CPMI examines changing payment systems

The Committee on Payments and Market Infrastructures published a report on 29 October 2026 about central banks and central bank money in evolving payment systems. The analysis examines faster payments, non-bank providers, tokenised deposits, stablecoins and programmable platforms. It updates an analytical framework first set out by the committee’s predecessor in 2003.

The report describes central bank money as a foundation for settlement and conversion between payment forms at equal value. It also recognises the role of private providers in competition and services tailored to users. Innovation can improve efficiency while changing the connections through which credit, liquidity, operational and cyber risks spread.

Its policy discussion covers central banks as money issuers, infrastructure operators, overseers and conveners of market participants. The report encourages consideration of these roles together because a decision in one area can affect another. It also emphasises continuing international cooperation as payment arrangements become more connected.

Source: BIS/CPMI media release, published 29 October 2026; verified 9 November 2026.