing Center due to insufficient monitoring of the account balance for payment accounts or inadequate management of payment amounts.

2. Disclosing unauthorized information related to the Real-Time Gross Settlement System (RTGS).

3. Allowing unauthorized persons to initiate and transmit transactions through the RTGS.

4. Deliberately delaying the process of refunding payments that have been incorrectly made.

5. Sending money to the recipient's account after the prescribed time period.

6. Delaying the crediting of funds to the designated recipient's deposit account after the customer has received notification from the serving bank regarding the transfer.

7. Failing to submit security documents on time as required by the State Bank.

8. Obstructing the operation of the RTGS by violating regulations and Circulars issued by the State Bank.

Article 57. Handling of Violations

Any violation of the provisions of this Circular shall be subject to administrative handling according to the laws on administrative penalties in the banking sector, or may be criminally pursued and must bear civil liability for material damages caused according to the law, depending on the nature and degree of the violation.

PART XII. IMPLEMENTATION PROVISIONS

Article 58. Effective Date

This Circular takes effect from January 1, 2011, and replaces the following documents:

- Decision No. 309/2002/QD-NHNN dated April 9, 2002, of the Governor of the State Bank on the issuance of the Interbank Electronic Payment Regulations;

- Decision No. 349/2002/QD-NHNN dated April 17, 2002, of the Governor of the State Bank on the issuance of regulations on the construction, issuance, management, and use of security keys in the interbank electronic payment system;

- Decision No. 1571/2005/QD-NHNN dated October 31, 2005, of the Governor of the State Bank on amending and supplementing certain articles of the Interbank Electronic Payment Regulations issued together with Decision No. 309/2002/QD-NHNN dated April 9, 2002, of the Governor of the State Bank;

- Decision No. 1014/2005/QD-NHNN dated July 11, 2005, of the Governor of the State Bank on amending and supplementing certain articles of the Technical Procedures for Electronic Transfer Operations in the State Bank System issued together with Decision No. 134/2000/QD-NHNN2 dated April 18, 2000, of the Governor of the State Bank;

- Decision No. 33/2006/QD-NHNN dated July 28, 2006, of the Governor of the State Bank on amending and supplementing Article 13 of the Interbank Electronic Payment Regulations issued pursuant to Decision No. 309/2002/QD-NHNN dated April 9, 2002, of the Governor of the State Bank;

- Decision No. 34/2006/QD-NHNN dated July 28, 2006, of the Governor of the State Bank on amending and supplementing Clause 1 of Article 1 of Decision No. 1014/2005/QD-NHNN dated July 11, 2005, of the Governor of the State Bank on amending and supplementing certain articles of the Technical Procedures for Electronic Transfer Operations in the State Bank System issued pursuant to Decision No. 134/2000/QD-NHNN2 dated April 18, 2000, of the Governor of the State Bank.

Article 59. Implementation organization

1. The Payment Department is responsible for guiding operations related to the RTGS.

2. The Finance and Accounting Department is responsible for guiding detailed accounting at State Bank units participating in the RTGS.

3. The Information Technology Bureau is responsible for guiding and inspecting the implementation of technical procedures for operating the RTGS.

4. The Director of the Office, Heads of State Bank units, Governors of State Bank branches in provinces and centrally-administered cities, and General Directors (Directors) of members are responsible for implementing this Circular./.