{"id":95271,"date":"2026-08-04T10:30:04","date_gmt":"2026-08-04T03:30:04","guid":{"rendered":"https:\/\/impress.vn\/?p=95271"},"modified":"2026-08-04T10:30:04","modified_gmt":"2026-08-04T03:30:04","slug":"rtgs-va-dns-mo-hinh-settlement-lien-ngan-hang","status":"publish","type":"post","link":"https:\/\/impress.vn\/en\/tin-tuc\/rtgs-va-dns-mo-hinh-settlement-lien-ngan-hang\/","title":{"rendered":"RTGS V\u00e0 DNS: V\u00ec Sao “Chuy\u1ec3n Ti\u1ec1n Nhanh” Kh\u00f4ng \u0110\u1ed3ng Ngh\u0129a V\u1edbi Settlement T\u1ee9c Th\u1eddi?"},"content":{"rendered":"

Khi \u0111\u1ed9i ng\u0169 IT ng\u00e2n h\u00e0ng \u0111\u00e1nh gi\u00e1 m\u1ed9t nh\u00e0 cung c\u1ea5p h\u1ea1 t\u1ea7ng thanh to\u00e1n m\u1edbi, m\u1ed9t c\u00e2u qu\u1ea3ng c\u00e1o quen thu\u1ed9c lu\u00f4n xu\u1ea5t hi\u1ec7n: “h\u1ec7 th\u1ed1ng h\u1ed7 tr\u1ee3 x\u1eed l\u00fd real-time, thanh to\u00e1n t\u1ee9c th\u1eddi”. Nh\u01b0ng RTGS v\u00e0 DNS<\/strong> \u2014 hai m\u00f4 h\u00ecnh settlement li\u00ean ng\u00e2n h\u00e0ng ph\u1ed5 bi\u1ebfn nh\u1ea5t \u2014 th\u1ef1c ch\u1ea5t kh\u00e1c nhau ho\u00e0n to\u00e0n, v\u00e0 t\u1ed1c \u0111\u1ed9 m\u00e0 kh\u00e1ch h\u00e0ng nh\u00ecn th\u1ea5y tr\u00ean \u1ee9ng d\u1ee5ng ng\u00e2n h\u00e0ng kh\u00f4ng n\u00f3i l\u00ean c\u01a1 ch\u1ebf settlement n\u00e0o \u0111ang ch\u1ea1y ph\u00eda sau, \u1edf b\u01b0\u1edbc quy\u1ebft to\u00e1n cu\u1ed1i c\u00f9ng trong v\u00f2ng \u0111\u1eddi giao d\u1ecbch thanh to\u00e1n<\/a>. Nh\u1ea7m l\u1eabn gi\u1eefa “tr\u1ea3i nghi\u1ec7m t\u1ee9c th\u1eddi” v\u1edbi “settlement real-time gross” l\u00e0 m\u1ed9t trong nh\u1eefng ng\u1ed9 nh\u1eadn ph\u1ed5 bi\u1ebfn nh\u1ea5t khi \u0111\u00e1nh gi\u00e1 h\u1ec7 th\u1ed1ng thanh to\u00e1n \u2014 v\u00e0 c\u00f3 th\u1ec3 d\u1eabn t\u1edbi sai l\u1ea7m khi ho\u1ea1ch \u0111\u1ecbnh thanh kho\u1ea3n, qu\u1ea3n tr\u1ecb r\u1ee7i ro, ho\u1eb7c l\u1ef1a ch\u1ecdn ki\u1ebfn tr\u00fac k\u1ebft n\u1ed1i. B\u00e0i vi\u1ebft n\u00e0y gi\u1ea3i th\u00edch r\u00f5 hai tr\u1ee5c ph\u00e2n lo\u1ea1i \u0111\u1ed9c l\u1eadp \u0111\u1ee9ng sau RTGS v\u00e0 DNS, so s\u00e1nh tr\u1ef1c ti\u1ebfp hai m\u00f4 h\u00ecnh, v\u00e0 ch\u1ec9 ra 4 ng\u1ed9 nh\u1eadn th\u01b0\u1eddng g\u1eb7p m\u00e0 b\u1ed9 ph\u1eadn v\u1eadn h\u00e0nh thanh to\u00e1n c\u1ea7n tr\u00e1nh.<\/p>\n

\"So<\/figure>\n

Hai Tr\u1ee5c Ph\u00e2n Lo\u1ea1i \u0110\u1ed9c L\u1eadp Trong Clearing V\u00e0 Settlement<\/h2>\n

Tr\u01b0\u1edbc khi so s\u00e1nh RTGS v\u00e0 DNS, c\u1ea7n t\u00e1ch r\u00f5 hai tr\u1ee5c ph\u00e2n lo\u1ea1i \u0111\u1ed9c l\u1eadp th\u01b0\u1eddng b\u1ecb g\u1ed9p l\u00e0m m\u1ed9t: (1) \u0111\u01a1n v\u1ecb settle \u2014 gross hay net, v\u00e0 (2) th\u1eddi \u0111i\u1ec3m settle \u2014 real-time hay deferred. \u0110\u00e2y l\u00e0 hai c\u00e2u h\u1ecfi c\u00f3 c\u00e2u tr\u1ea3 l\u1eddi \u0111\u1ed9c l\u1eadp v\u1edbi nhau, kh\u00f4ng suy ra c\u00e2u n\u00e0y t\u1eeb c\u00e2u kia.<\/p>\n

Tr\u1ee5c 1 \u2014 Gross V\u00e0 Net<\/h3>\n

Gross settlement<\/strong> ngh\u0129a l\u00e0 m\u1ed7i giao d\u1ecbch \u0111\u01b0\u1ee3c settle ri\u00eang l\u1ebb, \u0111\u1ea7y \u0111\u1ee7 gi\u00e1 tr\u1ecb (full value), kh\u00f4ng b\u00f9 tr\u1eeb v\u1edbi giao d\u1ecbch kh\u00e1c. Net settlement<\/strong> th\u00ec ng\u01b0\u1ee3c l\u1ea1i: h\u1ec7 th\u1ed1ng b\u00f9 tr\u1eeb v\u1ecb th\u1ebf r\u00f2ng (net position) gi\u1eefa c\u00e1c b\u00ean tham gia tr\u01b0\u1edbc, r\u1ed3i m\u1edbi settle ph\u1ea7n ch\u00eanh l\u1ec7ch cu\u1ed1i c\u00f9ng.<\/p>\n

Tr\u1ee5c 2 \u2014 Real-Time V\u00e0 Deferred<\/h3>\n

Real-time<\/strong> ngh\u0129a l\u00e0 settle ngay, li\u00ean t\u1ee5c, ngay khi giao d\u1ecbch qua ki\u1ec3m tra. Deferred<\/strong> ngh\u0129a l\u00e0 settle theo chu k\u1ef3 \u0111\u1ecbnh tr\u01b0\u1edbc \u2014 c\u00f3 th\u1ec3 m\u1ed9t ho\u1eb7c nhi\u1ec1u l\u1ea7n trong ng\u00e0y.<\/p>\n

K\u1ebft h\u1ee3p hai tr\u1ee5c n\u00e0y cho ra 4 t\u1ed5 h\u1ee3p l\u00fd thuy\u1ebft, nh\u01b0ng trong th\u1ef1c t\u1ebf v\u1eadn h\u00e0nh, tuy\u1ec7t \u0111\u1ea1i \u0111a s\u1ed1 h\u1ec7 th\u1ed1ng thanh to\u00e1n ch\u1ec9 r\u01a1i v\u00e0o 2 g\u00f3c ph\u1ed5 bi\u1ebfn:<\/p>\n

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  1. Real-time + Gross = RTGS<\/strong> (Real-Time Gross Settlement) \u2014 d\u00f9ng cho thanh to\u00e1n gi\u00e1 tr\u1ecb l\u1edbn, quan tr\u1ecdng h\u1ec7 th\u1ed1ng.<\/li>\n
  2. Deferred + Net = DNS<\/strong> (Deferred Net Settlement) \u2014 d\u00f9ng cho thanh to\u00e1n b\u00e1n l\u1ebb kh\u1ed1i l\u01b0\u1ee3ng l\u1edbn.<\/li>\n<\/ol>\n

    Hai t\u1ed5 h\u1ee3p c\u00f2n l\u1ea1i (Real-time + Net, Deferred + Gross) t\u1ed3n t\u1ea1i v\u1ec1 m\u1eb7t l\u00fd thuy\u1ebft nh\u01b0ng hi\u1ebfm g\u1eb7p trong v\u1eadn h\u00e0nh th\u1ef1c t\u1ebf.<\/p>\n

    RTGS V\u00e0 DNS: B\u1ea3ng So S\u00e1nh Tr\u1ef1c Ti\u1ebfp<\/h2>\n\n\n\n\n\n\n\n\n\n\n
    Ti\u00eau ch\u00ed<\/th>\nRTGS (Real-Time Gross Settlement)<\/th>\nDNS (Deferred Net Settlement)<\/th>\n<\/tr>\n<\/thead>\n
    \u0110\u01a1n v\u1ecb settle<\/td>\nT\u1eebng giao d\u1ecbch ri\u00eang l\u1ebb, full value<\/td>\nV\u1ecb th\u1ebf r\u00f2ng sau khi b\u00f9 tr\u1eeb<\/td>\n<\/tr>\n
    Th\u1eddi \u0111i\u1ec3m settle<\/td>\nLi\u00ean t\u1ee5c, ngay khi giao d\u1ecbch qua ki\u1ec3m tra<\/td>\nTheo chu k\u1ef3 \u0111\u1ecbnh tr\u01b0\u1edbc (1 ho\u1eb7c nhi\u1ec1u l\u1ea7n\/ng\u00e0y)<\/td>\n<\/tr>\n
    Nhu c\u1ea7u thanh kho\u1ea3n<\/td>\nCao \u2014 c\u1ea7n \u0111\u1ee7 v\u1ed1n\/h\u1ea1n m\u1ee9c t\u1ea1i m\u1ecdi th\u1eddi \u0111i\u1ec3m<\/td>\nTh\u1ea5p h\u01a1n \u2014 ch\u1ec9 c\u1ea7n \u0111\u1ee7 cho v\u1ecb th\u1ebf r\u00f2ng<\/td>\n<\/tr>\n
    C\u1eeda s\u1ed5 r\u1ee7i ro (risk window)<\/td>\nG\u1ea7n nh\u01b0 b\u1eb1ng 0<\/td>\nC\u00f3 th\u1ec3 k\u00e9o d\u00e0i t\u1edbi h\u1ebft chu k\u1ef3<\/td>\n<\/tr>\n
    Settlement asset \u0111i\u1ec3n h\u00ecnh<\/td>\nTh\u01b0\u1eddng l\u00e0 central bank money<\/td>\nC\u00f3 th\u1ec3 l\u00e0 central bank money ho\u1eb7c commercial bank money<\/td>\n<\/tr>\n
    \u1ee8ng d\u1ee5ng \u0111i\u1ec3n h\u00ecnh<\/td>\nThanh to\u00e1n gi\u00e1 tr\u1ecb l\u1edbn, li\u00ean ng\u00e2n h\u00e0ng quan tr\u1ecdng h\u1ec7 th\u1ed1ng (v\u00ed d\u1ee5 Fedwire, TARGET2, CHAPS)<\/td>\nThanh to\u00e1n b\u00e1n l\u1ebb kh\u1ed1i l\u01b0\u1ee3ng l\u1edbn (v\u00ed d\u1ee5 chuy\u1ec3n m\u1ea1ch th\u1ebb, m\u1ed9t s\u1ed1 h\u1ec7 th\u1ed1ng chuy\u1ec3n ti\u1ec1n li\u00ean ng\u00e2n h\u00e0ng)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

    B\u1ed1n Ng\u1ed9 Nh\u1eadn Ph\u1ed5 Bi\u1ebfn V\u1ec1 RTGS V\u00e0 DNS C\u1ea7n Tr\u00e1nh<\/h2>\n
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    1. “Kh\u00e1ch h\u00e0ng th\u1ea5y ti\u1ec1n v\u00e0o ngay \u2192 h\u1ec7 th\u1ed1ng ch\u1eafc ch\u1eafn d\u00f9ng RTGS”<\/strong> \u2014 Sai. Nhi\u1ec1u h\u1ec7 th\u1ed1ng fast\/instant payment th\u1ef1c ch\u1ea5t d\u00f9ng DNS ph\u00eda sau, v\u1edbi ng\u00e2n h\u00e0ng \u1ee9ng tr\u01b0\u1edbc thanh kho\u1ea3n cho kh\u00e1ch h\u00e0ng qua t\u00e0i kho\u1ea3n settlement \u0111\u00e3 prefund, tr\u01b0\u1edbc khi settlement li\u00ean ng\u00e2n h\u00e0ng th\u1ef1c s\u1ef1 ho\u00e0n t\u1ea5t theo chu k\u1ef3.<\/li>\n
    2. “RTGS = instant payment”<\/strong> \u2014 Sai. RTGS l\u00e0 m\u1ed9t m\u00f4 h\u00ecnh settlement li\u00ean ng\u00e2n h\u00e0ng (k\u1ef9 thu\u1eadt, ph\u00eda sau); “instant\/fast payment” l\u00e0 m\u1ed9t tr\u1ea3i nghi\u1ec7m s\u1ea3n ph\u1ea9m (ph\u00eda kh\u00e1ch h\u00e0ng cu\u1ed1i). M\u1ed9t h\u1ec7 th\u1ed1ng c\u00f3 RTGS kh\u00f4ng nh\u1ea5t thi\u1ebft l\u00e0 d\u1ecbch v\u1ee5 fast payment b\u00e1n l\u1ebb, v\u00e0 ng\u01b0\u1ee3c l\u1ea1i.<\/li>\n
    3. “Gross lu\u00f4n an to\u00e0n h\u01a1n Net”<\/strong> \u2014 Ch\u1ec9 \u0111\u00fang \u1edf kh\u00eda c\u1ea1nh settlement risk v\u00e0 finality. Net settlement c\u00f3 \u01b0u \u0111i\u1ec3m ti\u1ebft ki\u1ec7m thanh kho\u1ea3n \u0111\u00e1ng k\u1ec3, v\u00e0 nhi\u1ec1u h\u1ec7 th\u1ed1ng DNS hi\u1ec7n \u0111\u1ea1i c\u00f3 th\u00eam c\u01a1 ch\u1ebf qu\u1ea3n l\u00fd r\u1ee7i ro b\u1ed5 sung (collateral, loss-sharing) gi\u00fap gi\u1ea3m \u0111\u00e1ng k\u1ec3 r\u1ee7i ro th\u1ef1c t\u1ebf \u2014 kh\u00f4ng n\u00ean \u0111\u00e1nh gi\u00e1 m\u1ed9t chi\u1ec1u.<\/li>\n
    4. “T+0\/T+1\/T+2 l\u00e0 quy t\u1eafc chung cho m\u1ecdi settlement”<\/strong> \u2014 Sai. \u0110\u00e2y l\u00e0 kh\u00e1i ni\u1ec7m ch\u1ee7 y\u1ebfu d\u00f9ng trong settlement ch\u1ee9ng kho\u00e1n v\u00e0 m\u1ed9t s\u1ed1 payment rail c\u1ee5 th\u1ec3, kh\u00f4ng \u00e1p d\u1ee5ng m\u00e1y m\u00f3c cho m\u1ecdi h\u1ec7 th\u1ed1ng thanh to\u00e1n, \u0111\u1eb7c bi\u1ec7t c\u00e1c h\u1ec7 th\u1ed1ng RTGS\/DNS settle li\u00ean t\u1ee5c ho\u1eb7c nhi\u1ec1u l\u1ea7n trong ng\u00e0y.<\/li>\n<\/ol>\n

      \u1ee8ng D\u1ee5ng Th\u1ef1c T\u1ebf: C\u00e1ch \u0110\u00e1nh Gi\u00e1 M\u1ed9t H\u1ec7 Th\u1ed1ng Thanh To\u00e1n M\u1edbi<\/h2>\n

      Khi \u0111\u00e1nh gi\u00e1 m\u1ed9t h\u1ec7 th\u1ed1ng thanh to\u00e1n m\u1edbi \u2014 m\u1ed9t chuy\u1ec3n m\u1ea1ch qu\u1ed1c gia, m\u1ed9t fast payment system, hay \u0111\u1ec1 xu\u1ea5t t\u1eeb nh\u00e0 cung c\u1ea5p \u2014 b\u1ed9 ph\u1eadn k\u1ef9 thu\u1eadt\/v\u1eadn h\u00e0nh ng\u00e2n h\u00e0ng n\u00ean t\u00e1ch ri\u00eang hai c\u00e2u h\u1ecfi:<\/p>\n