Committee On Payment And Settlement Systems - CPSS

It’s important to change your name sometimes to ensure that people don’t think you’re boring.

That’s what the Committee on Payment and Settlement Systems did in 2014. This network of central banks among G10 members is in charge of establishing, monitoring, and improving payment and settlement systems around the globe.

Their name was boring...so they spiced it up with a name change. They even issued a press release to mark the occasion.

So...they must have chosen something really cool, right? They probably changed it to the “International Make It Rain Network.”

Well, they didn’t. Today, this group is called the Committee on Payments and Market Infrastructures. Ah...much better.

This network dates back to the early 1970s, a period when central banks got together and realized that maybe they should focus on globalizing the economy instead of engaging in some sort of wretched mercantilism. They spend a lot of time working on studies and determining ways to improve the settlement and clearing of transactions around the globe. The gist is that their work helps improve clearance efficiency and promote global financial stability. They meet three times a year.

The Global Economy Meeting, which oversees this committee, monitors global financial development, and assesses risks and opportunities in the international markets.