Work programme
The CPMI work programme outlines the strategic priorities for its policy, standard-setting, implementation-monitoring and analytical activities. The programme is developed under the direction of the Committee Chair and endorsed by the Economic Consultative Committee.
The CPMI maintains a two-year work programme. The current work programme goes from April 2025 to March 2027. A number of items in the CPMI work programme involve joint efforts or close coordination with the International Organization of Securities Commissions (IOSCO), the Financial Stability Board (FSB) and other international bodies.
Work programme and strategic priorities for 2025-2027
The topics in the current CPMI work programme are organised around the three themes of risk management of financial infrastructures (FMIs); enhancement of cross-border payments; and digital innovation in payment, clearing and settlement.
The CPMI also conducts research and analysis on an ongoing basis to support the work of all key themes. This includes the annual collection and publication of the CPMI statistics on payments and FMIs ("Red Book" statistics) and the yearly BIS survey on digital innovation in payments.
Financial and operational resilience of FMIs: priority are placed on activities that support further strengthening the ability of FMIs to prevent, withstand and recover from – financially and operationally – significant non-default and general business risk incidents. CPMI-IOSCO subgroups are prioritising:
- Work on cyber and operational resilience of FMIs, including the management of risks associated with third-party service providers and outsourcing and the evolving cybersecurity landscape.
- Finalising further guidance on general business risk across all FMI types; and implementing policy proposals regarding initial margin in centrally cleared markets into CPMI-IOSCO policy documents.
Consistent and timely implementation of standards: CPMI-IOSCO continues to monitor implementation of the PFMI through its IMSG Level 2 PFMI implementation monitoring programme.
Emerging issues: CPMI-IOSCO will continue its horizon scanning for emerging issues in FMI risk management including on innovations related to tokenisation and artificial intelligence.
The focus of the cross-border payments programme has turned from analysis to implementation at the jurisdiction level. The CPMI focuses on three areas:
- Executing the deliverables to the G20 that the CPMI agreed upon;
- Disseminating the substantial body of work created over the past several years; and
- Convening key stakeholders, catalysing concrete initiatives and monitoring progress on cross-border payments.
The CPMI actively engages with stakeholders, both from the private sector and non-G20 central banks. Key groups convened by the CPMI are the Community of Practice on Payment Systems (CoPS), the Payments Interoperability and Extension (PIE) task force and the ISO 20022 Harmonisation Panel. The CPMI also monitors progress on implementation across jurisdictions and highlights regional success stories.
Following the BIS-CPMI report to the G20, Tokenisation in the context of money and other assets: concepts and implications for central banks, the CPMI work focuses on the following three topics:
- The impact of digital innovation on the roles and interactions of central bank money, commercial bank money and non-bank private money in payments and settlement;
- High-level design options for the provision of central bank money for token arrangements; and
- Liquidity implications of tokenisation in the context of delivery versus payment (DvP) settlement.
In addition, exploratory work is undertaken to identify potential central bank oversight issues related to tokenisation.
The CPMI continues to monitor, collect and exchange information on key developments related to digital innovation in payments and FMIs through various channels and formats.
