Payments Vision Delivery Committee update on future retail payments infrastructure
Executive Summary
The FCA statement confirms that the Retail Payments Infrastructure Board (RPIB), led by the Bank of England, has launched a major consultation on the **design of the future UK retail payments infrastructure**, supported by contextual material from the Payments Vision Delivery Committee (PVDC). This marks a key implementation step in the UK National Payments Vision, with significant implications for commercial models, access, consumer protection and financial crime controls across all retail payment schemes and providers.
What Changed
- - A new governance and delivery model for UK retail payments infrastructure is being operationalised, with strategy set by the PVDC, design work led by the RPIB, and implementation by a new industry‑owned Delivery Company.
- The RPIB has launched a formal consultation on the design of the future retail payments infrastructure, seeking views on payment journeys, key design choices and priorities.
- The PVDC has published additional context to support stakeholders’ reading of the consultation, including expectations for the commercial model, consumer protection outcomes and financial crime mitigation.
- Responsibilities across the ecosystem are being reset, with clearer roles for public authorities (HM Treasury, Bank of England, FCA, PSR), Pay.UK, and industry participants in designing and delivering next‑generation interbank retail payments infrast
- Next‑generation infrastructure is expected to support account‑to‑account payments at point of sale, enhanced cross‑border payments, and interoperability with new forms of digital money (including tokenised deposits and stablecoins).
- The strategy emphasises strong protections against fraud and financial crime, fair and non‑discriminatory access, and high operational and financial resilience as core design outcomes.
Suggested Considerations
- Assess and document your firm’s current and projected use of UK retail interbank payments (including Faster Payments, account‑to‑account, and cross‑border flows) to inform your response to the RPIB consultation.
- Prepare and submit a coordinated consultation response to the RPIB by 11 September 2026, covering your views on payment journeys, design choices, consumer protection needs and financial crime controls.
- Review your firm’s commercial and pricing models for interbank payments to understand how potential changes to the future infrastructure’s commercial model could affect revenue, costs and access.
- Map dependencies between your operational resilience framework and the existing UK retail payments infrastructure, and identify key risks and mitigants under a transition to the next‑generation infrastructure.
- Engage with industry bodies, Pay.UK and relevant trade associations to align positions on access, interoperability, fraud management, and technical standards for next‑generation retail payments.
- Update your regulatory change horizon‑scanning and board reporting to include the National Payments Vision, PVDC strategy, the RPIB design consultation and the forthcoming Payments Forward Plan as critical strategic developments.
Key Dates
Compliance Impact
Non‑engagement with this consultation and subsequent strategy may leave firms exposed to future infrastructure, access and fraud‑control requirements that they have not planned or invested for, with potential operational disruption, competitive disadvantage and heightened regulatory scrutiny. In the medium term, failure to adapt to the new infrastructure model could impair compliance with payment
Who is Affected
References
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Summary
The Retail Payments Infrastructure Board (RPIB), led by the Bank of England, recently published a consultation on the future retail payments infrastructure.To support the consultation, the Payment Vision Delivery Committee (PVDC) which comprises representatives of HM Treasury, the FCA, Bank of England and the PSR, has published further context to support stakeholders' reading of the consultation. It covers issues such as how the commercial model for the infrastructure should work and how the ...