On 23 May 2024, the Bank for International Settlements’ Committee on Payments and Market Infrastructures (CPMI) published its work programme and strategic priorities for 2024-2025.

The programme’s key themes are:

  • Risk management of financial market infrastructures (FMIs).
  • Enhancement of cross border payments.
  • Digital innovation in payments.
  • Clearing and settlement.

The CPMI continues to aim towards promoting the safety and efficiency of payments and FMIs as technology, industry, and public policy needs evolve.

Risk management of financial market infrastructures

The programme addresses FMIs’ practices for addressing non-default losses; margining practices in centrally cleared markets; foreign exchange settlement risk reduction and cyber and operational resilience.

Enhancement of cross border payments

The programme outlines the priorities under G20 cross border payments programme, with a particular emphasis on the interlinking of fast payment systems.

Digital innovation in payments, clearing and settlement

It further discusses tokenisation in the context of money and payments, functionality of cross border central bank digital currencies and central bank collaboration, and multi-currency and asset linked stablecoin arrangements.

Fabio Panetta, CPMI Chair, said: “With its work programme, the CPMI continues to promote the safety and efficiency of payments and financial market infrastructures, advancing standard-setting work on relevant risk management. It will play a leading role in addressing obstacles to faster, cheaper, more transparent, and inclusive cross-border payments, as well as contributing to policy-oriented thought leadership in digital innovations in payments.”