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.
HVCS Participants use a dedicated Swift-based system between banks to settle these payments and interchange payment information between them. As of 20 March 2023, Aotearoa New Zealand became the first country in the world to start processing cross-border transactions with Swift’s new ISO 20022 messaging standard. Find out more about this project.