Tit-Bits Committee on Payment and Settlement Systems broadens its membership

Committee on Payment and Settlement Systems broadens its membership

ON 24^th July, 2009, Reserve Bank of India India, joined the select club of Committee on Payment and Settlement Systems (CPSS).

CPSS is part of BIS (Bank for International Settlements)

The above step will enable our country, to be part of the latest developments in ePayments. At the same time, the experience-sharing with old and new members, will aid the Indian ePayments Players, to avoid the pit-falls, for a smooth ePayments ride.

New Members which joined CPSS on 24^th July, 2009 are the central banks of Australia, Brazil, China, India, Mexico, Russia, Saudi Arabia, South Africa and South Korea.

With its newest members, the 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 United Kingdom and the United States.

The expansion will enhance the Committee’s ability to contribute to financial stability through improvements to the global payments and settlement infrastructure.

The expansion will also help the Committee keep oversight practices and standards in line with market developments and with increasing interdependencies among financial market infrastructures.

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About the Committee on Payment and Settlement Systems

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. The chairman of the Committee is William C Dudley, President of the Federal Reserve Bank of New York. The CPSS secretariat is hosted by the BIS.

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The ‘Red Book’, published by CPSS can said to be the most authoritative annual publication that provides data on payments and payment systems in a large set of industrial countries.