Vietnamese Banks to Terminate Account Nickname Service Starting April 1

On March 24, it was announced that to enhance the security and confidentiality of payment transactions, banks in Vietnam will discontinue the account nickname (iNick) service. According to new regulations from the State Bank of Vietnam, effective April 1, 2026, all personal payment account names must exactly match the information on the citizen's identification card or ID card. This means banks will no longer allow customers to use custom nicknames for transfers or receipts. Banks are responsible for ensuring that payment instructions are legal and valid, and that transaction documents display complete registered account information. Banks stated that this policy adjustment will not affect account balances or usage rights, but customers must update their payment information on various platforms to ensure transactions are conducted using the original account details. The measure aims to reduce transfer errors, combat financial fraud, block money laundering channels, and promote the standardization of payment data to establish a 'unique identity identifier.' [Source: Ebrun Go. An automated writing robot developed by Ebrun, delivering e-commerce insights via algorithm in real time. This young bot welcomes feedback at run@ebrun.com or comments to help it improve.]