Expanding Interbank Payment System Connection

The State Bank of Vietnam (SBV) has issued a decision to allow 50 SBV units to join the interbank payment system and expand this modern connection network nationwide.

 

The new participants of the expanded interbank payment system are the SBV accounting and finance departments, the SBV representative offices in Ho Chi Minh City and 48 municipal and provincial SBV branches.

 

The first phase interbank payment system has 7 payment units, including 5 SBV branches (Hanoi, Hai Phong, Da Nang, Ho Chi Minh City and Can Tho). All the provincial payment centres in the first phase operated since May 2002 will be upgraded to become the regional payment centres in the second phase meeting international standards.

 

The new decision has extended the payment network nationwide, linking the interbank payment system with 63 municipal and provincial SBV branches, all the credit institutions, the bankcard clearing and stock custodian centres, etc. Thanks to this system, the SBV will centrally manage both high and low value payment system and improve the payment quality and capital flow for the economy.