The State Bank of Vietnam (SBV) met with a senior delegation from the Society for Worldwide Interbank Financial Telecommunication (SWIFT) to exchange updates on shared priorities, including the security of international payment messaging, foreign exchange reserve operations, ISO 20022 adoption for cross-border payments, and broader banking digitalisation. The discussions took place against the backdrop of SBV’s operational use of SWIFT for international payments, including foreign currency transfers between SBV’s overseas accounts and transactions executed on behalf of credit institutions and foreign bank branches. SBV also highlighted its role chairing the Vietnam SWIFT community (VIETSWIFT), which now comprises 87 members, including 17 shareholder members, and processed 31 million SWIFT messages in 2024. On cyber and operational security, SBV described adherence to SWIFT Customer Security Programme (CSP) requirements and its practice of submitting an annual CSP compliance report to SWIFT. On ISO 20022, SBV reported parallel manual sending and receiving of both legacy SWIFT MT messages and ISO 20022 MX messages with international counterparties, with successful MX testing completed with the Federal Reserve, the central banks of France and Germany, Clearstream and the Bank for International Settlements. Further testing with additional counterparties is ongoing alongside market-specific message template refinements. In line with SWIFT’s ISO 20022 migration roadmap starting in November 2025, SBV’s Information Technology Department outlined a two-stage plan to build and deploy an MT-MX conversion tool linked to SWIFT IM, covering development from October 2024 to June 2025 and user acceptance testing and official rollout from June 2025 to September 2025, alongside additional automation for message creation and processing.

Original source View in tracker