CPMI Issues Strategy On Security of Wholesale Payments

The Committee on Payments and Market Infrastructures (CPMI), issued its strategy document to improve the security of wholesale payments that involve banks, financial market infrastructures and other financial institutions. There is a sense of urgency by CPMI to move quickly to improve the infrastructure given the rapidly increasing threats of wholesale payments fraud.  

This urgency is clearly evidenced by the recent headlines of a Bangladesh bank official whose computer was hacked to carry out a $81 million heist.

The CPMI is now seeking input from stakeholders. as it plans to develop guidance to help operators and participants of payment systems and messaging networks as well as their respective supervisors, regulators and overseers improve security. The proposed guidance will be developed by early 2018. 

Comments on the proposed strategy should be submitted by November 28, 2017.