Payments 2025
Payments Benchmarks 2025 – model banks analysis
Data breakdowns shed light on organisation structure, RTGS upgrades and payments innovation
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
Most RTGS systems projected for upgrade within a year
Two in three RTGSs operating 13–16 hours daily to be upgraded within a year
Central banks value tokenisation for efficiency and security
Respondents see less value in crypto or stablecoin payments
Budget and RTGS operating expenses rise year on year
Share of central banks charging both fixed and varied fees for RTGS access grows