The High Value Payment System was put into trial operation on October 8, 2002, and was rolled out nationwide on June 24, 2005. The system primarily processes local and inter-city high-value credit transfer transactions as well as urgent small-value credit transfers. High-value payment instructions are sent in real time on a transaction-by-transaction basis and settled in full. It provides fast, efficient, safe, and reliable payment and settlement services mainly for banking financial institutions and financial markets, and serves as an important financial infrastructure that supports the implementation of monetary policy and helps maintain financial stability.

The second-generation payment system was successfully launched on October 8, 2013, and was fully rolled out nationwide by the end of April 2015.