This paper investigates the main liquidity management infrastructures and their recent development from a central bank perspective. Liquidity and liquidity management are defined and the functions and benefits of real-time gross settlement and payment-versus-payment systems are explained, leading to a discussion of several developments in infrastructures. For large-value payment systems the topics are standards, robustness and direct participation. For secured lending the issues covered are repo market funding, collateral, central counterparties and securities settlement. For central bank collateral management the focus is on harmonization, tri-party services, quality and efficiency. The paper proposes improvements in all these areas.