Decision No. 48/2007/QĐ-NHNN Issuing regulations on the collection of fees for payment services through payment service providers

DECISION

Issuing regulations on the collection of fees for payment services through payment service providers

GOVERNOR OF THE STATE BANK OF VIETNAM

___________________

Pursuant to the Law on the State Bank of Vietnam 1997 and the Law Amending and Supplementing Certain Provisions of the Law on the State Bank of Vietnam 2003;

Pursuant to the Law on Credit Organizations 1997 and the Law Amending and Supplementing Certain Provisions of the Law on Credit Organizations 2004;

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

Pursuant to Decree No. 52/2003/NĐ-CP dated May 19, 2003 of the Government stipulating the functions, tasks, powers, and organizational structure of the State Bank of Vietnam;

At the proposal of the Head of the Payment Department,

DECIDES:

To issue the regulations on the collection of fees for payment services through payment service providers attached hereto.

Article 1. Article 2.

This Decision takes effect from April 1, 2008 and replaces Decision No. 448/2000/QĐ-NHNN2 dated October 20, 2000 of the Governor of the State Bank of Vietnam on the collection of fees for payment services through banks.Article 3.

The Heads of the Office, the Payment Department, the Director of the Banking Information Technology Department, the Inspector General of the State Bank of Vietnam, the Heads of units related to the State Bank of Vietnam, the Governors of the State Bank of Vietnam branches in provinces and centrally governed cities, and the General Directors (Directors) of payment service providers shall be responsible for implementing this Decision.Phung Khac Ke

REGULATIONS

(Issued together with Decision No. 48/2007/QĐ-NHNN dated December 26, 2007 of the Governor of the State Bank of Vietnam)

Chapter 1: GENERAL PROVISIONS

These provisions apply to the collection and payment of fees for payment services through payment service providers. These provisions do not apply to cash payment services.

Article 1. Scope of application

Payment service provider;

Article 2. Applicability

Organizations and individuals conducting payment transactions through payment service providers (hereinafter referred to as customers).

Apply international rules and practices in the collection of payment service fees.

Article 3. For international payment services, if international treaties that the Socialist Republic of Vietnam has signed or joined provide different provisions from those in these regulations, then the provisions of such international treaties shall apply.

Payment service providers permitted to conduct international payment services may agree to apply international customs and practices if such customs and practices do not contravene the laws of the Socialist Republic of Vietnam.

Payment service fee is the amount of money that customers must pay to payment service providers when payment service providers perform payment services for them.

Article 4. Chapter 2: SPECIFIC PROVISIONS

Currency used in the collection of payment service fees

Article 5. 1. For domestic payment services conducted in Vietnamese Dong: The currency used to pay payment service fees is Vietnamese Dong;

2. For foreign payment services or domestic payment services permitted to be conducted in foreign currencies: The currency used to pay payment service fees can be Vietnamese Dong (VND), US Dollar (USD), or other foreign currencies agreed between the payment service provider and the customer but must comply with the laws on foreign exchange management.

Documents used in the collection of payment service fees

Article 6. 1. Payment service providers must prepare and issue payment fee receipts to customers paying fees in accordance with the law.

2. Documents used in the collection of payment service fees must comply with current regulations of the State Bank of Vietnam on accounting vouchers and ensure compliance with the laws on accounting vouchers and sales invoices.

Value-added tax calculation and collection when collecting payment service fees

Article 7. 1. The State Bank of Vietnam does not calculate and collect value-added tax when collecting payment service fees.

2. Payment service providers (except the State Bank of Vietnam) are allowed to calculate and add value-added tax when collecting payment service fees according to the laws on taxation.

Accounting treatment for payment service fees

Article 8. Payment service providers must maintain accounting books to record and reflect the collection of payment service fees in accordance with the current state accounting system.

Principles for determining the level of payment service fees

Article 9. 1. The level of fees for payment services funded by the State must ensure recovery of capital within a reasonable period, taking into account the State's policies at each time period.

2. The level of fees for payment services funded by organizations and individuals must ensure recovery of capital and a reasonable profit margin.

Authority to set levels of payment service fees

Article 10. 1. The Governor of the State Bank of Vietnam sets:

a) The level of fees for payment services performed by the State Bank of Vietnam for its customers.

b) The level of fees for certain payment services performed by payment service providers (excluding the State Bank of Vietnam) for their customers, but it is necessary to apply a uniform fee level to implement the State's policy and manage banking activities during each period.

2. The General Directors (Directors) of payment service providers set the level of fees for payment services performed by payment service providers for their customers (excluding payment services already regulated by the Governor of the State Bank of Vietnam under the authority specified in point b clause 1 of this Article).

When issuing new or adjusting and supplementing the Payment Service Fee Schedule, payment service providers must:

Article 11. 1. Fully and publicly announce (post) at transaction locations.

2. Within 15 days from the date of issuance or adjustment, payment service providers must submit the Payment Service Fee Schedule to the Payment Department and the State Bank of Vietnam Inspectorate for management and monitoring.

Principles for collecting payment service fees

Article 12. Principles for collecting fees for payment services

1. The organization supplying payment services has the right to charge fees from customers using payment services at the rates specified in its Payment Service Fee Schedule and shall not collect additional fees outside the published Schedule (except in cases where there is a separate agreement with the customer before providing the payment service).

2. The organization supplying payment services is not required to refund the payment service fee already collected in cases where the customer requests cancellation of the payment service or the payment service cannot be performed due to errors or incidents not caused by the fault of the organization supplying payment services.

3. The unit supplying payment services shall not charge payment service fees for direct payments between the customer and the unit itself (repayment of debt, interest payment, service fee payment, payment for printed documents or payment instruments).

4. For domestic payment transactions, the organization supplying payment services serving the beneficiary shall not arbitrarily collect payment service fees from the customer who is the beneficiary.

5. For domestic payment transactions, the organization supplying payment services shall not arbitrarily deduct funds from the customer's account to cover payment service fees arising between payment service suppliers.

Article 13. Collection and payment of payment service fees

1. Per transaction collection: The organization supplying payment services collects the fee immediately when providing payment services to the customer.

2. Periodic collection: Periodic fee collection is carried out based on an agreement between the organization supplying payment services and the customer. On a regular basis, the organization supplying payment services prepares an invoice detailing the payment service fees for the customer for the period and may proactively issue debit instructions from the customer's account (or notify the customer to make payment) to collect the payment service fees, then send the payment receipt along with the invoice (in paper or electronic form) to the customer according to regulations.

3. The organization supplying payment services and the customer may agree and choose an appropriate method of collecting and paying fees but must ensure compliance with current laws regarding accounting records and other relevant regulations.

Article 14. Collection and payment of payment service fees between the organization supplying payment services and the customer

The organization supplying payment services may directly negotiate with the customer regarding the unit responsible for collecting and paying payment service fees on the principles of equality, voluntariness, and compliance with legal provisions. In the absence of specific agreements, the collection and payment of fees will be carried out as follows:

1. For domestic payment services for customers:

a) For the provision of payment instruments: the organization supplying payment services charges the fee for the provision of payment instruments from customers requiring their use.

b) For money transfer services: the organization supplying payment services serving the remitter collects the payment service fee from the customer who is the remitter.

c) For collection services: the organization supplying payment services serving the collecting party or the demanding party collects the payment service fee from the customer who is the beneficiary; the organization supplying payment services serving the payer collects the payment service fee from the customer who is the payer.

d) For other payment services: the organization supplying payment services providing payment services to the customer collects the payment service fee from the customer who is the user of the payment service.

2. For international payment services for customers:

a) For outward remittance services: the organization supplying payment services serving the remitter collects the payment service fee from the customer who is the remitter.

b) For inward remittance services: the organization supplying payment services serving the beneficiary collects the payment service fee from the customer who is the beneficiary.

c) For foreign collection services of cheques, foreign currency not meeting circulation standards, and documentary credits for domestic customers: the organization supplying payment services serving the presenting party or the demanding party collects the foreign collection fee from the customer who is the presenting party or the demanding party for receiving, processing, and sending documents abroad for collection and settlement of the collection result.

d) For foreign collection services: the organization supplying payment services serving the domestic payer collects the foreign collection fee from the customer who is the domestic payer for receiving, processing the foreign collection and making the payment (remittance) to the foreign party.

Article 15. Collection and payment of payment service fees between organizations supplying payment services

1. Between the State Bank and customers of the State Bank.

The State Bank collects payment service fees from its customers according to the periodic collection method stipulated in Clause 2 of Article 13 of this Regulation.

Units of the State Bank providing payment services collect fees from customers requesting money transfers (except in cases where centralized fee collection is agreed upon at the State Bank's Trading Center).

2. Between organizations supplying payment services (excluding the State Bank).

Organizations supplying payment services may agree among themselves on the collection and payment of payment service fees for transactions directly generated or received between them or through payment systems.

Chapter 3: IMPLEMENTATION PROVISIONS

Article 16. 2. The System Operation and Electricity Market Unit leads and coordinates with the Vietnam Electricity Corporation to determine, record revenue and expenses; issue and use invoices; fulfill tax obligations to the state budget in accordance with corporate accounting laws, tax laws, laws on managing and using state capital invested in production and business at enterprises, and other relevant laws.

1. The Head of the Payment Committee shall be responsible for guiding the implementation of this Regulation;

2. The Inspector General of the State Bank of Vietnam, the Director of the Department of Overall Supervision shall be responsible for inspecting and supervising the implementation of this Regulation;

3. The Director of the Banking Information Technology Department shall be responsible for developing and implementing software for calculating and collecting service fees for payment transactions of the State Bank of Vietnam.

4. The General Director (Director) of organizations providing payment services shall be responsible for guiding and implementing this Regulation within their own units.

Article 17. Handling of violations

Organizations and individuals violating the provisions of this Regulation shall be subject to disciplinary action or administrative violation handling depending on the nature and extent of the violation; if damage is caused, compensation must be provided according to the provisions of the law.