Committee on Payments and Market Infrastructures

Digital innovation in payments, clearing and settlement

Digital innovation in payments, clearing and settlement is a key focus for the CPMI. The CPMI conducts analyses of future-oriented issues in payments, clearing and settlement, focusing on implications for central banks and the safety and efficiency of the payment system.

To support its work and that of the global central banking community more generally, the CPMI also monitors, collects and exchanges information on key developments related to digital innovation in payments and financial market infrastructures through various channels and formats. Key CPMI monitoring exercises include the collection and publication of annual statistics on retail payments and financial market infrastructures (see Statistics) and the annual BIS survey on digital innovations in payments.

CPMI's work on the future of payments

The CPMI continues to monitor, identify and analyse emerging opportunities, risks and issues related to digital innovations in payments, clearing and settlement.

The CPMI's work in this area is primarily analytical and conceptual in nature. It focuses on emerging issues from a central banks’ perspective, including but not limited to the digitalisation of payments and tokenisation of monies and assets. Recent work has centred on how innovations impact the roles and interactions of various forms of money, with particular emphasis on the pivotal role of central bank money as the anchor of the payment ecosystem.

Relevant CPMI publications

Publication 21 Oct 2024

Tokenisation in the context of money and other assets: concepts and implications for central banks

Developments in tokenisation may change the functioning and structure of regulated financial markets and have implications for central banks. That is the main conclusion of a joint report published today.

Publication 11 Jul 2022

Options for access to and interoperability of CBDCs for cross-border payments

Joint report to the G20 by the Bank for International Settlements' Committee on Payments and Market Infrastructures, the BIS Innovation Hub, the International Monetary Fund (IMF) and the World Bank.

Annual BIS survey on digital innovations in payments

As the payments landscape is evolving rapidly, it is paramount to monitor related developments. To support this, the CPMI conducts an annual global survey on retail central bank digital currencies (CBDCs), tokenisation and crypto. This survey analyses central banks’ involvement in work related to retail CBDC and tokenised wholesale central bank money, the use of stablecoins, regulatory approaches to cryptoassets, and developments in the tokenisation of commercial bank deposits and other assets.

The CPMI publishes the annual survey results on the CPMI and BIS webpage.