The Bank of England has released new updates to the National Payments Vision, establishing the Payments Vision Delivery Committee to scale regulatory coordination and support implementation of key activities.
The National Payments Vision emphasises the UK Government’s commitments to developing an optimal payments ecosystem that encourages innovation and competition while ensuring security, in line with the Growth Mission. Additionally, it establishes the Payments Vision Delivery Committee to enhance regulatory coordination and oversee the implementation of activities, including defining the approach for establishing and providing for the UK’s retail payments infrastructure needs. The Committee is assisted by a Vision Engagement Group, including over 30 representatives from the payments sector.
Improving the payments landscape in the UK
The Committee has agreed on a new model to provide the next generation of UK retail payments infrastructure, supporting businesses and consumers across the economy. The model combines public and private sector collaboration, utilising expertise in functions to promote growth. At the same time, the new model enables short-term efforts to enhance the resilience and functionality of the existing Faster Payments System, which Pay.UK has been developing with industry participants. This work aligns with the Government’s broader initiatives to establish a foundation for an advanced and secure payments landscape, as outlined in the Financial Services Growth and Competitiveness Strategy. The authorities plan to continue to work closely to provide on these commitments, considering the updated Memorandum of Understanding and following the upcoming consolidation of the PSR into the FCA.
Furthermore, the model reorganises responsibilities across the landscape, with clear roles defined for the public authorities and industry participants to advance the UK’s retail payments infrastructure and utilise the opportunities of technology. Pay.UK’s role as operator of existing systems is set to continue.
Strategy for retail payments
In the autumn of 2025, the Committee is set to publish its strategy for retail payments infrastructure, establishing the main priorities and aligning with the National Payments Vision’s pillars of innovation, competition, and security and including input from stakeholders across the ecosystem. Additionally, the Committee will release the Payments Forward Plan by the end of 2025, which will include a sequenced plan of initiatives across the payments sector that encompasses moves in both retail and wholesale payments, as well as the role of digital assets.
Moreover, over the upcoming months, the Committee will collaborate with the Vision Engagement Group as it creates its strategy and the Payment Forward Plan, and the model is operationalised, in turn ensuring that stakeholders across the ecosystem, including end-users, can provide meaningfully through the new model.
The Bank of England’s role
The Board is set to translate the Committee’s strategy into design, including via consultation with the broader landscape and end-users. The Bank of England is set to chair this board, reflecting its role as operator of the Real-Time Gross Settlement service and experience in renewing infrastructure. Also, the Board will act transparently and report to the Committee.
