SWIFT Initiates New High Value Payments Taskforce to Police Infrastructure

SWIFT, a provider of financial messaging services, will be forming a High Value Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term taskforce, part of a global initiative to help police its payments infrastructure, including the oversight for the ISO 20022 messaging standard, per a SWIFT statement.

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High Value Payments (HVPs) form a crucial part of the broader payments realm, with a number of organizations depending on secure access to securities, money markets and payments eco-systems. In addition HVPs also allow for large value and high priority, despite lower volume, payments to be made between multiple participants with immediate settlement finality.

In a bid to help foster increased transparency in this area, SWIFT has formulated a task force designed to target this specific area of focus, which it believes is an instrumental to the ISO 20022 harmonisation initiative. More specifically, this agenda aims to address industry concerns around fragmentation and the risk of multiple versions and variants being adopted across various markets.

New Mandate

The new task force will be named HVPS+ and will aim to build on an existing HVPS market practice utilized in the interbank co-operative's MyStandards messaging toolbox. The new group will see a broadened mandate relative to current market practices, which will ultimately aim to deliver an additional set of ISO 20022 guidelines for high value payments systems.

Other organizations will also assist in the HVPS+ taskforce, which include ABN Amro, Australian Payments Clearing Clearing Clearing is a general term that simply means many different things depending on the subject and related industry. Most commonly, this refers to the reciprocal exchange between banks of checks and drafts, and the settlement of the differences, or the total of claims settled at a clearinghouse. In finance and banking, the word clearing has different meanings depending on the more specific business model. Moving checks from the bank where they were deposited to the bank on which they were drawn. Th Clearing is a general term that simply means many different things depending on the subject and related industry. Most commonly, this refers to the reciprocal exchange between banks of checks and drafts, and the settlement of the differences, or the total of claims settled at a clearinghouse. In finance and banking, the word clearing has different meanings depending on the more specific business model. Moving checks from the bank where they were deposited to the bank on which they were drawn. Th Read this Term Association, Banca d’Italia, Bank of America Merrill Lynch, Bank of England, EBA Clearing, European Central Bank, FirstRand Bank Ltd, Hong Kong Interbank Clearing Limited, Payments Canada, Société Générale, Standard Bank, and Wells Fargo.

Earlier this week, SWIFT also made headlines when it embarked on a campaign to increase the level of public awareness for ongoing security features across its interface products – the new initiative is part of SWIFT’s Customer Security Programme, which was launched to help customers undergo and implement existing security features with the hopes of fostering more secure access to the SWIFT infrastructure.