Committee on Payment and Settlement Systems (CPSS): A Comprehensive Guide

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Definition: The Committee on Payment and Settlement Systems (CPSS) was an assembly of central banks from G10 countries focused on monitoring and guiding progress in payment, settlement, and clearing systems.

What Was the Committee on Payment and Settlement Systems?

The Committee on Payment and Settlement Systems (CPSS) was formed by central banks of G10 countries to oversee the evolution of payment, settlement, and clearing systems. Its mission was to promote efficient payment and settlement mechanisms and to establish a robust market infrastructure. In 2014, the CPSS was restructured and renamed the Committee on Payments and Market Infrastructures (CPMI).

Key Highlights

• The CPSS was a committee consisting of central banks from G10 nations.
• It monitored advancements in payment, settlement, and clearing systems to enhance efficiency.
• In 2014, the CPSS was rebranded as the Committee on Payments and Market Infrastructures (CPMI).

Understanding the Committee on Payment and Settlement Systems (CPSS)

During the June 2014 Governors of the Global Economy Meeting (GEM), members decided to rename the CPSS and update its mandate and charter. This change aimed to better reflect the committee’s actual roles and responsibilities. The CPSS is now recognized as the CPMI.

History of the Committee on Payment and Settlement Systems (CPSS)

Established in 1990 under the supervision of the Global Economy Meeting (GEM), the CPSS operated with its secretariat hosted by the Bank for International Settlements. Its roots trace back to the 1930s.

The CPSS conducted its work through targeted studies by specialized working groups and published reports detailing their findings. It expanded its reach beyond G10 countries by collaborating with central banks in numerous emerging markets.

As global financial markets grew increasingly complex and interconnected, the CPSS broadened its focus. It became a global leader in setting standards for various financial market infrastructures and enhanced its analytical and policy efforts on payment, clearing, and settlement issues worldwide. This evolution necessitated updating its charter and name in 2014.

Functions of the Committee on Payments and Market Infrastructures (CPMI)

The CPMI is dedicated to establishing global standards that ensure the secure and efficient functioning of payment, clearing, settlement, and related systems. By doing so, it promotes financial stability across the global economy. The CPMI brings together senior officials from 28 central banks worldwide to monitor and analyze payment, settlement, and clearing developments across diverse jurisdictions. It also serves as a collaborative platform for central banks, particularly concerning oversight, operational practices, and policy formulation.

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