Recommended
More Related Content
What's hot
What's hot (20)
Similar to Grokking TechTalk #17: Interbank Transfer Systems in VN & some improvement ideas
Similar to Grokking TechTalk #17: Interbank Transfer Systems in VN & some improvement ideas (20)
More from Grokking VN
More from Grokking VN (20)
Recently uploaded
Recently uploaded (20)
Grokking TechTalk #17: Interbank Transfer Systems in VN & some improvement ideas
- 2. truongbx@gmail.com Interbank Transfer Systems in VN & some improvement ideas
- 3. truongbx@gmail.com Agenda 3 • Overview/Context • CITAD (IBPS) • NAPAS real-time interbank transfer systems • Related systems • Improvement ideas • Conclusion
- 5. truongbx@gmail.com Overview/Context 5Source: SBV.GOV.VN q State Bank central role and monopoly q Complicated and fragmented 1.IBPS/CITAD 2.NAPAS Instant Fund Transfer • To Card Center • To Account in other banks 3.SWIFT (for other currency and foreign transfer) 4.Debit Card switch systems
- 7. truongbx@gmail.com Transfer from you account to other bank 7 Sending Bank Account State Bank • IBPS (CITAD) • NAPAS IBFT Receiving Bank Account/Card
- 10. truongbx@gmail.com E-Commerce Payment 10 E- Commerce Sites Their Bank E-com Payment Gateway NAPAS Payment Gateway Your Bank You REQUEST FOR AUTHENTICATION OF A BUY Receive + provide OTP/Auth token Get OTP/Auth Verified
- 11. truongbx@gmail.com Bill Payment & Topup 11 Vendor Vendor Bank NAPAS BillPay Sub- Bill Pay Your Bank You GetBills (CUSTOMER ID) PayBill/Topup
- 13. truongbx@gmail.com IBPS/CITAD system overview 13Source: IBPS package on SBV.GOV.VN • RCP: Regional Payment Center • NHNN: State Bank
- 14. truongbx@gmail.com IBPS/CITAD 14Source: SBV.GOV.VN • HVSS for high-value (500M), immediate transfer • LVSS <500M, cut-off-time • Special fields for Tax collections support
- 15. truongbx@gmail.com IBPS/CITAD Fund Transfer Process 15 • Manual input and approval process • Not integrated with Core Banks* • Support Credit and Debit transfer, but Debit transfer is cumbersome and cannot apply wide Source: IBPS package on SBV.GOV.VN
- 16. truongbx@gmail.com IBPS – Min inputs required 16 •Account Number •Account Holder Name * •Receiving Bank •Receiving Branch CODE * •Transaction Description
- 17. truongbx@gmail.com Sample input screens 17Source: IBPS package on SBV.GOV.VN
- 18. truongbx@gmail.com Sample input screens 18Source: IBPS package on SBV.GOV.VN
- 21. truongbx@gmail.com Smartlink Sample API ISO8583 request 21Source: SBV.GOV.VN <field id="0" value=“xxxx"/> <field id="2" value="9704xxxxxxxxxxxxxxxxxxxx"/> <field id="3" value=“xxxxxx"/> <field id="4" value="000000000000"/> <field id="7" value=“xxxxxxxxx"/> <field id="11" value=“xxxxx"/> …..
- 22. truongbx@gmail.com Smartlink reconciliation and error handling 22Source: SBV.GOV.VN ü Timeout/error handling ü Daily reconciliation: • SML sent a list of transactions during last period • Banks compare and feedback ü Timeout/error handling ü Each transaction can has 3 states: S/F/UnK
- 24. truongbx@gmail.com Other systems used in VN 24Source: SBV.GOV.VN ü SWIFT ü SWIFT code • Using for foreign currency transfer • Using for sending money to other countries ü Song Biên: • Direct property interfaces defined between big banks • VCB Money • NOSTRO/VOSTRO accounts
- 25. truongbx@gmail.com Other countries 25 ü Target 2 Realtime (RTGS) system • The transaction is cleared right away ü SEPA Pan europan system • SEPA Credit Transfer • SEPA Direct Debit • SEPA Card ü ACH (USA) Automated Clearing House • E-Check processing, 3 days to clear (batch)
- 26. truongbx@gmail.com Startup / New systems 26 ü TransferWise… ü Paypal/Alipay ü Bankplus/Momo payment to phone number or Wallet ü …
- 27. truongbx@gmail.com Cross Border and Currency Transfer 27Source: TransferWise
- 29. truongbx@gmail.com Ideas 29 ü IBPS (CITAD) prone to error, hard to improve => Automation, Information, remove the need for Branch ID ü Napas IBFT will be better => Business plan based on cheap and fast transfer ü Foreign Currency Transfer and Incoming Money Flow