Daily Dash: Bank For International Settlements' CPMI Spotlights Strategic Priorities For 2024-25

May 28, 2024
The Bank for International Settlements' Committee on Payments and Market Infrastructures (CPMI) has published its work programme for the coming years, while the Swedish banking lobby has endorsed the proposed ban on gambling with a credit card, but also warned the government about likely challenges.

CPMI Outlines Strategic Priorities For 2024-25

The Bank for International Settlements' Committee on Payments and Market Infrastructures (CPMI) has published its work programme for 2024-25, emphasising key strategic priorities across policy, standard-setting, implementation and analysis.

A key focus is on the enhancement of cross-border payments, where CMPI seeks to improve the efficiency, speed and accessibility of international transactions.

The risk management of financial market infrastructures is another priority, aimed at strengthening frameworks to ensure the resilience and stability of financial systems. 

Additionally, the CPMI is prioritising digital innovation in payments, clearing and settlement. This involves leveraging new technologies to modernise payment systems and market infrastructure.

“With its work programme, the CPMI continues to promote the safety and efficiency of payments and financial market infrastructures, advancing standard-setting work on relevant risk management,” said Fabio Panetta, CMPI chair and governor of the Bank of Italy. 

Panetta continued that the CPMI will play a leading role in addressing obstacles to faster, cheaper, more transparent and inclusive cross-border payments, as well as “contributing to policy-oriented thought leadership in digital innovations in payments”. 

Swedish Bankers’ Association Highlights Challenges With Gambling On Credit Ban

The Swedish Bankers’ Association has responded to the proposed ban on gambling with credit, supporting its aim but also highlighting what it thinks will be key challenges.

The trade association has said that there are likely to be significant technical limitations as current systems can only detect and block credit card payments, leaving other forms of credit unmonitored.

There is also ambiguity in enforcement, the group says, meaning it is unclear how non-credit card transactions can be reliably identified as gambling-related.

Lastly, potential loopholes pose a concern. Players might exploit "decoupled cards" funded by credit cards, which would bypass the ban's intent. 

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