Committee on Payments and Market Infrastructures

Co-chairs

Chiara Scotti 
Deputy Governor, Banca d’Italia 

Inge van Dijk 
Director Payments, Cash & Market Infrastructure, De Nederlandsche Bank

Taskforce members (alphabetical by entity)

Sabine Mensah 
Deputy Chief Executive Officer, AfricaNenda 

David O’Mahony 
Cross-border Payments Specialist, AusPayNet 

Jun Xu 
Director, Senior Manager, Bank of China 

Damien Godderis 
Head of Payments Industry Engagement, BNP Paribas 

Isabel Schmidt
Executive Platform Owner Payments Enablement Platform, BNY 

Faisal Alhijawi
Chief Strategy & Development Officer, Buna 

Emanuela Saccarola 
Head of Cross Border Payments, Citi 

Dirk Bullmann
Managing Director, Office of the Chief Executive Officer, CLS 

Susan Yang 
General Manager, High Value & International Payments Commonwealth, Bank of Australia 

Paula Roels 
Head Swift & Market Infrastructure, Corporate Bank Deutsche Bank 

Edward Aitken 
Global Head of Corporate Affairs, dLocal

Arjan Bol 
General Manager, Dutch Payments Association

Erwin Kulk 
Head, Service Development and Management, EBA Clearing 

Monica Jasuja 
Chief Expansion and Innovation Officer, Emerging Payments Association Asia (EPAA) 

Thomas Egner 
Secretary General, European Banking Association 

Giorgio Andreoli 
Director, General European Payments Council 

Simone Cortese 
Head of Product, Fnality International

Andrew Harvey 
Managing Director, Europe Global Financial Markets Association (GFMA) 

Haster Tang 
Chief Executive Officer, Hong Kong Interbank Clearing Limited 

Mark Evans
Managing Director, Global Head of Cross Border and Cross Currency Payments HSBC 

José-Luis Langa 
Deputy Managing Director, Iberpay 

Jessica Renier 
Managing Director, Digital Finance Institute of International Finance (IIF) 

Noritoshi Murakami 
Executive Vice President, MUFG Japanese Bankers Association 

Maha Bahou 
Chief Executive Officer, Jordan Payments and Clearing Company (JoPACC) 

Helena Forest 
Executive Vice President, Global Product and Commercial Real-Time Payments, Mastercard 

Juliana Sheridan 
Regional Legal Manager, Mercado Pago

Michael Richards 
Principal Architect, Mojaloop Foundation 

Damian Richardson 
Head of Payments Product and Schemes, Payments CoE NatWest Group 

Piero Crivellaro 
Group Head of Public and Regulatory Affairs, Nexi Group 

Andrew McCormack
Chief Executive Officer, Nexus Global Payments (NGP) 

John Bosco 
Sebabi Deputy Chief Executive Officer, Pan-African Payment and Settlement System (PAPSS) 

Daniel Jonas 
Head of Research and Insight, Pay.UK 

Ruhling Herbst 
Executive Head Africa Business Development and Strategy and Transformation Officer, PayInc 

Zarin Ahmed 
Director of Emerging Payment Products, Payments Canada 

Nath Parameshwaran 
Senior Director, India and South Asia, PayPal Payments Council of India (PCI)

Azleena Idris 
Senior Director, Corporate Strategy and ESG, PayNet Malaysia 

Nicholas Edge
Head of Policy and Regulatory Affairs for EMEA and APAC, Remitly 

Ignacio Reid 
Chief Operating Officer, Ria 

Frantz Teissèdre 
Head Interbank Relationships, Société Générale 

Brad Gillis 
Head Payments Africa Regions, Standard Bank 

Jens Olsson
Senior Advisor, Swedish Financial Technology Association (SweFinTech) 

Shriyanka Hore 
Global Head of Industry Engagement Swift 

David Fortney 
Executive Vice President, Strategy The Clearing House (TCH) 

Katja Lehr 
Managing Director, J.P. Morgan UK Finance 

Nicholas Senechal 
Strategic Advisor, Visa 

Chloe Baker
Head of PCSO and FMI Network Management, Payments Operations Chief Operating Office Operations, Wells Fargo 

Edward Bowles 
Global Head of Government Relations and ESG, Wise

1. Background

Enhancing cross-border payments can offer benefits to all, through lower costs, faster speed, greater transparency, and improved access. In October 2020, the G20 leaders endorsed the roadmap for enhancing cross-border payments. Since then, the Bank for International Settlements’ Committee on Payments and Market Infrastructures (CPMI), in coordination with the Financial Stability Board (FSB) and other relevant international organisations and standard-setting bodies, has laid the foundation for further developments through stocktakes and analyses.

In 2023, the G20 endorsed the revised roadmap focusing on three priority themes: (i) payment system interoperability and extension; (ii) data exchange and message standards; and (iii) legal, regulatory, and supervisory frameworks. The G20 roadmap is both ambitious and comprehensive, requiring coordinated efforts from authorities and private sector stakeholders worldwide to advance its priority themes. Engagement from a diverse range of market participants is critical to ensuring the roadmap’s successful implementation.

Interoperability of payment systems is essential to prevent undue fragmentation, which is often the source of cross-border payments frictions. Progress in technical interoperability, such as the global ISO 20022 migration and API harmonisation, is paving the way for enhanced cross-border payments. The extension of payment systems – both in functionality and participant access – can further improve service offerings and promote increased competition among payment service providers (PSPs). Since early 2023, two industry task forces, composed of senior private-sector representatives, have provided valuable industry perspectives to the G20 cross-border payments programme: the CPMI-led Cross-border Payments Interoperability and Extension task force (“PIE task force”) and the FSB-led task force on legal, regulatory, and supervisory matters (“LRS task force”). This document outlines the terms of reference for the PIE task force effective from 2025 onwards.

2. Purpose

The PIE task force provides a platform for obtaining expert practitioner advice and enabling collaboration on the enhancement of cross-border payment arrangements. Its focus areas include:

• Fostering harmonised implementation of messaging standards: Encouraging consistent implementation of messaging standards, such as ISO 20022, to improve interoperability.
• Promoting fast payments: Supporting the adoption and use of cross-border fast payment schemes to improve speed and transparency.
• Promoting the use of harmonised pre-validation application programming interfaces (APIs): Supporting the use of harmonised pre-validation API solutions to enhance transparency and predictability in payments.
• Improving cross-border settlement: Reviewing settlement practices and exploring ways to enhance efficiency and alignment in global payment processes.

These focus areas can be complemented by ongoing information exchange to support the safety of cross-border payments and deepening the insights into corridor- and regional-level developments and challenges:

• Enhancing payment safety: Sharing insights and promoting practices to reduce fraud and improve compliance with financial crime regulations.
• Gathering market intelligence: Deepening understanding of cross-border payment flows and challenges at corridor and regional levels.
• Engaging with end users: Collaborating with end-user groups to incorporate their perspectives into the PIE task force work.

3. Responsibilities and tasks

The PIE task force should provide expert advice on cross-border payment market conventions and industry practices. It should suggest key considerations and concrete steps to strengthen these conventions and practices to enhance cross-border payments. Additionally, the PIE task force should facilitate regional and global coordination to support the dissemination of findings among market participants. The PIE task force jointly agrees on the form of outputs to meet its responsibilities, which include:

• Actively support cross-border payment enhancements: Working towards progressing on the G20 cross-border payments targets.
• Providing a forum to exchange views: Sharing implementation experiences, challenges, and best practices among members.
• Identifying harmonisation needs: Finding out specific areas where further harmonisation is required and developing approaches to achieve it.
• Contributing to progress monitoring: Providing timely information about progress made.

In line with these responsibilities and within its area of expertise, the PIE task force defines and agrees on specific deliverables and proposes them to the CPMI. The task force ensures that its technical work does not conflict or overlap with activities underway in other forums, such as those conducted by existing industry groups.

4. Composition

Co-Chairs

The task force is co-chaired by senior CPMI representatives with subject-matter expertise. The Co-Chairs will report to the CPMI. If one Co-Chair is unavailable, meetings can be chaired by the other Co-Chair. The CPMI secretariat can step in as required if both Co-Chairs are unavailable.

Members

The PIE task force membership should have a balanced institutional and geographic composition. The CPMI seeks broad geographic coverage across a wide range of business models when selecting task force members. Members are drawn from individual firms and industry associations based on a public call for nomination. They represent key stakeholder groups (e.g., banks, non-bank PSPs, financial infrastructures, and technical service providers) and cover different geographic regions. Members are experienced, senior-level officials with strategic decision-making authority, at least for their functional areas of expertise and responsibility, and/or hold an industry-wide thought-leadership role (e.g., chairs of existing industry groups).

Observers and guests

A small number of public sector representatives (CPMI members and/or international organisations) can join as observers. The Co-Chairs can invite private or public sector stakeholders as guests to attend task force meetings or specific agenda items on an ad-hoc basis.

Secretariat

The CPMI secretariat and staff members from the institutions of the Co-Chairs support the task force. A CPMI secretariat member acts as task force secretary.

5. Members’ responsibilities

Members and their institutions are expected to support the objectives of safe and efficient cross-border payments. Members’ institutions must ensure that members have sufficient time to actively contribute to the task force's work. Members are expected to actively participate in the work of the PIE task force and attend meetings regularly. Members can nominate an alternate who can backbench and replace members on an exceptional basis, upon prior notification of the secretariat.

Conflicts of interest

Members and observers are responsible for identifying and declaring any potential or perceived conflicts of interest, including financial interests. In case of a conflict, members and observers should notify the secretariat along with proposed mitigation measures, such as pausing their participation.

Compliance with competition laws and regulations

Members must ensure compliance with competition laws and regulations applicable to them. The task force will not discuss commercially sensitive aspects, and relevant meeting documents will be published on the CPMI website for transparency.

Handling and dissemination of information

Meetings will be held under the Chatham House Rule, allowing members to use the information received without revealing the identity or affiliation of contributors. Members and observers must treat all documents accessed during their work as confidential.

6. Organisation of the work

The PIE task force has several possible convening venues, including virtual and in-person workshops, written consultations, and online collaboration tools. It will hold four meetings per year until end-2027. Additional meetings may be scheduled by the Co-Chairs as needed.

7. Working procedures

The Co-Chairs hold the decision-making authority to achieve the objectives of the task force, including meeting agendas, scheduling, and outputs. The Co-Chairs will seek to achieve consensus or establish broad agreement among the members. The PIE task force will report to the CPMI and inform the FSB Cross-border Payments Coordination (CPC) group on progress.

8. Duration of mandate and changes to the terms of reference

The PIE task force mandate and membership will be evaluated end-2026. The terms of reference will be updated as necessary to support the task force’s objectives. Any amendment requires approval by the CPMI.

The Community of Practice on Payment Systems (CoPS) is a forum for exchange among central banks on developing or upgrading their domestic payment systems, factoring an international dimension into them and discussing innovative developments. The community has representatives from over 50 jurisdictions as well as from regional and international organisations. It aims to strengthen the involvement of both G20 and non-G20 central banks in the cross-border payments programme and to support their implementation of payment system enhancements.

The Harmonisation Panel for ISO 20022 is responsible for the effective governance and maintenance of the CPMI’s harmonised ISO 20022 data requirements by (i) reviewing and, where necessary, recommending updates to the harmonisation requirements or data models to the CPMI; (ii) encouraging operators and industry stakeholders to adopt the harmonisation requirements and data models; and (iii) informing payment system stakeholders of any updates to the harmonisation requirements or harmonised data models.