ISO 20022 market implementations

On the previous page, I introduced the Payments Market Practice Group.

We saw that this is a group that coordinates the work of the CBPR+ and HVPS+

But, these are not the only groups that are of interest to us.

The other one, I also want to turn your attention to is called CGI-MP.

So, now we have identified three groups: CBPR+, HVPS+ and CGI-MP.

But, you may wonder why I describe these groups.

I do so because these are the groups that define how ISO 20022 will be implemented.

If so, another question may come to mind: Why are all these groups necessary?

This is a crucial question because to answer it we have to refer to a large picture of the actors and spaces in which payments are processed.

There are many players and many systems in the payment industry. Each of them has its own needs and requirements. And this is the reason why we have various ISO 20022 implementation groups in the market.

Indeed, each of the three groups I mentioned above is responsible for the definition of the recommendations/requirements for a different part of the payment sector.

The below diagram aims at illustrating this notion.



I will come back to this diagram while presenting the particular message related to CBPR+ or TARGET system. This, I hope, will help us to see how the messages are positioned in the broader context.

So what can we see on this diagram?

At the top, we see three spaces in which payments are processed. 

Below I placed the name of the group that is in charge of particular ISO 20022 implementation.



On the left-hand side and on the right-hand side, the space is colored yellow.

This is to indicate that whether the messages are sent by Corporates to Banks or by Banks to Corporates they are part of the same payment sector.

The best practice guidelines for ISO 20022 implementations for messages exchanged by Corporates and Banks are defined by CGI-MP.

CGI stands for Common Global Implementation. There are several working groups within CGI-MP that define requirements for different corporate-to-bank message implementations. 

You can learn more about CGI by visiting this page: CGI 

Usage Guidelines prepared by CGI-MP can be accessed on MyStandards: CGI-MP

I described how to access MyStandards here.



In the middle of the diagram, the Bank-to-Bank space is indicated.

As you can see this sector is divided into two areas by a thick horizontal line.

In the upper area, we can see only green color.

This area represents payments exchanged among banks based on corresponding relationships only. I presented key features of the corresponding banking here: Cross-border payments.

The requirements for cross-border correspondent banking transition to ISO 20022 are defined by CBPR+.

CBPR+ stands for Cross-Border Payments and Reporting Plus.

CBPR+ implementations form a major part of my website. It can be accessed here: CBPR+

The CBPR+ documentation is described here: CBPR+ documentation 



In the middle of the diagram, there is also another Bank-to-Bank space indicated.

It’s in the lower part of the diagram, under the thick horizontal line.

It consists however of two colors.

This area illustrates the payment messages exchanged among banks, in which:

  • one or several payment legs are processed via correspondent banking arrangements (these are based on CBPR+)
  • and some payment legs are processed in the Marked Infrastructure (these are based on HVPS+) 

What is HVPS+?

HVPS+ stands for High Value Payments Plus.

You can learn about HVPS+ here.

HVPS+ Usage Guidelines are also published on MyStandards: HVPS+ 

HVPS+ is a market practice task force that publishes best practices for high-value payments. This group is of paramount importance in the context of High-value Payment Systems or RTGS systems migrating to ISO 20022.

It is not mandatory for a Payment System that is migrating to ISO 20022 to build its requirements based on HVPS+.

However, it certainly would increase the harmonization. 


Needless to say, the key aspect of the seamless adoption of ISO 20022 is interoperability among the messages exchanged by various parties at different steps of payment processing. Therefore, all the groups listed above work to achieve full interoperability among their Usage Guidelines, so that payments leaving one space and entering another can be processed without any loss of data.