In accordance with the Circular No. 39/2014/TT-NHNN dated December 11, 2014 of the State Bank of Vietnam guiding on payment intermediary service, Providers of auto payment are not allowed to issue only one time for auto payment for one account at one bank from March 01, 2015.

Also in accordance with this Circular, payment into auto payment, withdraw money out of auto payment of customers must be done through solvency account of customers at the bank.  Providers of auto payment are not allowed to provide credit for customers of using auto payment, paying interest on the balance or any action that can raise the amount of money on auto payment. For non-banking organizations allowed by the State bank of Vietnam for some types of payment intermediary services such as financial telecommunications services; electronic clearing services; electronic payment services; collection off-payment and payment off-payment support service; money transfer support service and auto service shall  reissue the Licenses for providing payment intermediary services from March 01, 2015. Nine months after the effective day of thisCircular, documents issued by the State Bank on issuing the licenses for organizations other than being banks to perform the provision of payment service, payment intermediary services shall be ceased to be effective.

The providers of payment intermediary services must build and implement internal regulations and comply with regulations stipulated by the State Bank on principles of risk management on electronic banking activities, complying with current regulations on prevention and combat of money laundering and other regulations of the Vietnamese laws. The providers of payment intermediary services must implement requirements on security of informatics system on banking activities; security and safety for providing electronic banking service. The providers of payment intermediary services must comply with regulations on establishing, using, storing electronic documents as stipulated by the law on electronic transactions in banking activities.

This Circular takes effect on March 01, 2015


Related posts