Introduction
Committee on Payments & Market Infrastructures (CPMI) is a global standard-setting body that monitors and develops policy for payment systems, clearing, settlement, and related financial market infrastructures. Founded in 1990 and headquartered in Basel, Switzerland, it operates under the Bank for International Settlements (BIS) and serves central banks from major jurisdictions worldwide. CPMI is one of the primary international reference bodies for payment system oversight, cross-border payments policy, and financial market infrastructure standards.
What is CPMI and what does it do
The Committee on Payments & Market Infrastructures (CPMI) is a committee of central banks hosted by the Bank for International Settlements. It develops global standards, policy guidance, and analytical work for payment systems, central counterparties, securities settlement systems, and other financial market infrastructures.
CPMI coordinates central bank cooperation on payment and settlement issues and works closely with other global bodies such as IOSCO, the Financial Stability Board (FSB), and the Basel Committee. Its standards are typically implemented through national regulators and central banks rather than enforced directly on payment companies.
Mission and remit
CPMI’s remit is to strengthen the safety, efficiency, and stability of payment, clearing, settlement, and related arrangements across the global financial system. The committee studies systemic risk, operational resilience, interoperability, liquidity, and cross-border payment frictions, then publishes principles and policy frameworks used by regulators and infrastructure operators worldwide. CPMI is not itself a financial regulator or payment scheme operator; it is a policy and standards body operating under the BIS framework.
Core work domains
- Payment systems oversight — policy principles and monitoring for domestic and cross-border payment systems.
- Financial market infrastructures (FMIs) — standards for clearing houses, securities settlement systems, and central counterparties.
- Cross-border payments — coordination work on speed, cost, transparency, and interoperability improvements.
- Operational resilience and risk management — guidance on cyber resilience, business continuity, and systemic operational risk.
- Data, messaging, and interoperability — analytical work on payment data standards, harmonisation, and infrastructure connectivity.
Geographic scope and cross-border reach
CPMI has global reach through its membership of major central banks and monetary authorities. Its members include institutions from North America, Europe, Asia-Pacific, Latin America, the Middle East, and Africa.
The committee’s work is explicitly cross-border in nature. CPMI supports multilateral coordination on payment infrastructure oversight, harmonised standards, and international payment interoperability. Its publications are widely referenced by regulators, central banks, infrastructure operators, and multilateral institutions across jurisdictions.
Why CPMI matters for payment operators
CPMI’s work reaches payment operators primarily through downstream regulation, central bank oversight frameworks, and infrastructure requirements. PSPs, acquirers, payment orchestrators, correspondent banking providers, and scheme participants rarely interact directly with CPMI, but they operate within regulatory and operational environments shaped by CPMI standards and guidance.
The committee’s Principles for Financial Market Infrastructures (PFMI), developed jointly with IOSCO, influence how central counterparties, payment systems, settlement infrastructures, and related operators are supervised globally. These principles affect risk management expectations, governance requirements, operational resilience standards, liquidity controls, and settlement arrangements across the payments ecosystem.
Within a payment operator, CPMI-related requirements are most commonly encountered by compliance teams, legal departments, treasury and liquidity teams, risk management functions, and infrastructure or operations leadership. Product and strategy teams may also monitor CPMI workstreams when evaluating cross-border payments, ISO 20022 migration, stablecoin oversight developments, or interoperability initiatives.
Who runs CPMI and how is it organised
CPMI is chaired by a senior central bank official appointed from one of its member institutions. The committee operates under the umbrella of the Bank for International Settlements, which hosts the CPMI secretariat in Basel, Switzerland. The BIS provides administrative support, research coordination, and publication infrastructure for the committee.
Membership consists primarily of central banks and monetary authorities from systemically important economies. CPMI reports into the broader BIS committee structure and frequently coordinates with IOSCO, the FSB, and other international financial standard-setting bodies.
Membership composition
CPMI membership is composed of central banks rather than private-sector firms. Members are drawn from major economies and financial centres with significant payment and settlement infrastructures.
| Region | Member institutions |
|---|---|
| North America | Federal Reserve System, Bank of Canada |
| Europe | European Central Bank, Bank of England, Deutsche Bundesbank, Banque de France, Banca d’Italia and others |
| Asia-Pacific | Bank of Japan, People’s Bank of China, Reserve Bank of Australia, Monetary Authority of Singapore and others |
| Latin America | Central Bank of Brazil, Bank of Mexico |
| Middle East & Africa | Saudi Central Bank, South African Reserve Bank and others |
Working groups and decision rights
CPMI conducts technical work through standing groups, joint task forces, and specialised working groups. Many initiatives are conducted jointly with IOSCO, the FSB, or other international organisations.
The committee generally operates through consensus among member central banks rather than formal public voting processes. Technical recommendations and policy frameworks are developed collaboratively and published as agreed international guidance rather than legally binding regulation.
What standards does CPMI publish and how do they get used
CPMI publishes global principles, policy frameworks, analytical reports, and implementation guidance for payment systems and financial market infrastructures.
| Standard | Scope | Used by |
|---|---|---|
| Principles for Financial Market Infrastructures (PFMI) | Risk management, governance, settlement, liquidity, and resilience standards for FMIs | Central banks, CCPs, payment systems, securities settlement systems, regulators |
| Cyber resilience guidance for FMIs | Operational and cyber resilience expectations | FMI operators, overseers, infrastructure providers |
| Cross-border payments frameworks | Interoperability, transparency, and payment efficiency policy guidance | Central banks, payment infrastructures, correspondent banking networks |
| Red Book statistics publications | Comparative global payment system data and infrastructure analysis | Regulators, researchers, payment operators, policy teams |
| Wholesale and retail payments analytical reports | Policy analysis on emerging payment technologies and infrastructure trends | Central banks, PSPs, infrastructure operators |
Adoption and downstream regulation
CPMI standards are generally adopted through national central banks and regulatory authorities rather than through direct enforcement by the committee itself. The PFMI framework, in particular, has been incorporated into supervisory regimes across multiple jurisdictions.
Central banks often reference CPMI principles in payment system licensing, oversight expectations, operational resilience requirements, and FMI supervision. Payment infrastructures designated as systemically important are commonly assessed against CPMI-IOSCO principles.
CPMI’s cross-border payments work is also closely linked to Financial Stability Board roadmaps and G20 policy initiatives, creating additional downstream influence on regulatory expectations and infrastructure modernisation programmes.
Events and convenings
CPMI does not convene a public flagship event.
Its work is primarily conducted through central bank meetings, technical workshops, BIS-hosted forums, consultation processes, and joint international policy initiatives rather than open industry conferences.
How to engage with CPMI
CPMI does not offer industry membership. Participation is limited to member central banks and official sector institutions. Private-sector payment operators, PSPs, fintechs, and infrastructure vendors typically engage indirectly through public consultations, industry response processes, trade associations, infrastructure working groups, or technical input coordinated by national authorities and central banks. Some industry interaction also occurs through joint CPMI initiatives with the BIS Innovation Hub, FSB, or IOSCO.
FAQ
Is CPMI a regulator?
No. CPMI develops international standards, policy guidance, and analytical frameworks for payment systems and financial market infrastructures, but it does not license, supervise, or enforce rules directly. Its work is implemented through national central banks, regulators, and oversight authorities.
Who founded CPMI?
CPMI was established in 1990 by the central bank Governors of the Group of Ten countries under the Bank for International Settlements framework. It was originally known as the Committee on Payment and Settlement Systems before being renamed the Committee on Payments & Market Infrastructures in 2014.
Who are CPMI’s members?
CPMI members are central banks and monetary authorities, not private companies. Membership includes institutions from major economies across Europe, North America, Asia-Pacific, Latin America, the Middle East, and Africa.
What standards is CPMI best known for?
CPMI is best known for the Principles for Financial Market Infrastructures, developed jointly with IOSCO. These principles are widely used by central banks and regulators to oversee payment systems, central counterparties, securities settlement systems, and other financial market infrastructures.
Can a PSP, fintech, or payment company join CPMI?
No. CPMI does not offer corporate membership. PSPs, fintechs, and payment companies usually engage with CPMI-related work indirectly through public consultations, trade associations, infrastructure forums, national regulators, or central bank-led industry processes.
Why should payment operators follow CPMI if they cannot join?
Payment operators should follow CPMI because its standards often shape the regulatory and operational expectations applied by national authorities. Its work can influence payment system oversight, cross-border payment policy, operational resilience, liquidity risk, settlement arrangements, and infrastructure modernisation.
Is CPMI the same as BIS?
No. CPMI is a specialised committee hosted by the Bank for International Settlements. BIS provides the institutional framework, secretariat support, and publication platform, while CPMI focuses specifically on payments, clearing, settlement, and financial market infrastructures.
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