HVCS payments are fast and, once made, cannot be reversed. This means it is an efficient and reliable way to make large payments quickly. HVCS payments are commonly used for large value payments between corporate institutions and property settlements.
The HVCS rules, standards and procedures set out how these types of transactions are made, including what payment information is required and the timeframes for completing the transaction.
HVCS Participants use a dedicated SWIFT-based system between banks to settle these payments and interchange payment information between them.
ISO 20022 messaging project
What is it?
ISO 20022 is an international standard for payments messaging that creates a common language and structure for financial institutions to exchange electronic data.
Why are we looking at it?
We’re seeing an increasing demand for richer data and information to accompany a payment. The international messaging standard ISO 20022 is one solution to provide more informative transactions. Once implemented, ISO 20022 messaging should result in better quality data, improved fraud prevention and analytics, and enhanced straight-through processing.
Where we’re currently at
In 2020 we began working with our Participants to define the new ISO 20022 messaging standard for settlement of NZD payments within New Zealand’s High Value Clearing System (HVCS).
Once the new ISO 20022 messaging standard has been defined, our Participants and their vendors will begin developing their systems to the new specifications, ready for industry testing to commence in 2022.
A phased adoption of the ISO 20022 messaging will begin in November 2022, with the transition to ISO 20022 messaging mandated from November 2025.