Quyết định 212/2002/QĐ-NHNN

The technical process for inter-bank electronic clearing payment, issued together with this Decision, prescribes the procedures and order for handling, controlling, paying and accounting of payments valued at under VND 500,000,000 transferred between banks as well as other organizations licensed to provide payment services (called banks for short) and participating in the electronic clearing payment organized by the State Bank.

The inter-bank electronic clearing payment shall be effected according to the following process: The payment order from the order-sending member bank shall be sent to the bank organizing the electronic clearing payment for controlling, handling and accounting of the electronic clearing results before it is received by the order-receiving member bank.

The payment orders in a electronic clearing payment session shall be handled according to the temporal order of making such payment orders.

Member banks qualified for participating in electronic clearing payment shall have to the send to the bank in the prime charge the following papers:

- The application for participation in electronic clearing payment;

- The written commitment for the observance of relevant regulations when becoming member bank participating in inter-bank electronic clearing payment.

After being recognized in writing as a member bank participating in inter-bank electronic clearing payment, the director of the member bank shall have to compile document recommending the staff who shall be engaged in the technical process for inter-bank electronic clearing payment.

The bank in the prime charge shall have to notify the relevant member banks of the list of newly-admitted member banks so as to be ready for transactions. The authorized member banks shall have to notify the banks in the prime charge and other member banks of the list of their authorizing member banks for the latter to effect the transactions.- (Summary)