Proposal to remove bank account nicknames to avoid mistaken transfers

(Dan Tri) - The State Bank has added regulations on removing nicknames to avoid mistaken transfers when making payment orders. In addition, banks and e-wallets may not be allowed to block transactions for more than 30 minutes.

The State Bank is seeking comments on a draft circular amending and supplementing Circular 15 regulating non-cash payment services. Detailed regulations on removing nicknames to avoid mistaken transfers when making payment orders and the maximum time for interruption of online banking and e-wallet services are provided in the draft.

Accordingly, the State Bank requires payment service providers to check and control payment orders, ensure that the payment account number and payment account name are correctly displayed in the customer's application for opening and using payment accounts during transactions, and fully displayed on documents.

When performing payment authorization services, money transfer services via payment accounts or without payment accounts, the payment service provider serving the payer is responsible for providing the payment service provider serving the beneficiary with the minimum information related to the transaction when requested.

According to the explanation of the currency operator, in reality, there have been a number of cases of taking advantage of the fact that banks allow customers to use aliases and nicknames instead of payment account numbers and names to name themselves similar to reputable brands to commit fraud and violate the law.

In addition, using aliases and nicknames in payment transactions can lead to the risk of transferring money incorrectly due to not fully displaying the account number and account name when making a payment order.

The State Bank plans to eliminate bank account nicknames to avoid mistaken transfers (Photo: Viet Hoang).

Also according to the draft, the total allowed interruption time throughout the year is no more than 4 hours. Each interruption must not exceed 30 minutes, except in cases of force majeure or system maintenance that have been notified at least 3 days in advance.

In addition to the obligation to promptly report within 4 hours, service providers must also submit a detailed remedial report within 3 working days, according to the form in Appendix 05 attached to the Circular. Incidents that are not handled properly may become the basis for the management agency to apply monitoring and handling measures according to regulations.

This regulation applies to all commercial banks, credit institutions and payment intermediaries such as e-wallets, payment gateways, digital financial platforms, which are playing an important role in the current payment infrastructure.

The draft also requires units to publicly announce maintenance schedules, service shutdown times, and provide at least 24 hours notice if the shutdown occurs unplanned.

The tightening of the interruption time and the addition of a mandatory reporting mechanism are expected to increase operational accountability, increase information transparency, and reduce risks for customers. With clear regulations, users will no longer have to endure "unreasonable suspension of money", and can proactively monitor and request explanations when services are interrupted.

This draft also shows a convergence with international practices in the payment field. In Singapore, China and many European countries, limiting the time of system interruption and applying a quick reporting mechanism has become a practice to ensure continuous, safe and reliable payment activities for the people.

Source: https://dantri.com.vn/kinh-doanh/de-xuat-loai-bo-biet-danh-tai-khoan-ngan-hang-de-tranh-chuyen-khoan-nham-20250716150936167.htm