The Retail Payments Infrastructure Board (RPIB)

A Bank of England chaired Board, bringing together experts from across the payments ecosystem to design next generation infrastructure.

In this section

Overview

On 15 July 2025, the Payments Vision Delivery Committee (PVDC) announced a new model to deliver the next generation of UK retail payments infrastructure, supporting businesses and consumers across the economy. It embeds public and private-sector collaboration, using the right expertise in the right functions to drive transformation.

As part of this announcement, it was confirmed that the Bank of England would set up and chair the Retail Payments Infrastructure Board (RPIB), which includes broad representation across the payments ecosystem (banking sector, fintech as well as merchants).

On 7 November 2025, the PVDC published its Strategy for Future Retail Payments Infrastructure. This sets out the Committee’s strategic outcomes for future retail payments infrastructure, taking account of HMT and the authorities’ objectives for the ecosystem at large. Building on the National Payment Vision’s pillars of innovation, competition and security, these outcomes provide a further level of detail that can help guide the RPIB in its work. They also support the industry and wider ecosystem in their prioritisation of investments and other initiatives.

On 25 June 2026, the RPIB published a consultation on the design of the UK’s next generation retail payments infrastructure. It focuses on the core clearing and messaging infrastructure needed to support the National Payments Vision for the future of retail payments. We welcome a broad range of views on the consultation and its key questions to inform a high-level design for the core infrastructure and its role within the wider payments ecosystem. Responses can be submitted through the web form until 11 September 2026. For more information on how to respond to the consultation. 

Purpose of the RPIB

RPIB is a senior advisory board that supports the translation of the vision and strategy set by PVDC into design, including through consultation with the broader payments ecosystem and end-users.  The RPIB is chaired by Victoria Cleland, Chief Cashier and Senior Advisor to the Governors.

We recognise the importance of ongoing communications and engagement with the payments industry and end users, to ensure outcomes best meet the needs of users. The Bank set up three Payments Engagement Forums to gather input from across the payments ecosystem We also welcome responses to the consultation until 11 September 2026. 

Appointment of members

After an external nomination and selection process, the Bank appointed members to the board in October 2025. 

We chose senior leaders from across the end-to-end payments ecosystem from a range of organisations who bring a variety of perspectives. They bring deep expertise in retail payments, strategic transformation, innovation and governance, and will play a pivotal role in shaping the next generation of retail infrastructure in the UK.

Members will serve a two-year term, with flexibility to evolve as the programme progresses.

We thank all applicants for their interest and look forward to engaging broadly with industry and end users throughout the design and delivery phases.

For more information or to stay involved in the wider engagement process, please contact PaymentsEngagement@bankofengland.co.uk.

Members of the RPIB

Standing members

  • Victoria Cleland (Bank of England, Chair)
  • Deputy Chair (Bank of England)
  • Vim Maru (Chair Designate, Delivery Company)
  • David Pitt (CEO, Pay.UK)

Nominated members

  • Ross Borkett (Banking Director, Post Office)
  • Mark Brant (Chief Payments Officer, NatWest Group)
  • Jose Carvalho (CEO of Wealth and Personal Banking, HSBC UK)
  • James Fraser (Head of EMEA Payments and Global Head of Trade & Working Capital, J.P. Morgan)
  • Diana Avila Gonzalez (Chief Banking and Expansion Officer, Wise)
  • Emma Hagan (Chief Executive, ClearBank UK)
  • Chris Latchford (EMEA Head of Market Infrastructure, Stripe)
  • William Olgiati (Independent)
  • Lisa Scott (Chief Strategy Officer, Truelayer)
  • Kim Verhaaf (Managing Director, Group Payments, Lloyds Banking Group)
  • Jennifer Wood (Group Chief Information Officer, Skipton Building Society)

Observer

  • David Geale (PSR Managing Director and FCA Executive Director Payments & Digital Finance)

RPIB sub-committees

Design Authority (DA)

Overview

The Design Authority (DA) is a sub-committee of the Retail Payments Infrastructure Board (RPIB). It is a Bank chaired committee with industry membership. DA is the vehicle for shaping, designing and documenting before RPIB’s handover of the high level design for the next generation retail payments infrastructure to DeliveryCo.

Purpose of the DA

In the near to medium term, ahead of the work moving into the delivery phase, The DA will be ultimately responsible for taking forward RPIB’s direction into a high level design, requirements and blueprint for next generation retail payments infrastructure. The DA will ensure that public policy goals as well as commercial factors are reflected in infrastructure design decisions.  

The DA will adapt the nature of its engagement with RPIB and DeliveryCo across the implementation lifecycle, from initial consultation and design development through procurement, mobilisation, build, into monitoring and troubleshooting as the infrastructure nears final build.

Appointment of members 

Following a call for nominations in November 2025, senior leaders from financial institutions have come together to form a subcommittee of RPIB that draws from a diverse set of industry participants, reflecting the breadth of expertise required to translate PVDC strategy into design.

Members of the DA

Standing members

  • Tom Mutton (Bank of England – Chair, and Deputy Chair of RPIB)
  • Ali Moussavi (Bank of England – Deputy Chair)
  • Danny Russell (Bank of England)
  • Diana Carrasco Vime (Bank of England)
  • Richard Windram (Bank of England)
  • Steve Allen (Delivery Company representative) 
  • David Morris (Chief Operating Officer, Pay.UK)

Nominated members

  • Ben Ashwell (Electronic Payments Director, Nationwide Building Society)
  • Jon Greenall (Senior Engineering Lead, Wise)
  • James Hodgson (CEO of NatWest's Merchant Acquiring business, NatWest)
  • Samina Hussain-Letch (Senior Director, Payments, Markets and Partnerships, PayPal UK Ltd)
  • Andrew Rankin (Chief Payments Officer, HSBC UK Retail Banking and Wealth, HSBC)
  • Emily Rayment (Head of Public Policy, Open Banking)
  • Andy Sacre (Head of Payments, Monzo) 
  • Cyrus Wadia (Payments Strategy Director, Modulr)
  • Ramy Gabra (Enterprise Architecture Director, Lloyds Banking Group)

Observer

  • Andrew Wigston (Head of Supervision and Compliance Monitoring, PSR/FCA)  

RPIB consultation on the Design of the Future Retail Payments Infrastructure

On 25 June 2026, the RPIB published a consultation on the design of the UK’s next generation payments infrastructure.

This consultation is an important step in achieving the Payments Vision Delivery Committee’s (PVDC) Strategy, through the development of a next- generation infrastructure for retail payments. It will inform the RPIB’s work in creating a high level design for the future retail payments infrastructure. The consultation invites views on key design choices including how a core clearing and messaging infrastructure could support a wide range of payment journeys, and invites views on priorities, trade-offs and key design choices.  

The consultation is structured around three complementary perspectives:

  • Future payment journeys: the payment experiences the infrastructure should enable for households and businesses.
  • Design principles: the core principles and characteristics that should guide infrastructure design over time.
  • The wider payments ecosystem: the role of the core infrastructure within the broader UK payments landscape, including its interaction with schemes, services and new forms of digital money.

The consultation is open until 11 September 2026. Responses can be submitted via the web form or by email to RetailPaymentsCPResponses2026@bankofengland.co.uk.

Supporting engagement on retail payments

In Spring 2026, the Bank convened three forums to ensure we capture a broad range of experiences, expertise, and knowledge in the development of next generation retail payments infrastructure. These forums help us build a more resilient, innovative and inclusive payments landscape.

The three forums are outlined below:

  • The Payments End User Forum focuses on the needs, experiences and perspectives of those who rely on payment services every day.
  • The Payments Innovation Design Group supports the Bank in understanding emerging opportunities, assessing design approaches, and identifying challenges as the payments ecosystem continues to evolve.  
  • The Payments Academic Advisory Group supports informed, evidence based discussion on the opportunities and risks shaping the future payments landscape.

Please visit The Bank’s engagement on retail payments page for more detail on the Forums’ Membership and how to engage with the Bank on retail payments. 

RPIB meetings and news

June 2026

The sixth RPIB meeting was held on 15 June 2026.

The meeting focused on RPIB’s forward workplan, proposed handover artefacts for DeliveryCo, initial horizon scanning, and planned further engagement following publication of the consultation.

Members discussed how RPIB’s next phase of work should support a clear handover to DeliveryCo, including by capturing the outcomes, scope and end-user journeys that should guide future design work. Members also considered how horizon scanning could help identify developments relevant to the future retail payments ecosystem and noted that this should remain part of RPIB’s ongoing work.

Bank staff updated members on RPIB’s engagement forums, including the first Payments End User Forum, which focused on end-user outcomes and customer journeys. Members noted that further engagement would continue following publication of the consultation, including through upcoming forum meetings and wider industry engagement.

April 2026

The fifth RPIB meeting was held on 22 April 2026.

The meeting focused on progress towards the RPIB infrastructure consultation, emerging developments in agentic payments, stakeholder engagement and priorities for the year ahead.

The main discussion focused on the draft consultation document. Members supported its overall direction, particularly its focus on end-user outcomes and enabling innovation. Members highlighted the importance of clarity on scope and prioritisation, and of explaining how the core infrastructure would act as an enabler for the broader payments ecosystem, including schemes, products, services and individual financial institutions.

Members discussed agentic payments, noting that these were unlikely to require fundamental changes to the core infrastructure per se, provided it remained flexible enough to accommodate future developments. Members also noted that issues such as consent, liability, identification and scheme rules would require further consideration.

Members emphasised the importance of clear and accessible communication around the consultation, and discussed priorities for the year ahead, including success criteria and further discussion of specific use cases.

March 2026

The fourth RPIB meeting was held on 17 March 2026.

Members discussed the scope and emerging structure of the forthcoming consultation on the next generation of UK retail payments infrastructure. The discussion focused on how the consultation should be framed around user outcomes, future payment journeys, design principles, and the role of the core infrastructure within the wider payments ecosystem.

Members emphasised the need to explain clearly what “next generation” infrastructure means in practice. They also discussed how the consultation should cover high-priority use cases, transition and migration, and data standards. Members also discussed broader ecosystem issues, including the need for an ecosystem-wide perspective on fraud and the importance of commercial viability. 

Bank staff updated members on the establishment of RPIB’s engagement forums and next steps for broadening input from across the ecosystem.

January 2026

The third RPIB meeting was held on 29 January 2026.

The meeting covered four main agenda items: next steps on the RPIB consultation on infrastructure design; how the consultation would sit alongside related PVDC work on wider ecosystem roles and responsibilities; an update from industry representatives on GB Tokenised Deposits; and the launch of RPIB’s engagement forums.

Members also discussed how wider engagement alongside the consultation could help stakeholders understand where infrastructure design fits within the wider payments ecosystem, including questions about roles and responsibilities in support of the PVDC outcomes.

Members heard an update on GB Tokenised Deposits. They noted that the PVDC strategy welcomed private sector innovation that supported its desired outcomes, while emphasising the need for future initiatives to remain compatible with the longer-term direction for the UK’s retail payments infrastructure.

Members welcomed plans to launch three engagement forums focused on academia, end users and innovation. The Board noted the importance of clear scope and effective participation to support broader engagement with RPIB’s work.

November 2025

The second RPIB meeting was held on 25 November 2025.

The meeting covered three main agenda items: the next steps for the RPIB consultation, the scope and formation of the DA, and next steps for industry engagement.

For next steps for the RPIB consultation, members shared perspectives on the issues that the consultation would need to address. Members then discussed the composition of the DA, agreeing on establishing a multidisciplinary team to bring diversity of mindset and experience. 

For the stakeholder engagement agenda item, members discussed the key objectives that engagement would need to achieve, and methods to maintain effective engagement throughout the various stages of the design and build of the next generation infrastructure. 

Updates were also provided by the Chair of DeliveryCo, Pay.UK, and RPIB industry representatives on GB Tokenised Deposits.

October 2025

The first RPIB meeting was held on 28 October 2025.

The meeting opened with a welcome from the Chair and member introductions. Members discussed the July 2025 announcement regarding the new model for the delivery of the next generation retail payments infrastructure and the important role that RPIB had to play. Members agreed the Terms of Reference for RPIB. The Chair Designate of DeliveryCo provided a short update on work to establish DeliveryCo.

Bank of England staff outlined key elements of the upcoming PVDC strategy, which was due to be published in the coming days. Members were encouraged to reflect on the role of RPIB in interpreting and operationalising key aspects of the strategy.

Bank staff presented an indicative view of the proposed high-level design stages for the creation of the next generation retail infrastructure, and an indicative forward look of agenda items for future RPIB meetings.

Bank staff invited early views on RPIB’s stakeholder engagement approach for engaging the broader ecosystem. The Chair emphasised the importance of stakeholder engagement both in providing information to a broad audience and gathering views and insights. This would be an important agenda item at the next meeting.

 

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This page was last updated 26 June 2026