VN to have unified switching center

VGP – The Government has approved the project on establishing a Unified Card Switching Center in stead of the current three centers, according to the Vietnam National Financial Switching Joint – Stock Company (Banknetvn).

April 27, 2012 2:17 PM GMT+7

Illustration photo

The center is expected to enhance the central bank's supervision capacity on card transactions and promote banks to complete standard payment system. Card users will also have more utilities.

At present, the Banknetvn has 23 members, including many big banks, with 9,349 ATMs, equivalent to 70% of the total ATMs and accounts some two third of the total volume of cards in the market.

Banknetvn is now connecting with switching systems of countries like the Republic of Korea, Thailand, Malaysia,China, Russian Federation among others.

In 2010, Banknetvn became a member of Asian Payment Network (APN) which was formed in Malaysia in 2006 with an aim to link up switches and payment networks in Asia and Asia Pacific together.

By Hải Minh