HD Photo is an image format developed by Microsoft, and previously known as Windows Media Photo. This supports colour depths of up to 32-bit, with lossy and lossless compression. It claims performance improvements over JPEG 2000 for compression. It allows transparency and supports metadata in EXIF and XMP formats.
It is a proprietary format, but Microsoft have announced that the specification will be released under their Open Specification Promise. Support for HD Photo is beginning to grow amongst third-party software products, but it is not yet widely used.
HD Photo is under consideration as an ISO standard by the Joint Photographic Experts Group, tentatively known as JPEG XR.