Intermediary payment service providers told to enhance security

Friday, Sep 23, 2016 10:15

Intermediary payment service providers are required to enhance safety and security in payment intermediation. — Photo
HA NOI (Biz Hub) — The State Bank of Viet Nam (SBV) has directed intermediary payment service providers to enhance safety and security in payment intermediation.

Under Document No 6942/NHNN-VP sent recently to the providers, SBV requires the providers to conduct an overall inspection; review business processes, technology infrastructure and human resources; and implement issued regulations and associated support services, such as online support operator service, to resolve complaints, ensuring compliance with regulations.

For categories that have not yet fully complied with regulations, the providers must propose a roadmap for implementation and overcoming challenges in 2016.

They also have to review and amend contents of service agreements, making certain to specify their responsibilities in providing intermediary payment services and the deadline for the receipt and settlement of customers' complaints, liability and damage compensation plans for cases where there are risks or incidents of intermediary payment activity.

The providers must regularly monitor, supervise, evaluate and improve technical and business processes in intermediary payment. They are not allowed to cut back on processes and must regularly assess and upgrade the information technology system, seeing to it that the intermediary payment activities take place in a safe and smooth manner. The providers must also assess and classify risks in the intermediary payment activity and implement appropriate solutions to reduce risk, ensuring safety of assets for clients and organisations providing intermediary payment services.

Besides studying and applying advanced security technologies for customers undertaking large transactions, information technology solutions must be also applied to proactively identify and promptly warn customers about the risks of losing security and safety and to develop and rehearse scripts to respond to the information safety issues, according to the SBV.

The providers must report the results to the SBV's Payment Department before October 30 this year. — VNS

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