GRA · Payments and Market Infrastructure

Spatial financeWhere capital meets hazard, exposure and transition

Payments and Market Infrastructure

Operational resilience of clearing, settlement, payment systems and financial market utilities. Payments and Market Infrastructure is an established platform of The Global Risks Alliance.

STEM methods
6
Canonical methods this field applies
Topics
8
Subject pages in the field
Counterparts
5
Platforms in shared fields across the network
Report series
2
Reports series it contributes to
01Workspace

The workspace for Payments and Market Infrastructure.

RTGS operations console

RTGS system · Business day 180 · Example interface, not a record

  • Value settled today
    45local bnActive
  • Payments queued
    17965Watch
  • Availability, % this month
    100.0Normal
  • Participants below liquidity floor
    2Alert
Queue building at peakGRA · Payments and Market Infrastructure

Intraday liquidity, system

Incident and failover log

  1. 09:23INCParticipant P-12 message delay
  2. 10:18LSMLiquidity saving cycle released 64 payments
  3. 14:00CUTCustomer payment cut-off
  4. Q2TESTContingency site failover in 53 min
RTGS operations console.Illustrative interface; not live data.

Payments and Market Infrastructure · RTGS operations console. RTGS operations console: example names and illustrative values, not a record.

02Frameworks

What the work is read against.

The platform does not set standards. It reads its evidence against the frameworks that competent bodies have adopted, so a finding can be placed where a decision-maker already works.

Framework or standardBodyWhat it sets
Principles for Financial Market Infrastructures (PFMI)Committee on Payments and Market Infrastructures (CPMI) and IOSCOInternational standards for payment systems, central securities depositories, securities settlement systems, central counterparties and trade repositories
Guidance on cyber resilience for financial market infrastructuresCPMI and IOSCOExpectations for governance, identification, protection, detection, response and recovery, including resumption of critical operations
G20 Roadmap for Enhancing Cross-border PaymentsFinancial Stability Board with CPMI and other bodiesTargets for the cost, speed, access and transparency of cross-border payments and the actions to reach them
ISO 20022 financial messaging standardInternational Organization for StandardizationA common data model and message format for payments and securities, used by major payment systems
Digital Operational Resilience Act (DORA)European UnionICT risk management, incident reporting, resilience testing including threat-led penetration testing, and oversight of critical ICT third-party providers
Guidance on CCP resilience, recovery and resolutionCPMI-IOSCO and the Financial Stability BoardExpectations for CCP stress testing, margin, recovery tools and resolution planning
FSB toolkit for third-party risk management and oversightFinancial Stability BoardCommon terminology and tools for financial institutions and authorities to manage third-party and concentration risk
Post-quantum cryptography standards (FIPS 203, 204 and 205)US National Institute of Standards and TechnologyStandardised key encapsulation and signature algorithms intended to resist attack by quantum computers
03Stress test

How a shock to assets becomes a system loss.

The equity the system loses after interbank contagion, against the initial hit, as leverage, interconnection and recovery rates change, the core of a macroprudential stress test. Teaching model with stated illustrative values, not a prediction.

Controls

Fall in external assets
2.0%
Leverage (assets over equity)
10 times
Interbank share of assets
10%
Recovery on interbank claims
40%
Banks in the system
20
Core banks
20% of banks

Readouts

Equity lost to the initial shock
18.0%
Equity lost after contagion
45.0%
Added by contagion (DebtRank)
27.0 points
Banks in default
0
Numbers, methods and sources
RoundSystem equity lost (%)Banks in default
018.000
128.800
235.280
339.170
441.500
542.900
643.740
744.240
844.550
944.730
1044.840
1144.900
1244.940
1344.960
1444.980
1544.990
1644.990
1745.000
1845.000
1945.000
2045.000
2145.000
2245.000
2345.000
2445.000
2545.000
2645.000
2745.000
2845.000
2945.000
3045.000

Methods

  1. DebtRank Battiston and others (2012), Scientific Reports 2:541
  2. Differential DebtRank Bardoscia and others (2015), PLOS ONE 10
  3. Contagion in financial networks Gai and Kapadia (2010), Proc. R. Soc. A 466
  4. Clearing in financial networks Eisenberg and Noe (2001), Management Science 47
  5. Uncertainty fan (parameter Monte Carlo) Spiegelhalter, Pearson and Short (2011), Visualising uncertainty about the future, Science 333
  6. One-at-a-time sensitivity (tornado) Saltelli and others (2008), Global Sensitivity Analysis: The Primer, Wiley

Data

No observed data enters this model: it runs on the teaching values set by the controls, to be replaced with a programme’s own evidence.

How a shock to assets becomes a system loss. Illustrative teaching model: it runs on the values set by the controls, not on measured data. Methods: DebtRank (Battiston and others (2012), Scientific Reports 2:541); Differential DebtRank (Bardoscia and others (2015), PLOS ONE 10); Contagion in financial networks (Gai and Kapadia (2010), Proc. R. Soc. A 466).
05Exposure, loss and capital

What Payments and Market Infrastructure means for exposure, loss and capital.

The exposure, loss, scenario and capital views a risk officer, supervisor or ministry of finance would ask for, with the frameworks they report against. Structures follow supervisory and actuarial practice. Values are illustrative: never prices, ratings or advice.

Transmission channels

How a shock in Payments and Market Infrastructure reaches credit, market, underwriting, liquidity and operational risk, and feeds back.

Channel structure after the Basel Committee’s work on climate-related risk drivers and transmission channels; links shown are typical paths, not estimated exposures.

Scenario pathways

How Payments and Market Infrastructure could be stressed under the scenario families central banks and supervisors use.

OrderlyDisorderlyHot house world202520302035204020452050highlow
Scenario familyTransition riskPhysical riskWhat a stress test asks
OrderlyEarly, gradual policyLowerCan the book absorb a steady repricing?
DisorderlyLate, abrupt policyLower to mediumWhat breaks under a sudden repricing and credit migration?
Hot house worldLimited policyHigh and risingWhere do physical losses concentrate in collateral and insurance?
Scenario families as defined by the NGFS; the curves are an illustrative combined pressure index, not NGFS variables or forecasts.
NGFS climate scenarios · Network for Greening the Financial SystemIFRS S2 Climate-related Disclosures · ISSBTCFD recommendations · Financial Stability Board TCFDPrinciples for the effective management of climate-related financial risks · Basel Committee on Banking Supervision
06Overview

What Payments and Market Infrastructure does.

Payments and market infrastructure are the systems that move money and settle trades: payment systems, central securities depositories, settlement systems and central counterparties. Global Risks Alliance’s platform explains how they concentrate and transmit operational, cyber, credit and liquidity risk, how resilience is tested and who decides. It does not operate or assess any system.

Who it serves

Its community

Payment-system researchers; FMI professionals; settlement technologists.

How it works

Its methods

Critical function mapping; dependency and outage analysis.

What it produces

Its outputs

FMI resilience guides; payment concentration studies.

07The problem

When the plumbing stops, the whole economy notices.

Financial market infrastructures (FMIs) are the systems through which payments, securities and derivatives are cleared, settled and recorded. They are rarely visible, but wages, pensions, supplier payments, card purchases, securities trades and central bank operations all depend on them.

A modern economy runs on layers of infrastructure. Retail payment systems process card, account-to-account and mobile payments; large-value systems, often operated by central banks, settle interbank obligations in central bank money; securities settlement systems and central securities depositories transfer ownership of securities; central counterparties stand between buyers and sellers in many markets; and trade repositories record derivatives. These systems are linked to each other and to banks, payment service providers, messaging networks, cloud providers and telecommunications.

Because FMIs concentrate activity, their failure has systemic consequences. An outage in a large-value payment system can leave banks unable to make payments, creating liquidity shortfalls that spread through the system. A cyber attack on a widely used provider can halt payments across sectors. Stress at a central counterparty during extreme market moves can force large, sudden demands for collateral that drain liquidity from members and markets. Even a few hours of disruption can affect wages, supply chains and confidence.

Resilience is challenged by change as well as shocks. Instant payments operate around the clock, removing the overnight window that once allowed recovery. Dependence on a few technology providers is growing. New technologies such as distributed ledgers and tokenised assets, and the prospect of quantum computers capable of breaking current cryptography, raise new questions about how infrastructures will remain safe.

08What the platform does

Shared understanding of critical functions and dependencies.

The platform builds a common, industry-wide picture of how financial market infrastructures can fail and how they recover, using published and aggregated evidence.

Critical functions

What must continue

Mapping of the functions that payment and market infrastructures provide to the economy and the dependencies behind each one.

Dependencies

Where concentration sits

Analysis of shared providers, links between infrastructures and the paths through which outages and stress propagate.

Outage analysis

How failure unfolds

Study of published incidents and scenarios to understand failure modes, recovery times and fallback arrangements.

GRA is a nonprofit business league for the financial services industry. It does not lend, underwrite, rate, invest, advise on or arrange transactions, introduce counterparties or take transaction-based pay, and readiness work is not approval. GRA does not operate, connect to or test any live payment system, and it assesses no individual institution.

09Foundation and counterparts

Science and governance counterparts at the other institutions.

The platform stewards the method page for payment and financial market technology and applies network science and contagion, reliability and resilience engineering, cybersecurity and cryptography, distributed ledgers and digital assets and quantum computing, sensing and communication, listed on the platform STEM foundation. It draws on the Foundry systems NXS-NET (network topology and continuity), NXS-SIG (signal, spectrum, timing and PNT) and NXS-NSF (trust, authorisation and assurance), and contributes to the Strategic Systems and Scenario and Stress-Test series.

The underlying science is done at The Global Centre for Risk and Innovation (GCRI), with Cybersecurity and Digital Resilience, Quantum Technologies and Digital Public Infrastructure. At the Global Risks Forum (GRF), Capital Nexus and AI and Digital Governance convene governance dialogue on capital and digital technology. Within GRA, the platform works with Financial Cyber and Operational Resilience, Fintech Nexus and Financial Stability. See counterparts across the Consortium.

A payment system outage is the platform’s theme in the Universe programme, exercised as a simulated learning case that touches no live system.

10Coverage

The areas of financial stability this platform takes on.

Payments and Market Infrastructure studies the systems that move money and settle trades: retail and wholesale payment systems, central securities depositories, securities settlement, central counterparties and the networks that link them across borders. These systems concentrate risk by design, so their failure would stop activity across the economy. Its pages set out how operational, cyber, credit and liquidity risk arise and spread, how resilience is tested, and who decides. Global Risks Alliance shares industry understanding and does not operate, assess or certify any infrastructure.

Area

Retail and wholesale payments

Card, account-to-account, instant and large-value payment systems, and the settlement assets they use.

Area

Clearing and settlement

Securities settlement, central securities depositories, settlement cycles and delivery-versus-payment.

Area

Central counterparties

How CCPs manage default risk through margin, default funds and recovery and resolution arrangements.

Area

Cross-border payments

Correspondent banking, messaging standards, interlinking of fast payment systems and the G20 targets for cost, speed, access and transparency.

Area

Payment cyber security

Threats to payment and settlement systems, endpoint security and recovery from cyber attack.

Area

Third-party concentration

Dependence of infrastructures and participants on cloud, messaging and technology providers.

Area

Cash and digital resilience

The role of cash, offline payments and central bank money when digital channels fail.

Area

Operational testing

Scenario testing, recovery testing, red-teaming and market-wide exercises for infrastructures.

11Grounding

Built on named science, technology, engineering and mathematics.

Every claim on Payments and Market Infrastructure rests on methods with a canonical page in the STEM Commons, so readers can see what a finding depends on and where its limits lie.

Payment and financial market technologyNetwork science and contagionReliability and resilience engineeringCybersecurity and cryptographyDistributed ledgers and digital assetsQuantum computing, sensing and communication

See the STEM foundation of Payments and Market Infrastructure

12Cycle

How work moves in this field.

A question becomes evidence, a governed build, an organised community, a controlled test, a reviewed publication and, finally, a decision taken by the competent authority under its own rules.

  1. Question Universe National, regional or institutional priority. Question in Payments and Market Infrastructure
  2. Evidence Foundry STEM foundation of the platform. Evidence in Payments and Market Infrastructure
  3. Build Foundry Foundry. Build in Payments and Market Infrastructure
  4. Organise Universe Nexus ecosystem. Organise in Payments and Market Infrastructure
  5. Test Universe Universe (independent site). Test in Payments and Market Infrastructure
  6. Publish Reports Reports. Publish in Payments and Market Infrastructure
  7. Decide Competent authority Competent authorities and institutions, through NXS-RLS (participants, agreements and handoffs). Decide in Payments and Market Infrastructure
  8. Renew Universe Corrections and the next annual agenda. Renew in Payments and Market Infrastructure

Each step of the cycle in the pillar it runs in; the decision stays with the competent authority, outside the programme.

13Six pillars

How this works across the six pillars.

Payments and Market Infrastructure works through six pillars of one annual programme, led by the Nexus Consortium, with GCRI, GRF and GRA each contributing in its role: explore, experiment and prototype in Labs, build, simulate and prepare in Foundry, convene and test in Universe, codify, correct and apply in Nexus Standards, publish in every format in Reports, teach in the open in Risk Academy.

Select pillars · hover lines18 / 18 handoffs

Route

The whole programme

Every pillar hands its work to another; together they close the year’s feedback loops.

L · F · U · S · R · A

Pillars
6 of 6
Handoffs
18 of 18
Loops
17 closed

Handoffs in play

  • F01Universe → Foundry · Admitted mission becomes a cycle project with a decision caseReadiness preparation
  • F02Foundry → Universe · Core Build Report and go or no-go evidenceControlled build
  • F03Foundry → Reports · Sealed observations and indicator series behind a profileCloseout
  • F04Universe → Reports · After-action and scenario findings for chapters 10 and 13After-action review

and 14 more

F01 to F14 are the recorded handoffs of the programme year, each with the artefact that moves and its phase; R1, R2, R3 and R4 carry work around the ring. A loop counts when every pillar on it is selected. Every pillar is led by the Nexus Consortium.
  1. LabsWhere questions become experiments and prototypes: new methods, data and tools are tried in the open, with their limits on record, before the Foundry builds them, under the Nexus Consortium.Labs
  2. FoundryWhere exposure and scenario evidence is built so supervisors, insurers and investors can read it.Payments and Market Infrastructure in FoundryFoundry
  3. UniverseWhere scenarios are tested in controlled exercises, and finance-readiness dialogues read what they mean for capital and cover.Payments and Market Infrastructure in Universeuniverse.nexus
  4. Nexus StandardsWhere disclosure and data rules are codified so risk evidence is comparable for finance and insurance.Finance, Insurance and the Economy in Standardsnexustandards.com
  5. ReportsWhere sector analysis and the finance and insurance readiness series are published, with exposure and limits stated.Payments and Market Infrastructure in ReportsReports
  6. Risk AcademyWhere finance, insurance and public-finance professionals learn to read risk evidence, on Risk Academy.Faculty of Finance and Economics in Academyrisksacademy.com
17Questions

Questions and answers.

Who publishes Payments and Market Infrastructure?
The Global Risks Alliance (GRA) publishes Payments and Market Infrastructure and is responsible for what it publishes. GRA is a nonprofit business league for the financial services industry. It does not lend, underwrite, rate, invest, advise on or arrange transactions, and readiness work is not approval.
Is Payments and Market Infrastructure active?
Payments and Market Infrastructure is an established platform of The Global Risks Alliance. Information and enquiries are open today. An enquiry receives a reference and names the next step; applications, payments, compute allocations and registrations open only when their team, terms and review capacity exist.
How can I contribute?
Start with the participation paths or write to the contact form. An enquiry receives a reference; it does not create membership, a role or an assignment.
Where are findings published?
Reviewed outputs appear on the publications page, and contributions to the Reports series are listed on Publish in Reports.
Which values on this platform are real?
Indicator names, units, sources, methods and frameworks are real. Levels in figures and canvases are examples in a design. A programme replaces them with labelled evidence it owns.
How do I report an error?
Use corrections and concerns, or write to the integrity concern form. A correction is recorded as a new version, never a silent edit.
Does GRA oversee payment systems?
No. Oversight belongs to central banks and financial supervisors. GRA is a nonprofit business league for the financial services industry. It does not lend, underwrite, rate, invest, advise on or arrange transactions, introduce counterparties or take transaction-based pay, and readiness work is not approval.
Who is the platform for?
Payment-system researchers, financial market infrastructure professionals, settlement technologists, risk managers and policy analysts with an interest in operational resilience.
ReportsContribute

Contribute evidence from this page.

Reports is the Consortium’s quarterly publication. What you know about this subject can become evidence, a case or a correction in the next edition, credited to you and published under CC BY 4.0 where it is your own work.

Global Risks AlliancePayments and Market InfrastructureStrategic SystemsScenario and Stress-Test
How it works

How Payments and Market Infrastructure works.

Choose a view and press Play to follow the platform’s process, its programme year, the standards it applies and how its findings are published. The outline shows how the work is designed to run, not the status of any decision.

Payments and Market Infrastructure

How Payments and Market Infrastructure works

Platforms · Programme year · Standards · Reports

A platform joins a field to named methods, labelled evidence and the outputs it publishes, without becoming the authority it serves.

  1. 01 Scope

    1. 01Field and familiesStart · The platform leadThe home states the field, its families and who it serves.
    2. 02Topic dossiersRecord · Platform authorsTopics explain the subject with labelled evidence.
  2. 02 Evidence

    1. 03Evidence labelsRecord · GCRIEach value is labelled: observed, published statistics, estimated, modelled, scenario or unknown.
    2. 04MethodsStep · Method ownersMethods come from the STEM Commons, each with one canonical page.
  3. 03 Work

    1. 05Scenarios on the systemsModel · Foundry pillarScenarios run on the Nexus systems, labelled as scenario.
    2. 06Standards that applyRecord · Nexus StandardsThe platform names the standards that apply. A validator report is evidence for review.
  4. 04 Publish

    1. 07EditionsRecord · ReportsFindings are published through Reports with their limits.
    2. 08Authority decidesOutcome · The competent authorityDecisions and execution stay with the government, operator or licensed institution.

Payments and Market Infrastructure home · Platforms · Shared methodsAn outline of how the work is designed to run; it does not report the status of any decision or record.

Take part

Take part in Payments and Market Infrastructure.

Start from who you are. Answer an open call. Or form and lead a competence cell on the Payments and Market Infrastructure platform.

Route

National institutions

Ministries, statistics offices and agencies: a national desk and chapter, and a seat in the working groups. National chapters

Route

Sectors and professions

Operators, regulators, banks, insurers and professional bodies whose work touches Payments and Market Infrastructure. Participate

Route

Learning

Courses and practice, with a record of every course completed. Free to study. Open learning

Route

Standards

Draft, review and adopt the methods and data standards with the working groups. Working groups

Route

Communities and research

Universities, civil society and individual experts: projects, data and review. Write to the team

The Global Risks Index

Every figure on this page is indexed: hazards, climate, conflict, the world.

The Index is the Consortium’s indexing system for risk data. Every indicator, hazard, series and country profile carries its Nexus Standards identifier, its source and its licence, so what this page shows can be traced, corrected and reused.

  1. 01 · Sources205 registered sourcesEvery value keeps its source and licence; withheld values are counted.Data and licences
  2. 02 · Nexus StandardsNIS-1 and NHS-1451 indicators, 905 hazards; every record carries a UNI.Nexus Standards
  3. 03 · The Index54 series, 195 country profilesComputed on the standards; no value is published until an edition is released.The Global Risks Index
  4. 04 · This pagePayments and Market InfrastructureMaps, figures and feeds read the Index in the context of hazards, climate, conflict.Public API
Sources205registered, each with its licence
Indicators451NIS-1, 106 composites, 20 domain indices
Hazards905NHS-1, crosswalked to UNDRR-ISC HIPs
Series54global, sector, strategic, technology, thematic
Country profiles195one site per country

Series in this context hazards, climate, conflict

  1. GLBGlobal SystemsThe state of interdependent global risk: the twenty domain indices aggregated to the world, the five core systems (water, energy, food, health, biodiversity) and their couplings, the global tail register and the gap…NXS-GRX-AR-000002Hazards · Climate · Conflict
  2. THDisaster Risk Intelligence (DRI)Signals, observations, event streams, geospatial layers and scenario packs turned into structured risk intelligence for preparedness and planning.NXS-GRX-AR-000111Hazards · Climate · Conflict
  3. GSGlobal CitiesUrban exposure, heat, flooding, informal settlement, service dependency and the economic weight of cities at risk.NXS-GRX-AR-000068Hazards · Infrastructure · Climate
  4. GSGlobal ClimateChronic and acute physical climate hazard, transition exposure, adaptation gaps and scenario pathways to 2030, 2050 and 2100.NXS-GRX-AR-000065Climate · Hazards · Finance

All 54 series · The 20 domain indices

Country profiles the world

Every country profile carries the source and licence of each value. Correct a value or reply

Hazard domains NHS-1

Geodata and API open

Open layers on an equal-area hexagon grid, shown as densities per km² or as symbols: People · GHSL 2025People · WorldPop 2025Built-up areaPortsAirportsRoadsRailwaysRivers and lake centrelines

/api/v1/public/grix · https://nexustandards.com/uni/{uni}
Developers · Data · Made with Natural Earth, Public domain; GHSL and WorldPop, CC BY 4.0

Snapshot of the Index registries pinned 2026-10-23 · 22c6eed. Research and risk-analytics information: not a rating, an official classification, a warning, a benchmark or advice.

Payments and Market Infrastructure

Bring an exposure or capital question to the Alliance.

Information and enquiries are open today. An enquiry receives a reference and names the next step; applications, payments, compute allocations and registrations open only when their team, terms and review capacity exist.

The Global Risks Alliance

Finance · trust · precision

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