The membership of the Committee on Payment and Settlement Systems (CPSS) was recently broadened when the central banks of Australia, Brazil, China, India, Mexico, Russia, Saudi Arabia, South Africa and South Korea accepted the committee’s invitation to join.
With its newest members, CPSS now consists of representatives from Australia, Belgium, Brazil, Canada, China, the European Central Bank, France, Germany, Hong Kong SAR, India, Italy, Japan, Mexico, the Netherlands, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Sweden, Switzerland, the UK and the US.
The expansion is expected to allow the committee to contribute to financial stability through improvements to the global payments and settlement infrastructure. The expansion would also help the committee keep oversight practices and standards in line with market developments, and with increasing interdependencies among financial market infrastructures.
The CPSS serves as a forum for central banks to monitor and analyse developments in domestic payment, clearing and settlement systems as well as in cross-border and multicurrency settlement schemes.
