The work programme of the Bank for International Settlements' Committee on Payments and Market Infrastructures (CPMI) outlines the strategic priorities for its policy, standard-setting, implementation and analytical activities. The programme is developed under the direction of the Committee Chair and endorsed by the Economic Consultative Committee.
The key themes of the CPMI's 2024–25 work programme comprise the following:
Risk management of FMIs, such as payment systems, securities settlement systems and central counterparties (CCPs), is the foundation of the CPMI's work. This includes fostering and monitoring the implementation of CPMI and International Organization of Securities Commissions (IOSCO) standards, the . This work relies on layered coordination encompassing joint work with IOSCO, other standard-setting bodies and the Financial Stability Board (FSB).
The CPMI's main priorities in this area are the continuation of the work on FMIs' resilience and recovery including FMIs' practices for non-default losses (NDLs); CCP margining practices in centrally cleared markets; and foreign exchange (FX) settlement risk reduction. In view of evolving threats and possible impacts of new technology, cyber and operational resilience is an important additional key focus. Hence, a newly established CPMI-IOSCO group works on cyber and operational resilience of FMIs, including the management of risks associated with third-party service providers and outsourcing. Finally, the CPMI explores emerging issues in FMI risk management, such as climate-related risks for FMIs and the impact of shorter settlement cycles.
Enhancing cross-border payments has been a priority on the G20 agenda since 2020. The CPMI and the FSB developed a Roadmap to address the challenges that affect cross-border payments, with the goal of improving the speed, transparency and access to cross-border payments, while reducing their costs and maintaining their safety. In 2022, a strategic review focused on how to meet the 2027 targets set by the G20. The result of this review was a prioritisation plan and engagement model for taking the programme forward. The prioritised Roadmap focuses the work on three themes: (i) payment system interoperability and extension; (ii) legal, regulatory and supervisory frameworks; and (iii) cross-border data exchange and message standards.
Key priorities for the CPMI are developing governance and oversight considerations relevant to the interlinking of fast payment systems (FPS) and recommendations for technical standards (such as ISO 20022 and application programming interface (APIs)) that can help enhance cross-border payments. The CPMI will deliver a framework for the governance and oversight of FPS interlinking to the G20, organise two conferences together with the G20 and G7 Presidencies on FPS interlinking, and develop recommendations for areas of greater harmonisation of API protocols. The CPMI brings together central banks from across the world as well as private sector actors to (i) foster the interlinking of FPS; (ii) improve access to payment systems; (iii) extend payment system operating hours; (iv) adopt harmonised ISO 20022 data requirements; and (v) promote harmonisation of APIs. Finally, the CPMI monitors infrastructure changes planned or implemented, to identify areas that require greater attention to foster further progress.
The Committee monitors, identifies and assesses issues related to digital innovation in payments, clearing and settlement. Over the near term, the focus areas include tokenisation and cross-border central bank digital currencies (CBDCs).
On tokenisation, the CPMI works on the future of payments in a tokenised financial ecosystem and, together with the BIS, will deliver a report to the G20 on tokenisation in the context of money and payments. On CBDCs, the CPMI analyses the ideal timing of key technical and policy choices regarding cross-border CBDC functionality and on how central banks can effectively collaborate on this functionality. Finally, the CPMI, together with IOSCO, analyses risks associated with multicurrency and asset-linked stablecoin arrangements and, if needed, develops relevant policy considerations.
The CPMI also conducts research and analysis on an ongoing basis to support the work of all key themes. This includes the annual collection and publication of the CPMI statistics on payments and FMIs ("Red Book" statistics) and the yearly BIS CBDC survey.
About the Committee's work
The CPMI carries out its mandate by:
- identifying risks for the safety and efficiency of payment, clearing and settlement systems and resulting risks for the global financial system
- sharing experiences related to payment, clearing and settlement systems, the performance of oversight functions and the provision of central bank services in order to promote common understanding, and developing policy advice or common policies for central banks
- establishing and promoting global standards and recommendations for the regulation, oversight and practices of payment, clearing and settlement systems
- monitoring the implementation of CPMI standards and recommendations
- supporting cooperative oversight and cross-border information-sharing, including crisis communication and contingency planning for cross-border crisis management
- maintaining relationships with non-CPMI central banks to share experiences and promote the implementation of CPMI standards and recommendations beyond member jurisdictions
cooperating with other financial sector standard setters, central bank bodies and international financial institutions
About the Committee's work
The CPMI carries out its mandate by:
- identifying risks for the safety and efficiency of payment, clearing and settlement systems and resulting risks for the global financial system
- sharing experiences related to payment, clearing and settlement systems, the performance of oversight functions and the provision of central bank services in order to promote common understanding, and developing policy advice or common policies for central banks
- establishing and promoting global standards and recommendations for the regulation, oversight and practices of payment, clearing and settlement systems
- monitoring the implementation of CPMI standards and recommendations
- supporting cooperative oversight and cross-border information-sharing, including crisis communication and contingency planning for cross-border crisis management
- maintaining relationships with non-CPMI central banks to share experiences and promote the implementation of CPMI standards and recommendations beyond member jurisdictions
cooperating with other financial sector standard setters, central bank bodies and international financial institutions
