The Bank for International Settlements’ (BIS’) Committee on Payments and Market Infrastructures (CPMI) has published its work program for 2024–25, highlighting its strategic priorities for policy, standard-setting, implementation and analytical activities.
The programme’s key themes are:
- Risk management of financial market infrastructures (FMIs): 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 priorities under the G20 cross-border payments programme, with a particular emphasis on the interlinking of fast payment systems.
- Digital innovation in payments, clearing and settlement: Tokenization in the context of money and payments, functionality of cross-border central bank digital currencies and central bank collaboration, and multicurrency and asset-linked stablecoin arrangements.
“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,” said Fabio Panetta, governor of the Bank of Italy and CPMI chair, in a statement.