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CPMI (Committee on Payments and Market Infrastructures)

Institution · Standard setter

The Committee on Payments and Market Infrastructures is the BIS-hosted standard-setting committee for payment, clearing and settlement systems, the payment-side counterpart to the Basel Committee and a co-author with IOSCO of the Principles for Financial Market Infrastructures (PFMI). For tokenisation readers, CPMI is the venue through which tokenised settlement infrastructure has to demonstrate it meets the PFMI, and through which national CSDs and SSSs are assessed for equivalence. CPMI also runs the cross-border payments programme that has produced much of the architectural language used in Project Agorá and other multi-currency tokenisation efforts.

Role in tokenisation

  • Co-owner of the PFMI with IOSCO. Tokenised settlement infrastructure is assessed against PFMI for equivalence.
  • Lead body on cross-border payments standards. Architectural framing that feeds Project Agorá and bilateral tokenised-money corridors.
  • Co-author of joint reports on FMI risk management.

Recent activity

  • 16 Apr 2026CPMI-IOSCO assess UK PFMI implementation for systemic payment systems and CSDs/SSSs.
  • 7 Nov 2025CPMI-IOSCO publish implementation monitoring report on general business risks and a consultative report on FMI management of general business risks and losses.