Which of the following countries maintains more than one HVPS?

Poland is the correct choice because it operates more than one High-Value Payment System (HVPS). Specifically, Poland has two main systems: the National Payments System (NPS) and the SORBNET system. These systems serve different purposes within the country’s financial infrastructure, ensuring that high-value transactions can be processed efficiently and securely, catering to the needs of various participants in the payment landscape.

In contrast, other countries mentioned typically utilize a single, centralized HVPS to handle high-value transactions. This centralization can help streamline operations, reduce costs, and improve the speed of transactions. While Germany, Italy, and Spain have robust payment systems, they generally do not require multiple HVPS to manage their high-value payments, thus making them less complex compared to Poland's system.