Vietnam: Is it possible to extend the payment order?

09:55, 11/08/2017

This is a featured content specified in Circular No. 37/2016/TT-NHNN on management, operation and use of the national interbank electronic payment system, issued on December 30, 2016 by the State Bank of Vietnam.

According to Circular No. 37/2016/TT-NHNN of the State Bank of Vietnam, the National Interbank Electronic Payment System (NIEPS) operator may delay the time to stop receiving payment orders for up to 30 minutes in the following cases:

- The delay is necessary for certain tasks or the NIEPS has an error at the National Payment Service Center (NPSC) or because of another reason at the Central the State bank;

- A branch of the State bank at a province or a participant requests the delay because of technical issues or the quantity of payment orders received at the end of the transaction hours suddenly increases.

In any of the cases mentioned above, the NIEPS operator must submit a report to the Governor of the State bank for decision and to the Payment Department for monitoring.

Concurrently, Circular No. 37/2016/TT-NHNN also stipulates that the delay mentioned in above must be notified to all participants of the NIEPS and relevant units of the State bank via the email addresses registered with the NIEPS operator or on the NIEPS before such time.

View more details at Circular No. 37/2016/TT-NHNN of the State Bank of Vietnam, effective from November 01, 2019.

-Thao Uyen-

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