Payments Vision Delivery Committee Sets Course for Next-Generation UK Retail Payments Infrastructure

The Payments Vision Delivery Committee has unveiled an innovative new model for the future of the UK’s retail payments infrastructure, marking a significant milestone in delivering the ambitions of the National Payments Vision. This collaborative approach between government, regulators, and industry stakeholders promises to drive innovation, strengthen competition, and enhance security across the payments ecosystem, supporting the UK economy and businesses of all sizes.

At the heart of this transformation is a clear reset of roles and responsibilities within the payments landscape. The Committee itself will lead on strategy-setting for retail payments infrastructure, ensuring alignment with the National Payments Vision pillars of innovation, competition and security. The Committee will publish its strategy this autumn, followed by a comprehensive Payments Forward Plan by year-end, laying out a sequenced roadmap for retail and wholesale payments initiatives, including the role of digital assets.

To translate strategy into design, the Bank of England will establish and chair the new Retail Payments Infrastructure Board. This Board, with broad representation across the ecosystem, will ensure technical design reflects the needs of end-users and the wider economy. The Bank of England’s leadership leverages its unique expertise as operator of the Real-Time Gross Settlement service and its experience renewing financial infrastructure, providing the capability to convene the right technical expertise and resolve complex challenges efficiently.

Delivery of the next-generation payments infrastructure will be overseen by an independent, industry-owned Delivery Company. This entity will take responsibility for procuring, funding and delivering the new infrastructure, ensuring that expert industry leadership is embedded throughout the delivery process. The close alignment between the Delivery Company, the Retail Payments Infrastructure Board and Pay.UK will ensure a smooth transition to future infrastructure.

Pay.UK will retain its fundamental operational role, focusing on the resilience, optimisation and security of the UK’s existing interbank payment systems. Its expertise will continue to inform and support the design and delivery of future infrastructure through representation on the Retail Payments Infrastructure Board and Delivery Company.

This model reflects extensive consultation with domestic and international stakeholders. The Committee’s decision draws on input from the Bank of England, the Payment Systems Regulator and over 30 representatives from the sector through the Vision Engagement Group, ensuring that a wide range of insights and expertise have shaped this bold direction.

Importantly, the Committee’s work is aligned with broader government priorities, including the Financial Services Growth and Competitiveness Strategy and the ongoing assessment of a potential UK retail central bank digital currency, the digital pound. The design of next-generation infrastructure will help ensure the UK is prepared for future innovation in money and payments, supporting interoperability with emerging forms of digital money.

To support momentum, the Bank of England will move swiftly to establish the Retail Payments Infrastructure Board, aiming for its inaugural meeting in October. The Committee has welcomed the appointment of Vim Maru, Chief Executive Officer of Barclays UK, as chair designate of the Delivery Company, who will work closely with the Bank of England to determine its structure and governance.

The new model reflects a strong commitment to public-private collaboration, ensuring that future retail payments infrastructure meets the evolving needs of consumers and businesses while safeguarding resilience and security. Through this approach, the UK is positioning itself at the forefront of global payments innovation, delivering on the National Payments Vision and ensuring that the country remains a world leader in payments infrastructure.

Read the press release here.