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CHIPS High Value Payments Plus

About HVPS+

High Value Payments Plus (HVPS+) is a self-governed and autonomous group, comprised of representatives of MIs from around the globe. Its mission is to drive better market practices and correct use of standards, to achieve full STP and improved customer outcomes. The HVPS+ group maintains a set of HVPS+ Message Usage Guidelines (MUGs or UGs) which acts a template for MIs to base their own message collection on to achieve interoperability and harmonization.  It has sponsored the creation of this Charter, the documentation and alignment of change management cycles (see next section) and is actively involved in the review and refinement of the HVPS+ UGs to improve alignment between HVPS+ and CBPR+.

Brief about the HVPS+ ISO 20022 Payments 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 minimizing 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 organizations have endorsed the principles of the Charter.

For more information about HVPS+ or the ISO 20022 Payments Interoperability Charter you can follow the link below.

HVPS+ ISO 20022 Payments Interoperability Charter