Updated 17 October 2016

The Committee on Payments and Market Infrastructures (CPMI) provides this glossary of payments and market infrastructure terminology as a reference to the standard terms and definitions used in connection with payment, clearing, settlement and related arrangements. Current definitions are now shown alongside the previous ones. You can generate a PDF version of the glossary here.


Interconnections among payment, clearing and settlement systems based on direct relationships between the systems, indirect relationships arising from the activities of large financial institutions in multiple systems and broader commonalities. The smooth functioning of one system can be dependent on that of another system and the smooth functioning of two or more systems may be dependent on a third party or factor (for example, common participants or service providers).

Updated: 16 Jun 2015

Source documents


 Additional terms that are not included in the main glossary can be found in the previous version of the glossary.