The Committee on Payments and Market Infrastructures (CPMI), the global standard setter for payment, clearing and settlement services, has established a task force to look into the security of wholesale payments that involve banks, financial market infrastructures and other financial institutions.

“Recent incidents of cyber fraud are of significant concern for the central banking community, and we are working to make sure there are adequate checks and balances in place at each stage of the payments process,” said Benoît Cœuré, chairman of the CPMI, in news release published on Friday.

“The first phase of this work is seeking to review current practices in this area and, based on this input, the CPMI will decide how to proceed. It is premature to speculate what will result from this work,” Cœuré added.