Payments Canada declares support for HVPS+ ISO 20022 Payments Interoperability Charter

March 27, 2024

Leading the adoption of ISO 20022 in Canada and abroad.

Payments Canada is actively involved in promoting harmonization of the ISO 20022 message usage for high-value payment systems globally and is declaring its support for the High-Value Payments Systems Plus (HVPS+) ISO 20022 Payments Interoperability Charter.

The charter sets out objectives and principles designed to enable evolution and interoperability of the ISO 20022 standard for high-value payments. Standardized use of ISO 20022 for payments will support efficiency, innovation and improved payment experiences for end-users. As more businesses and countries adopt the standard, these benefits will compound. Consistent use of the standard across different jurisdictions will also remove friction between cross-border payments.

The HVPS+ Group consists of representatives from different market infrastructures around the world and Payments Canada is an active member. The HVPS+ mission is to drive best practices and correct use of payment messaging standards to achieve interoperability and harmonization across high-value payment systems. The group is seeking support for its charter from global market infrastructures using the ISO 20022 standard for high-value payments. Payments Canada will be listed within the charter as a supporting market infrastructure in the coming days.

The ISO 20022 Payments Interoperability Charter sets out the following key principles to be followed by market infrastructures:

Live implementations of ISO 20022 should be kept current, aligning to one of the two most recent HVPS+ usage guideline collections.
Live implementations should avoid any unnecessary variation from the usage guidelines to maximize interoperability. Where notable variation is deemed necessary, details and rationale should be shared with the HVPS+ group.
New implementations should align to the most recent HVPS+ usage guideline collection.

Lynx, Payments Canada’s high-value payment system, supports ISO 20022 messages and, at launch, the forthcoming Real-Time Rail (RTR) will also support ISO 20022.

Learn more about HVPS+ and how Payments Canada is leading the effort to introduce ISO 20022 in Canada and abroad.