Circular No. 17/2024/TT-NHNN of the State Bank of Vietnam: Regulations on opening and using payment accounts at payment service providers

In the context of the strong development of digital finance, electronic transactions are becoming increasingly popular, leading to risks related to fraud and violations of legal regulations. In order to ensure transparency and safety for the payment system, the State Bank of Vietnam (SBV) has issued a new circular on management, supervision and prevention of fraud in payment activities. This is an important step, demonstrating the Government’s determination to strengthen control and improve security in the financial and banking sector.

Refer to the circular details at: https://vanban.chinhphu.vn/?pageid=27160&docid=210565

New Circular of the SBV and its impact on the banking system

Circular No. 17 of the SBV regulates the opening and use of accounts at payment service providers, specifically stipulated in Article 22 of this Circular. Accordingly, the SBV sets out strict requirements on reporting and monitoring payment accounts, and electronic wallets. Commercial banks and financial institutions are required to:

• Automatically collect and report transaction data periodically.
• Connect with the SBV’s monitoring system to ensure information is transmitted accurately and promptly.
• Strengthen internal control measures, minimize risks in payment activities.

The implementation of new regulations not only helps improve risk management capabilities but also builds strong customer confidence and ensures stability for the entire financial system.

InfoPlus pioneers with SIMO Gateway – A solution to stay ahead of the trend

Understanding this urgent need, InfoPlus is proud to be a pioneer unit in providing SIMO Gateway (SIMO GW) solution – a smart connection system that helps banks comply with the new reporting requirements of the SBV in the most optimal way.

SIMO GW helps banks make their operations more convenient with the following features:

• Automate reporting processes, helping banks reduce manual work and limit the risk of errors.
• Ensure high security, comply with level 03 information security standards of the SBV.
• Flexible integration with banking systems, supporting connection via API (newsletter format) and Portal (web format).

With the launch of SIMO Gateway, InfoPlus not only provides a support tool but also lays the foundation for a more solid, modern and secure financial system. The application of technology in financial risk management is no longer a trend but has become an necessary requirement, helping banks operate effectively, minimize risks and comply with the regulations of the SBV.

In the coming time, when the SBV continues to improve its monitoring mechanisms and improve transaction safety standards, pioneering banks applying solutions like SIMO GW will have a great advantage in adapting to market changes, while improving competitiveness in the digital age.