What is one function performed by the CPMI in payment systems?

The correct choice pertains to the role of the Committee on Payments and Market Infrastructures (CPMI), which is focused on promoting the safety and efficiency of payment, clearing, settlement, and related arrangements. One of its key functions is indeed to set standards for payment clearing and settlement, which helps ensure that payment systems operate smoothly and reliably. By establishing these standards, the CPMI contributes to financial stability, promotes interoperability among systems, and aids in the efficient functioning of the global payment ecosystem.

This function is essential for building trust in payment systems and ensuring they can handle the volume of transactions necessary for modern economies. In contrast to the other options, which relate to different regulatory bodies or functions outside the CPMI's mandate, setting standards is a primary responsibility that directly aligns with the CPMI's objectives.