Logo

People’s Credit Funds Products & Services Payment Agency

7654frame 2095586960

Payment Agency

Overview

In the context of robust and continuous innovation within the banking and financial sector, expanding access to banking services for customers, particularly in rural, remote, and isolated areas, has become an urgent requirement. For the Cooperative Bank of Vietnam (Co-opBank) and the PCF network, this practical demand has found a new direction through the payment agency model – which has been officially legalized by the State Bank of Vietnam.
Legal Framework
File 01
Circular No. 07/2024/TT-NHNN
Regulations on payment agency operations
File 01
Circular No. 44/2025/TT-NHNN
Amending and supplementing relevant regulations

The Payment Agent model

The network of People’s Credit Funds provides the foundation for implementing the payment agent model, meeting members’ financing needs for production, business, services, and daily living across the country. The model also helps curb illegal lending while contributing to local socio-economic development.
8flaticon 66455 1
~1.200
PCFs nationwide
Flaticon 17769096 1
1.000+
CF-eBank member PCFs
Flaticon 17690796 1
~2 million
PCF members
Map Pin Location Network Flaticon 1
34
Provinces and cities covered

Cooperation Methods and Principles

Co-opBank and PCFs agree to cooperate to provide payment agency services in accordance with current legal regulations.
Frame 2095586770
The payment agency relationship between Co-opBank and PCFs is established under a written agreement in compliance with applicable laws and regulations.
PCFs act as Payment Agents of Co-opBank for their customers and members.
PCFs are not permitted to subcontract payment agency services to any third party.
Co-opBank collects service fees from customers through PCFs in accordance with the fee schedule prescribed by Co-opBank from time to time.
Co-opBank and PCFs shall undertake to maintain the confidentiality of customer information in accordance with the Law on Credit Institutions and other applicable laws and regulations.

Scope of Services

Co-opBank appoints PCFs as payment agents to perform the following payment agency services
Current Account Operations
Receiving Payment Account Opening Applications
Verify the legality and validity of documents; compare and confirm the accuracy and consistency of the documents, information, and data provided by customers; conduct customer identification verification in accordance with Co-opBank’s guidelines for submission to Co-opBank; and provide customers with guidance on the use of payment accounts.
Card Operations
Receiving Applications for Bank Card Issuance
Payment service
Acceptance of Payment Service Requests

Agency Term

The payment agency arrangement between Co-opBank and a PCF shall remain in effect for a term of three (3) years from the effective date of the agreement between the two parties.
Unless either party gives the other party written notice of termination at least thirty (30) days prior to the expiration of the Agreement, the Agreement shall be automatically renewed for an additional one (1) year on the same terms and conditions.
Clock 01
03
Years of Validity
Reload
01
Year of Extension

Management of Payment Agent Outlets

Co-opBank establishes requirements and management procedures for PCFs in carrying out payment agency activities to ensure the protection of customers' rights and interests.
Building 03
Infrastructure & Facilities
PCFs shall ensure the security and safety of payment transactions and maintain adequate records to facilitate the resolution of customer complaints.
User Group
Human Resources
Requiring 100% of PCF staff performing payment agency operations to be trained and certified in payment agency practices.
Book Open 02
Training and Instructions
Co-opBank develops training materials on payment agency operations for PCFs.
School Report Card
Reporting & Reconciliation
In accordance with the procedures agreed upon by both parties.
Microsoft Admin
Transaction Control
PCFs may perform payment agency services only when they are in active operating status and during the permitted transaction hours. Transactions shall be monitored to ensure compliance with the prescribed transaction limits. Transaction reconciliation shall be carried out on a regular basis to ensure accuracy.
Software
Management System
Co-opBank deploys a management system that enables the monitoring of transactions conducted by PCFs, transaction histories, and any issues arising during operations. The system also facilitates the compilation of statistics and the generation of reports on key performance indicators.
Dealer List

Payment Agency - coopbank