Payments and Market Infrastructure
The Global Risks Alliance (GRA)
Topics at Payments and Market Infrastructure: the pages in this section are listed below, each with its own scope and status.
The Payments and Market Infrastructure topics are the eight subject dossiers of its field, among them retail and wholesale payments, clearing and settlement, and central counterparty risk. Each dossier sets out how the risk develops, what is measured and in which units, the public sources and their licences, the methods, who decides and the limits of the evidence.
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.
Topic pages in Payments and Market Infrastructure share one structure: mechanisms, indicators, sources, methods, decisions and limits, written for FMI risk and operations staff and payment system overseers.
Each term as this page uses it. Where a standard-setting body defines the term, the wording follows that body.
| Term | Definition |
|---|---|
| Real-time gross settlement | Settlement of payments individually and immediately in central bank money. |
| Settlement cycle | The time between trade date and the date securities and cash are exchanged. |
| Initial margin | Collateral collected to cover potential future exposure if a member defaults. |
| Correspondent banking | An arrangement where one bank provides accounts and payment services to another, often abroad. |
| Endpoint security | Controls on participants' systems that connect to a payment network. |
The bodies and documents this page is read against. Status and editions change; each link goes to the issuing body.
Payment rails and economic continuity.
TopicSettlement exposures and infrastructure.
TopicCCPs, collateral and liquidity.
TopicInteroperability and failure modes.
TopicOperational integrity and threat exposure.
TopicCloud, identity and outsourced systems.
TopicFallbacks and financial access.
TopicFailure exercises and recovery assumptions.
The current service level is R0: information and enquiries. 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.