1. Oversight of retail payment systems in vietnam
BANKING ACADEMY OF VIETNAM
Oversight of retail payment systems in vietnam
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Hanoi, October 2015

2. RETAIL PAYMENT SYSTEMS WITHIN THE NPS OF VIETNAM
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3. COVERAGE OF RETAIL PAYMENT SYSTEM OVERSIGHT IN VIETNAM
The SBV exerts its oversight job and activities over the following retail payment systems and payment instruments
SBV’s Payment Systems
SBV’S LOW VALUE SUB-SYSTEM WITHIN THE IBPS
Low-Value Settlement System (LVSS) is a sub-system of the IBPS.
The LVSS processes credit transfers and certain pre-arranged direct debits of less than VND 500 million in value in a DNS mode and settles the multi-lateral netting positions at the end of business day via the High-value Settlement System (HVSS) of the IBPS.
In terms of capacity, the HVSS is 40 times greater than the LVSS in transactional value.
SBV’s Provincial Clearing Houses
There are more than 50 clearing houses managed by the SBV’s provincial branches for clearing electronic interbank intra-province payments.
This is another option for an Overview slide.

4. CURRENT COVERAGE, TOOLS AND MECHANISMS
Payment Systems/ Payment Instruments of the private sector:
Card Switches: Two domestic card switches.
International Card Schemes (VISA, MasterCard, CUP…).
ATM/ POS networks especially owned by big banks.
Debit cards issued by big banks.
E-wallets issued by non-bank payment service providers.
This is another option for an Overview slide.

5. CURRENT COVERAGE, TOOLS AND MECHANISMS
Oversight tools for the RPS are mainly focused to remote monitoring, on-site visits.
A dedicated division for payment system oversight was established within the Payment System Department in 2007 to undertake the oversight function.
Retail payment systems/ payment instruments are monitored on the basis of periodic report submissions (bi-annual and annual) from banks, clearing houses, card switches, e-money providers, etc…
This is another option for an Overview slide.

6. CURRENT COVERAGE, TOOLS AND MECHANISMS
Supporting tools for oversight works for RPS are authorizations for new payment system/ payment instrument and inducing changes through moral suasion, reports and public speeches, SBV letter to an individual FMI.
Data and information sources for the collection, consolidation and analysis include:
Electronically reporting statistics submitted (monthly).
Submissions of filled surveys (bi-annually, annually).
Incident-based reporting at request (i.e. ATM failure, e-banking disruption).
Issues reported from the media, received from SBV hotline.
This is another option for an Overview slide.

7. CURRENT COVERAGE, TOOLS AND MECHANISMS
Offsite monitoring (regularly).
Onsite visits (less frequently).
Recommendation or Request.
Warning.
Sanctions.
This is another option for an Overview slide.

8. CURRENT CHALLENGES IN IMPLEMENTATION
Legal framework for payment and settlement systems are not comprehensive.
Limited oversight resources given to RPS oversight since the oversight priority and focus are currently concentrated on the IBPS.
Oversight capability is still limited.
Effective oversight measures for some international card schemes and innovative/ emerging payment instruments are still explored.
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9. CURRENT CHALLENGES IN IMPLEMENTATION (CONT.)
Shortage of oversight capacity:
Oversight framework/guidelines for each payment systems/instruments/channels.
Oversight software/ application for oversight activities.
Qualified personnel for oversight function .
Cooperation mechanism with other authorities for the oversight of cross-cutting issues needs to be explored
Limited capacity in co-operative oversight
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10. CURRENT MEASURES IN OVERCOMING CURRENT CHALLENGES (CONT.)
Developing comprehensive legal framework for payment and settlement systems as the basis for the effective oversight function of systemically important retail payment systems.
Promoting co-operation via meetings, seminars and consultations with other authorities such as State Securities Commission, Ministry of Security, Ministry of Industry and Commerce to find new and effective ways of dealing with cross-cutting issues.
Enhancing oversight capability through adequate staffing, increased training and international cooperation.
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11. FUTURE PLAN OR GOALS OR TARGETS FOR BETTER IMPLEMENTATION
Implementing payment systems oversight strategy approved in 2014 , focusing on the IBPS and other important FMIs.
Based on the success of IBPS oversight, broadening and deepening the oversight works over other retail payment systems
Planning for the drafting of a Payment and Settlement Act mandating the SBV clearly defined authority, tasks and responsibilities over the payment system oversight for the smooth and efficient operation of payment and settlement systems.
This is another option for an Overview slide.

12. FUTURE PLAN OR GOALS OR TARGETS FOR BETTER IMPLEMENTATION
Promoting consolidation and interconnection between individual retail payment systems to facilitate consistent, effective and efficient oversight, building ACH for retail payments to reduce bilateral clearing channels.
Developing oversight framework/guidelines for existing and new payment systems/instruments.
This is another option for an Overview slide.

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