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. The new model embeds public and private sector collaboration, utilising the right expertise in the right functions to drive transformation.
As part of this announcement, it was confirmed that the Bank of England will set up and chair the Retail Payments Infrastructure Board (RPIB), which will include broad representation across the payments ecosystem (banking sector, fintech as well as merchants and end users).
The Bank of England is now seeking expressions of interest from senior figures drawn from across the Payments ecosystem to be appointed to RPIB. Members will be in place ahead of the first RPIB in late October.
Purpose of RPIB
RPIB is a senior advisory board that will translate the vision and strategy set by PVDC into design, including through consultation with the broader payments ecosystem and end-users. Victoria Cleland, Chief Cashier and Executive Director for Payments, will chair RPIB, reflecting the Bank’s role as operator and recent experience of renewing infrastructure, rather than as supervisor.
Having developed the design, RPIB will oversee infrastructure delivery by a new industry-owned and led delivery company, who will be responsible for procuring and funding the delivery of the next-generation infrastructure. The new model will rely on the right expertise driving activity at each stage of design and delivery, with clear mechanisms to ensure coordination, including with Pay.UK. Membership of RPIB will automatically include the Chair / CEO of the Delivery Company, senior representation from Pay.UK and an observer from FCA / PSR.
Who we are looking for: RPIB member profile
This is an exciting, once in a generation opportunity to shape the design of next generation retail infrastructure in the UK. RPIB members will be instrumental in providing strategic direction to a combined Bank of England / industry Design Authority and driving broader industry engagement, including through public consultation.
For RPIB to be an effective and agile body we are aiming for approximately 15 members in total.
We are looking for a group of senior strategic leaders who collectively cover the end to end Payments landscape drawn from those directly working in the banking and fintech sectors, and those representing merchants and payment end users.
RPIB members should meet most of the following characteristics:
- have strong retail payments understanding and can represent views on behalf of their sector
- hold a track record in overseeing and/or delivering strategic change
- have experience as a senior executive or independent member on a Board of Directors or other senior governance committees
- have an ability to understand the potential for innovation to transform the payments landscape
- can understand the strategic design challenges in meeting industry and end user payments trends and engage on ways to address these
- can access support from their organisation’s’ resources to support the work of RPIB through any of the following: knowledge; team member resources (with specific skillsets e.g. Technical expertise, programme delivery); and/or access to their broader network
- have time to commit to attending RPIB meetings (expected to be two-three hours monthly in the first year or so) in addition to time outside of meetings to progress agreed RPIB activities
Timeline for membership selection
- Two week application window - 10 September to 24 September.
- Membership will be confirmed in advance of the first RPIB meeting at the end of October.
Application process
Applicants are asked to register their details and submit their responses to the following questions on the nomination form which will be considered as part of the selection process.
- Why do you feel you meet the profile and would be a valuable addition to the RPIB? (No more than 300 words).
- Please explain the biggest challenges you foresee in delivering on the Retail Payments Vision and the steps RPIB will need to take to address these. (No more than 300 words).
Member selection
The Bank will be responsible for selection and onboarding of RPIB members. Members will be selected based on their alignment to the ‘member profile’ and we will seek a diverse balance of industry expertise and organisational variety.
Key points to note:
- we welcome applications from those with diverse characteristics whose background reflect the full spectrum of UK users of payments
- we will be looking for diversity in representation across key payments boards in the UK, so will be looking to minimise overlap with other groups such as Delivery Company Board, UK Finance Payments Board etc.
- RPIB members will be appointed for 2 years on a renewable basis (we may add / remove members over time depending on the phase of work)
- RPIB members will need to represent and understand UK payments
- while we will engage with firms who provide ‘indirect’ support – such as Legal and Consultancy firms as part of broader industry engagement, we do not expect these firms to be represented on RPIB due to potential conflict of interest concerns
- board members who become involved in detailed aspects of design may be subject to the National Security Vetting clearance process
- RPIB members will not be remunerated for their contribution
RPIB will be overseeing the strategic design of the new retail infrastructure, and external engagement with broader industry, and the public will be an essential ingredient to this work. We envisage opportunities for industry and end user representatives to contribute during the design and delivery process should they not be successful in this nomination process.
Thank you in advance for your consideration in joining RPIB, and if you have any questions or you are unable to access the nomination form, please email RPIB@bankofengland.co.uk.