The Committee on Payments and Market Infrastructures (CPMI), the global standard setter for payment, clearing, settlement and related arrangements, urges stakeholders to pursue a common strategy to improve the security of wholesale payments that involve banks, financial market infrastructures and other financial institutions.

The finalised strategy, Reducing the risk of wholesale payments fraud related to endpoint security, released on Tuesday, will encourage industry efforts to reduce the risk of wholesale payments fraud and help market participants stay focused. It is designed to help operators and participants of payment systems and messaging networks as well as their respective supervisors, regulators and overseers. The strategy sets out seven elements, which cover all areas relevant to preventing, detecting, responding to and communicating about fraud and will work holistically.

"Sophisticated fraud incidents in recent years have highlighted the importance of strengthening the security of wholesale payments to ensure lasting trust in the global financial system," said CPMI Chair Benoît Cœuré. "The success of this plan depends on clear ownership and active engagement by all stakeholders, public and private sector alike."

Governors of the BIS Global Economy Meeting (GEM) expressed their support and commitment in putting the strategy into practice within their institutions and jurisdictions.

Mark Carney, GEM Chair, said: "Maintaining confidence in the integrity of wholesale payments is essential for financial stability. Governors of the major central banks today committed to play their part. I encourage everyone involved in making or receiving wholesale payments to take action in line with this new strategy so that we can collectively meet the security challenge."

The finalised strategy reflects feedback received during last year's consultation. The report sets out a plan to promote, support and monitor local and global progress in pursuing the strategy. Stakeholders will have flexibility in how best to put the strategy into practice. However, that flexibility should not lead to inaction or slow progress. Each CPMI member central bank, and the CPMI as a whole, will monitor progress throughout 2018 and 2019 to determine the need for further action.