CPMI Publications

The CPMI publishes analytical reports that explore various issues related to payment, clearing and settlement systems.

Displaying 11-20 of 278
Publication CPMI Papers 28 Apr 2025
Implementation monitoring of PFMI: Level 2 assessment report for the European Union - Payment systems, central securities depositories and securities settlement systems
This report presents the conclusions from a Level 2 assessment of whether, and to what degree, the legal, regulatory and oversight framework for FMIs in the EU for systemically important PSs and CSDs/SSSs are complete and consistent with the Principles.
Publication Payments CPMI Briefs No 8 25 Mar 2025
And so we pay: more digital and faster, with cash still in play
This CPMI Brief highlights key retail payment trends as observed in the 2023 Red Book statistics.
Authors: Alberto Di Iorio, Anneke Kosse and Ismail Mustafi
Publication CPMI Briefs No 7 20 Feb 2025
Acta non verba: interlinking fast payment systems to enhance cross-border payments
The G7 supports responsible innovation that enables interoperability among new and existing cross-border payment systems; a level playing field for private sector competition and innovation; and the observance of relevant international standards...
Authors: Alberto Di Iorio, Emilie Fitzgerald, Thomas Lammer, Antonio Perrella, Tara Rice, Federico Semorile and Stefano Siviero
Publication CPMI Briefs No 6 31 Jan 2025
Changing the clock: practical approaches to extend payment system operating hours
Real-time gross settlement (RTGS) systems typically settle wholesale financial obligations in central bank money. Most of them are owned and operated by a central bank...
Authors: Jayvind Choolhun, Carlos Conesa, Emilie Fitzgerald, María José García Ravassa and Thomas Lammer
Publication CPMI Papers 15 Jan 2025
Streamlining variation margin in centrally cleared markets - examples of effective practices - final report
Final report by the BIS Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO).
Publication Others 15 Jan 2025
Transparency and responsiveness of initial margin in centrally cleared markets - review and policy proposals
This BCBS-CPMI-IOSCO report sets out ten final policy proposals which aim to increase the resilience of the centrally cleared market ecosystem in times of market stress.
Publication CPMI Papers 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 CPMI Papers 15 Oct 2024
Promoting the harmonisation of application programming interfaces to enhance cross-border payments: recommendations and toolkit
The electronic exchange of payment data is vital to contemporary commerce and finance. Application programming interfaces (APIs) are among the latest technological advancement that facilitate these exchanges...
Publication CPMI Papers 15 Oct 2024
Linking fast payment systems across borders: governance and oversight - final report
This report - a key deliverable under the G20 cross-border payments programme - aims to inform owners and operators of FPS when they are developing the governance and risk management of their FPS interlinking arrangement as well as overseers when they are…
Publication CPMI Briefs No 5 04 Jun 2024
Steady as we go: results of the 2023 CPMI cross-border payments monitoring survey
Enhancing cross-border payments has been a G20 priority since 2020. This ambitious programme requires action by individual jurisdictions and payment systems. The CPMI survey results show determined progress: the vast majority of payment systems have or…
Authors: Emilie Fitzgerald, Anamaria Illes and Thomas Lammer

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