The Retail Payments Infrastructure Board (RPIB) has initiated a significant consultation process concerning the future architecture of the UK's retail payments infrastructure. This move represents a pivotal step in modernising the nation's payment landscape, aiming to establish a secure and adaptable foundation for future financial transactions.
The proposed next-generation infrastructure is designed to foster innovation, provide consumers and businesses with greater choice, and facilitate more seamless payment experiences. Crucially, it will support both existing and emerging forms of digital money. The consultation specifically seeks input on the various types of payments the new system should accommodate, including novel methods such as account-to-account payments at the point of sale, which would offer an alternative to traditional card payments. Enhanced cross-border payment capabilities are also a key focus, promising faster and smoother international transactions.
Victoria Cleland, Chair of the RPIB, emphasised the collaborative opportunity to transform the UK's retail payments. She stated that the vision is for an infrastructure that maintains resilience and trust while acting as a platform for innovation, responsive to evolving user needs. The RPIB, an advisory board chaired by the Bank of England, comprises experts from across the payments ecosystem, including banks, building societies, payment service providers, fintechs, and merchants.
The feedback gathered from this consultation, which runs until 11 September 2026, will be instrumental in shaping the 'blueprint' for the future infrastructure. This high-level design will then guide the work of a new industry-led 'Delivery Company', which will be responsible for implementing and owning the core infrastructure. Throughout this development, Pay.UK, the current operator of the UK’s retail interbank payment systems like Faster Payments and Bacs, will continue to ensure their safe and resilient operation.
This initiative aligns with the broader National Payments Vision and the strategy set out by the Payments Vision Delivery Committee (PVDC). The PVDC, a cross-authority body chaired by HM Treasury, brings together the Bank of England, the Financial Conduct Authority, and the Payment Systems Regulator to achieve the government's ambition for a trusted, world-leading payments ecosystem built on next-generation technology.
While the consultation focuses on the future of retail payments, it is important to note that no decision has yet been made regarding the potential introduction of a digital pound. The Bank of England and HM Treasury are currently in the final stages of the design phase for a digital pound and are expected to publish their conclusions later this year, independently of this retail payments infrastructure consultation.