News release
Today marks a major milestone in the modernisation of the UK's payments landscape, with the Retail Payments Infrastructure Board (RPIB) launching a consultation on the future design of the UK's next-generation retail payments infrastructure. The new infrastructure will provide a secure foundation for innovation, greater choice and more seamless payments, while supporting existing and emerging forms of digital money.
This consultation will help inform the ‘blueprint’ for the future infrastructure, which will then be delivered by the new industry led ‘Delivery Company’.
The consultation focuses on the different types of payments the new infrastructure should support. Alongside existing functionality, it would enable new payment methods such as account-to-account payments at the point of sale (as an additional option to card payments) and enhanced cross-border payments, delivering greater choice for users and faster and smoother payment experiences.
As RPIB’s work develops, Pay.UK, the operator of the UK’s existing retail interbank payment systems, will continue to play a central role in maintaining their safe and resilient operation.
The next-generation infrastructure will support the National Payments Vision and the Payments Vision Delivery Committee’s strategy to modernise UK retail payments.
Victoria Cleland, Chair of the RPIB, said:
"Working together, we have a real opportunity to transform the UK’s retail payments infrastructure. Our vision is for an infrastructure that remains resilient and trusted, while providing a platform for innovation that responds to users’ needs as the payments landscape evolves. I very much look forward to hearing your views."
The consultation seeks views on the payment journeys, key design choices and priorities for the next-generation retail payments infrastructure. Feedback will help inform the high-level design to ensure it meets the needs of current and future users and will shape the next phase of work by the Delivery Company. The deadline for responses is 11 September 2026.
Notes to editors
- Retail Payment Infrastructure Board consultation on the design of the Future Retail Payments Infrastructure 25 June 2026.
- Payments Vision Delivery Committee (PVDC): a cross-authority body chaired by
HM Treasury, bringing together the Bank of England, the Financial Conduct Authority and the Payment Systems Regulator to deliver the National Payments Vision. - Retail Payments Infrastructure Board (RPIB): a senior industry advisory board, chaired by the Bank of England, which brings together experts from across the payments ecosystem, including banks, building societies, payments service providers, fintechs, and merchants. RPIB will support the development of the design for the UK’s next‑generation retail payments infrastructure and play a role in overseeing the overall approach to its delivery by a new industry led Delivery Company.
- Delivery Company: a new industry-led entity that will lead and own the delivery of the core infrastructure.
- Pay.UK: operates the UK’s core retail interbank payment systems, including Faster Payments, Bacs and the Image Clearing System. These systems support everyday payments across the economy, from salary payments to bill payments and cheque clearing, and will continue to operate safely and resiliently as the next-generation infrastructure is developed.
- The National Payments Vision sets out the Government’s ambition for a trusted, world-leading payments ecosystem delivered on next-generation technology, where consumers and businesses have a choice of payment methods to meet their needs.
- No decision has been taken on whether or not to proceed with a digital pound. The Bank and HM Treasury are in the final stages of the design phase and will publish their conclusions later this year.