Payments Benchmarks 2025 – model banks analysis
Data breakdowns shed light on organisation structure, RTGS upgrades and payments innovation
The Payments Benchmarks 2025 show the overall direction of travel for central banks is towards greater interoperability. Central banks are aligning settlement hours, messaging standards and technology as they seek to boost cross-border payments. However, there are still major governance challenges to solve in achieving frictionless international transactions.
The model banks analysis breaks the data down further to highlight differences across economic groups and central banks of different sizes
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More on Payments
Payments Benchmarks 2025 – executive summary
The benchmarks highlight continued progress in boosting cross-border payments
Working group minutes: a phased approach to 24/7 RTGS
Longer hours imply risk trade-offs and need to overcome resistance from banking industry
Payments Benchmarks 2025 report – cross-border connections
Benchmarks highlight progress on instant payments, ISO 20022 adoption and bilateral links
Handful of central banks have bilateral payment links
Projects are nascent and growing, but some countries seek multilateral links instead
Central banks favour instant payments over CBDCs
Interoperability of systems and financial inclusion drive decisions among survey respondents
Half of central banks have yet to adopt ISO 20022 in RTGS systems
Adoption rate increased sharply in 2025 with more planning to upgrade soon
Instant payment system adoption grows 16.5% year on year
Most central banks either have a system or plan to launch one
Near-24/7 RTGS systems more susceptible to outages
Central banks with longest uptime also report highest number of contingency sites