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:where([role=\"tablist\"],[role=\"toolbar\"],[hidden],button,.nx-theme-toggle,.nx-live-slot){display:none}#nxe-na9943wu.nxe img{max-width:100%;height:auto}<\/style><svg class=\"nx-defs\" aria-hidden=\"true\" focusable=\"false\" width=\"0\" height=\"0\"><defs><linearGradient id=\"nx-gi\" x1=\"0\" y1=\"0\" x2=\"1\" y2=\"1\"><stop offset=\"0\" class=\"nx-gi-a\"\/><stop offset=\"0.55\" class=\"nx-gi-b\"\/><stop offset=\"1\" class=\"nx-gi-c\"\/><\/linearGradient><linearGradient id=\"nx-giu\" gradientUnits=\"userSpaceOnUse\" x1=\"0\" y1=\"0\" x2=\"800\" y2=\"0\"><stop offset=\"0\" class=\"nx-gi-a\"\/><stop offset=\"0.55\" class=\"nx-gi-b\"\/><stop offset=\"1\" class=\"nx-gi-c\"\/><\/linearGradient><linearGradient id=\"nx-gp\" x1=\"0\" y1=\"0\" x2=\"1\" y2=\"1\"><stop offset=\"0\" class=\"nx-gp-a\"\/><stop offset=\"1\" class=\"nx-gp-b\"\/><\/linearGradient><\/defs><\/svg><section class=\"nx-hero\" data-layout=\"compact\" aria-labelledby=\"nx-title-1\"><div class=\"nx-container\"><div class=\"nx-theme-toggle\" role=\"group\" aria-label=\"Appearance of this page\" hidden><button type=\"button\" data-mode=\"light\" aria-pressed=\"false\">Light<\/button><button type=\"button\" data-mode=\"dark\" aria-pressed=\"false\">Dark<\/button><button type=\"button\" data-mode=\"auto\" aria-pressed=\"true\">Auto<\/button><\/div><div class=\"nx-folio\" aria-label=\"Document reference\"><strong>A-P05 \u00b7 INDEX \u00b7 topics<\/strong>GRA dossier \u00b7 service level R0<\/div><div class=\"nx-hero-grid\"><div class=\"nx-hero-text\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">GRA<\/span><span class=\"nx-eyebrow\" aria-hidden=\"true\">\u00b7<\/span><span class=\"nx-eyebrow\">Payments and Market Infrastructure<\/span><span class=\"nx-eyebrow\" aria-hidden=\"true\">\u00b7<\/span><span class=\"nx-eyebrow\">In development<\/span><\/div><div class=\"nx-accent-row\"><span class=\"nx-accent-rule\" aria-hidden=\"true\"><\/span><span>Payments and Market Infrastructure \u00b7 Topics<\/span><\/div><h1 id=\"nx-title-1\" class=\"nx-hero-title\">Topics<\/h1><p class=\"nx-tagline\">Topics at Payments and Market Infrastructure: the pages in this section are listed below, each with its own scope and status.<\/p><div class=\"nx-actions\"><a class=\"nx-btn\" data-variant=\"primary\" href=\"https:\/\/globalriskalliance.com\/payments-market-infrastructure\/topics\/retail-and-wholesale-payments\/\">Open Retail and wholesale payments <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a class=\"nx-btn\" data-variant=\"secondary\" href=\"https:\/\/globalriskalliance.com\/payments-market-infrastructure\/\">Back to Payments and Market Infrastructure<\/a><\/div><dl class=\"nx-facts\"><div><dt class=\"nx-eyebrow\">Publisher<\/dt><dd>The Global Risks Alliance<\/dd><\/div><div><dt class=\"nx-eyebrow\">Field<\/dt><dd>Financial stability, Cyber and digital resilience, Digital public infrastructure<\/dd><\/div><div><dt class=\"nx-eyebrow\">Status<\/dt><dd>In development<\/dd><\/div><div><dt class=\"nx-eyebrow\">Service level<\/dt><dd>R0: information and enquiries<\/dd><\/div><\/dl><\/div><\/div><\/div><\/section> <nav class=\"nx-index-strip\" data-nx-spy=\"true\" aria-label=\"On this page\"><div class=\"nx-container\"><a href=\"#nx-sec-brief-answer\"><span>01<\/span>The short answer<\/a><a href=\"#nx-sec-about-this-section\"><span>02<\/span>Topics at Payments and Market\u2026<\/a><a href=\"#nx-sec-pg-nx-gra-a-p05-tp\"><span>03<\/span>Payments and Market Infrastructure\u2026<\/a><a href=\"#nx-sec-terms\"><span>04<\/span>Terms used on this page<\/a><a href=\"#nx-sec-pg-sources\"><span>05<\/span>Where this page's references lead<\/a><a href=\"#nx-s-7-sec\"><span>06<\/span>Pages in Topics<\/a><\/div><\/nav> <section id=\"nx-sec-brief-answer\" class=\"nx-section\" data-hue=\"finance\" aria-labelledby=\"nx-s-2\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">01<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">In brief<\/span><\/div><h2 id=\"nx-s-2\" class=\"nx-section-title\">The short answer.<\/h2><p class=\"nx-lede\">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.<\/p><\/div><\/div><\/section><section id=\"nx-sec-about-this-section\" class=\"nx-section\" data-hue=\"infrastructure\" data-tone=\"alt\" data-variant=\"band\" aria-labelledby=\"nx-s-3\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">02<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">About this section<\/span><\/div><h2 id=\"nx-s-3\" class=\"nx-section-title\">Topics at Payments and Market Infrastructure.<\/h2><p class=\"nx-lede\">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.<\/p><\/div><\/div><\/section><section id=\"nx-sec-pg-nx-gra-a-p05-tp\" class=\"nx-section\" data-hue=\"finance\" aria-labelledby=\"nx-s-4\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">03<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Topic map<\/span><\/div><h2 id=\"nx-s-4\" class=\"nx-section-title\">Payments and Market Infrastructure topics, and the question each answers.<\/h2><\/div><div class=\"nx-section-body\"><div class=\"nx-table-wrap\"><ul class=\"nx-dir\" data-cols=\"2\" aria-label=\"Topic\"><li><a class=\"nx-dir-row\" href=\"https:\/\/globalriskalliance.com\/payments-market-infrastructure\/topics\/retail-and-wholesale-payments\/\"><span class=\"nx-dir-name\">Retail and wholesale payment systems<\/span><span class=\"nx-dir-fact\"><span class=\"nx-dir-k\">The question<\/span><span class=\"nx-dir-v\">Payment systems carry everything from card purchases to interbank settlements worth large sums each day.<\/span><\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/li><li><a class=\"nx-dir-row\" href=\"https:\/\/globalriskalliance.com\/payments-market-infrastructure\/topics\/clearing-and-settlement\/\"><span class=\"nx-dir-name\">Securities clearing and settlement risk<\/span><span class=\"nx-dir-fact\"><span class=\"nx-dir-k\">The question<\/span><span class=\"nx-dir-v\">After a trade, clearing confirms and nets obligations and settlement delivers securities against cash.<\/span><\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/li><li><a class=\"nx-dir-row\" href=\"https:\/\/globalriskalliance.com\/payments-market-infrastructure\/topics\/central-counterparty-risk\/\"><span class=\"nx-dir-name\">Central counterparty risk and margin<\/span><span class=\"nx-dir-fact\"><span class=\"nx-dir-k\">The question<\/span><span class=\"nx-dir-v\">A central counterparty steps between buyers and sellers, guaranteeing trades and netting exposures.<\/span><\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/li><li><a class=\"nx-dir-row\" href=\"https:\/\/globalriskalliance.com\/payments-market-infrastructure\/topics\/cross-border-payments\/\"><span class=\"nx-dir-name\">Cross-border payments: cost and speed<\/span><span class=\"nx-dir-fact\"><span class=\"nx-dir-k\">The question<\/span><span class=\"nx-dir-v\">Cross-border payments are slower, costlier and less transparent than domestic ones.<\/span><\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/li><li><a class=\"nx-dir-row\" href=\"https:\/\/globalriskalliance.com\/payments-market-infrastructure\/topics\/payment-cyber-security\/\"><span class=\"nx-dir-name\">Payment system cyber security<\/span><span class=\"nx-dir-fact\"><span class=\"nx-dir-k\">The question<\/span><span class=\"nx-dir-v\">Payment and settlement systems are prime targets for cyber attack: theft through compromised endpoints, ransomware that halts operations and attacks on data integrity that corrupt balances.<\/span><\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/li><li><a class=\"nx-dir-row\" href=\"https:\/\/globalriskalliance.com\/payments-market-infrastructure\/topics\/third-party-concentration\/\"><span class=\"nx-dir-name\">Third-party concentration risk in finance<\/span><span class=\"nx-dir-fact\"><span class=\"nx-dir-k\">The question<\/span><span class=\"nx-dir-v\">Payment and market infrastructures and their participants depend on a few technology providers: cloud platforms, messaging networks, software vendors and data centres.<\/span><\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/li><li><a class=\"nx-dir-row\" href=\"https:\/\/globalriskalliance.com\/payments-market-infrastructure\/topics\/cash-and-digital-resilience\/\"><span class=\"nx-dir-name\">Cash and digital payment resilience<\/span><span class=\"nx-dir-fact\"><span class=\"nx-dir-k\">The question<\/span><span class=\"nx-dir-v\">As cash use falls, payments depend more on digital systems that can fail together through outages, cyber attacks or power loss.<\/span><\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/li><li><a class=\"nx-dir-row\" href=\"https:\/\/globalriskalliance.com\/payments-market-infrastructure\/topics\/operational-test-methods\/\"><span class=\"nx-dir-name\">Operational resilience test methods<\/span><span class=\"nx-dir-fact\"><span class=\"nx-dir-k\">The question<\/span><span class=\"nx-dir-v\">Infrastructures and participants test their resilience through scenario tests, failover and recovery tests, threat-led penetration tests and market-wide exercises.<\/span><\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/li><\/ul><\/div><p class=\"nx-p\">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.<\/p><\/div><\/div><\/section><section id=\"nx-sec-terms\" class=\"nx-section\" data-hue=\"infrastructure\" data-tone=\"alt\" aria-labelledby=\"nx-s-5\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">04<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Key terms<\/span><\/div><h2 id=\"nx-s-5\" class=\"nx-section-title\">Terms used on this page.<\/h2><p class=\"nx-lede\">Each term as this page uses it. Where a standard-setting body defines the term, the wording follows that body.<\/p><\/div><div class=\"nx-section-body\"><div class=\"nx-table-wrap\"><table class=\"nx-table\" data-stack=\"true\"><thead><tr><th scope=\"col\">Term<\/th><th scope=\"col\">Definition<\/th><\/tr><\/thead><tbody><tr><td data-label=\"Term\">Real-time gross settlement<\/td><td data-label=\"Definition\">Settlement of payments individually and immediately in central bank money.<\/td><\/tr><tr><td data-label=\"Term\">Settlement cycle<\/td><td data-label=\"Definition\">The time between trade date and the date securities and cash are exchanged.<\/td><\/tr><tr><td data-label=\"Term\">Initial margin<\/td><td data-label=\"Definition\">Collateral collected to cover potential future exposure if a member defaults.<\/td><\/tr><tr><td data-label=\"Term\">Correspondent banking<\/td><td data-label=\"Definition\">An arrangement where one bank provides accounts and payment services to another, often abroad.<\/td><\/tr><tr><td data-label=\"Term\">Endpoint security<\/td><td data-label=\"Definition\">Controls on participants' systems that connect to a payment network.<\/td><\/tr><\/tbody><\/table><\/div><\/div><\/div><\/section><section id=\"nx-sec-pg-sources\" class=\"nx-section\" data-hue=\"finance\" aria-labelledby=\"nx-s-6\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">05<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Sources<\/span><\/div><h2 id=\"nx-s-6\" class=\"nx-section-title\">Where this page's references lead.<\/h2><p class=\"nx-lede\">The bodies and documents this page is read against. Status and editions change; each link goes to the issuing body.<\/p><\/div><div class=\"nx-section-body\"><ul class=\"nx-list\" data-nav=\"true\"><li><a class=\"nx-link\" href=\"https:\/\/www.bis.org\/cpmi\/info_pfmi.htm\"><span>CPMI-IOSCO Principles for Financial Market Infrastructures (2012) and cyber resilience guidance (2016)<\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/li><li><a class=\"nx-link\" href=\"https:\/\/www.fsb.org\/work-of-the-fsb\/financial-innovation-and-structural-change\/cross-border-payments\/\"><span>G20 roadmap for enhancing cross-border payments and CPMI targets<\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/li><\/ul><\/div><\/div><\/section><section id=\"nx-s-7-sec\" class=\"nx-section\" data-hue=\"infrastructure\" data-tone=\"alt\" aria-labelledby=\"nx-s-7\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">06<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Pages<\/span><\/div><h2 id=\"nx-s-7\" class=\"nx-section-title\">Pages in Topics.<\/h2><\/div><div class=\"nx-section-body\"><div class=\"nx-cards\" data-cols=\"3\"><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/payments-market-infrastructure\/topics\/retail-and-wholesale-payments\/\"><span class=\"nx-eyebrow\">Topic<\/span><h3 class=\"nx-h4 nx-mt-2\">Retail and wholesale payments<\/h3><p class=\"nx-p nx-mt-1\">Payment rails and economic continuity.<\/p><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/payments-market-infrastructure\/topics\/clearing-and-settlement\/\"><span class=\"nx-eyebrow\">Topic<\/span><h3 class=\"nx-h4 nx-mt-2\">Clearing and settlement<\/h3><p class=\"nx-p nx-mt-1\">Settlement exposures and infrastructure.<\/p><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/payments-market-infrastructure\/topics\/central-counterparty-risk\/\"><span class=\"nx-eyebrow\">Topic<\/span><h3 class=\"nx-h4 nx-mt-2\">Central counterparty risk<\/h3><p class=\"nx-p nx-mt-1\">CCPs, collateral and liquidity.<\/p><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/payments-market-infrastructure\/topics\/cross-border-payments\/\"><span class=\"nx-eyebrow\">Topic<\/span><h3 class=\"nx-h4 nx-mt-2\">Cross border payments<\/h3><p class=\"nx-p nx-mt-1\">Interoperability and failure modes.<\/p><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/payments-market-infrastructure\/topics\/payment-cyber-security\/\"><span class=\"nx-eyebrow\">Topic<\/span><h3 class=\"nx-h4 nx-mt-2\">Payment cyber security<\/h3><p class=\"nx-p nx-mt-1\">Operational integrity and threat exposure.<\/p><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/payments-market-infrastructure\/topics\/third-party-concentration\/\"><span class=\"nx-eyebrow\">Topic<\/span><h3 class=\"nx-h4 nx-mt-2\">Third party concentration<\/h3><p class=\"nx-p nx-mt-1\">Cloud, identity and outsourced systems.<\/p><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/payments-market-infrastructure\/topics\/cash-and-digital-resilience\/\"><span class=\"nx-eyebrow\">Topic<\/span><h3 class=\"nx-h4 nx-mt-2\">Cash and digital resilience<\/h3><p class=\"nx-p nx-mt-1\">Fallbacks and financial access.<\/p><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/payments-market-infrastructure\/topics\/operational-test-methods\/\"><span class=\"nx-eyebrow\">Topic<\/span><h3 class=\"nx-h4 nx-mt-2\">Operational test methods<\/h3><p class=\"nx-p nx-mt-1\">Failure exercises and recovery assumptions.<\/p><\/a><\/div><\/div><\/div><\/section><section class=\"nx-section\" data-tone=\"alt\" aria-labelledby=\"nx-rel-8\"><div class=\"nx-container\"><span class=\"nx-eyebrow\">Related<\/span><h2 id=\"nx-rel-8\" class=\"nx-h3 nx-mt-2\">Around Payments and Market Infrastructure.<\/h2><nav class=\"nx-related nx-mt-3\" aria-label=\"Related\"><a href=\"https:\/\/globalriskalliance.com\/payments-market-infrastructure\/about\/\">Industry scope and publisher <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/payments-market-infrastructure\/sector\/\">Financial discipline overview <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/payments-market-infrastructure\/research\/\">Professional research <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/payments-market-infrastructure\/innovation\/\">Technology and emerging practices <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/payments-market-infrastructure\/readiness\/\">Resilience and finance readiness <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/payments-market-infrastructure\/programmes\/\">Research and industry programmes <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/payments-market-infrastructure\/\">Payments and Market Infrastructure home <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/payments-market-infrastructure\/counterparts\/\">Counterparts across the Consortium <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/\">The Global Risks Alliance home <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/trust\/\">GRA governance and trust <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/nav><\/div><\/section><section class=\"nx-closing\" aria-labelledby=\"nx-close-9\"><div class=\"nx-container\"><span class=\"nx-eyebrow\">Payments and Market Infrastructure<\/span><h2 id=\"nx-close-9\" class=\"nx-section-title\">Bring your expertise to this field.<\/h2><p 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