Table of contents
HVPS+
Driving interoperability and harmonisation
The mission of HVPS+ is to drive consistent market practices and correct use of standards, to support full STP and improved customer outcomes, and ultimately, promote interoperability between MIs.
Since August 2016, HVPS+ (High Value Payment Systems Plus) has worked with the industry to define and refine global implementation standards and to ensure that the industry realises quantifiable benefits in terms of automation, increased transparency, and richer payments data.
Objectives of HVPS+
- Create and maintain the HVPS+ ISO 20022 Usage Guidelines
- Take stock of payments market practices across regions
- Discuss, explain, and document market practice issues
- Recommend market practices, covering end-to-end transactions
- Propose best practice, business responsibilities and rules, message flows, consistent implementation of ISO 20022 messaging standards and exception definitions
- Ensure publication of recommended practices
- Encourage an iterative dialogue with communities where community feedback is incorporated in updated publications
- Recommend payments market practices in response to changing compliance requirements
Mission and scope
Member organisations
The following Market Infrastructures have representation in the HVPS+ community.
| Australian Payments Network (HVCS) | European Central Bank (T2) |
| Bank of England (CHAPS) | Monetary Authority of Singapore (MEPS+) |
| Banca d’Italia (T2) | Payments Canada (LYNX) |
| Bank of Japan (BOJ-NET) | Payments New Zealand (HVCS) |
| Bank of Korea (BOK-Wire+) | Peoples Bank of China (PBoC) |
| Bank of Zambia (ZIPSS) | SIX Group (SIC) |
| China National Clearing Center (CNCC) | South African Reserve Bank (SAMOS) |
| Cross-Border Interbank Payment System (CIPS) | Sverige Riksbank (RIX) |
| Deutsche Bundesbank (T2) | The Clearing House (CHIPS) |
| EBA CLEARING (EURO1) | The Federal Reserve (Fedwire) |
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Interoperability Charter
Whilst ISO 20022 provides a common language for payments, it is constantly evolving. It can adapt to new technologies, to support innovation, to changing regulatory requirements, and to new business needs. There are also differences between ISO 20022 implementations running in different Market Infrastructures around the world, caused by factors such as variation in message versions being used, in market practice, and in release cycles.
The ISO 20022 Payments Interoperability Charter aims to foster support from MIs to an agreed set of objectives and principles designed to enable evolution and interoperability, including maintaining Usage Guidelines aligned to one of the two most recent HVPS+ collections. In this context, ‘interoperability’ means minimising friction in the movement of payments across borders, and domestically, including translation without truncation.
Several Market Infrastructures have declared their support for the Charter, and a number of industry groups and organisations have endorsed the principles of the Charter.
Maintenance process
The development and maintenance of message usage guidelines (UGs) on appropriate versions of ISO 20022 base messages is a critical aspect of HVPS+’s role in the financial market infrastructure (MI) community.
Developing and maintaining UGs must be supported by a business case for the market. The overall guiding principles for the development and maintenance of HVPS+ UGs are as follows:
- STP – Focus on the end-to-end, straight-through processing (STP) of financial transactions, for the global financial industry.
- Market needs – Meet the needs of the relevant players within the industry and optimise the efficiency of all parties within the financial transaction process chain.
- Benefits – UG development, maintenance, and implementation will only be proposed if it results in a clear net benefit to members.
- Consensus – Approval of any changes to UGs to be used across high value payment systems globally, is based on consensus of HVPS+.
- Harmonisation and interoperability – All changes to UGs to be assessed through the lens of harmonisation, ensuring, in particular, that the HVPS+ and CBPR+ UGs remain interoperable.
These guiding principles apply to all types of change – both changes to guidelines and base message version upgrades.
Key dates in the upcoming UG2025 change cycle
- 1 June 2024 – Deadline for submission of HVPS+ change requests (CRs)
- July 2024 – publication of Proposed Change Requests (PCR) Document (collation of CRs submitted to HVPS+)
- October 2024 – publication of Approved Change Requests (ACR) Document (collation of approved HVPS+ CRs)
- 20 December 2024 – publication of draft UG2025 collection on MyStandards
- 21 February 2025 – publication of final UG2025 collection on MyStandards
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