In June 2014, the central bank Governors of the Global Economy Meeting (GEM) endorsed a new mandate and charter for the Committee on Payment and Settlement Systems (CPSS). The GEM also decided to rename the CPSS as the Committee on Payments and Market Infrastructures (CPMI). The CPMI's primary task is to promote the safety and efficiency of payment, clearing, settlement and related arrangements, thereby supporting financial stability and the wider economy. Comprising senior officials from 25 central banks, it monitors and analyses developments in these arrangements, both within and across jurisdictions.

What this means for you

These changes became effective on 1 September. Although the “CPSS” has been renamed as the “CPMI”, reflecting its actual activities more accurately, its central role in shaping the payments, clearing and settlement infrastructure at a global level will not change. It will continue to set standards for payment systems and instructions and monitor their implementation globally.