The banking industry prepares for year-end payment

Banking Industry China

To ensure safe and smooth payment operations during the year-end payment period and Lunar New Year 2021, the State Bank of Vietnam (SBV) has required banks, foreign bank branches, intermediary payment service providers, and SBV affiliates to strictly comply with the provisions of law and guidelines of SBV.

Due to customers’ surging demands for transactions at the end of the year, the banking system needs to take appropriate measures for ATMs, including increasing mobile ATM operations (for organizations supplying supply payment services with mobile ATMs); working with businesses to adjust the salary payment period appropriately; implementing alternative ATM solutions (cash payment at desks or mobile counters, payment via banks’ POS machines, etc.).

Banks need to proactively implement specific plans for ATM operations at the end of the year and Lunar New Year; closely monitor and promptly fund ATMs; instantly handle incidents to ensure safe and smooth ATM system operations (especially in industrial parks, processing zones, and populated areas with a large demand for cash withdrawal). Bank branches need to timely support and customers’ problems with ATM transactions and quickly handle cases where the ATM swallows customer’s cards. 
Also, it is necessary to provide information, advertise and guide customers to use electronic payment services to reduce cash withdrawal at ATMs as well as contribute to ensuring health safety when the COVID-19 pandemic continues to evolve complexly.
Banks must ensure safe and accurate coordination of State budget revenues – expenditures at the end of the year; support customers on the process and procedures as prescribed by law; closely coordinate with relevant units, such as intermediary payment service providers, to promptly handle inquiries and complaints from customers.