Progress is real – but not yet fast enough

There was a shared recognition that the past year has seen meaningful progress. Open banking has moved forward, particularly with the development of a commercial model for variable recurring payments. Coordination across authorities has improved. And, perhaps most importantly, there is now a stronger collective will to move the agenda forward.

But the overwhelming message was that pace now matters more than ever.

Payments is not evolving in isolation. Developments in tokenisation, AI-driven commerce, and alternative payment models are moving quickly. The UK cannot afford to rely on long, centrally-driven timelines while the wider ecosystem accelerates.

Commercial models are critical

A consistent thread throughout the discussion was the importance of commercial viability.
Innovation will not scale without a model that allows firms to invest, take risk, and earn a return. Whether the focus is open banking, account-to-account payments at point of sale, or emerging areas like agentic commerce, the same principle applies good ideas need sustainable economics behind them.

This represents a shift in tone from previous years, away from purely policy-led ambition, and towards delivery grounded in real-world incentives.

Avoiding ‘technology wars’

Another strong theme was a call to move beyond binary debates about technology.

There was a clear warning against becoming locked into ‘technology wars’, whether between centralised infrastructure, distributed models, cards, or account-to-account solutions. These debates risk slowing progress and fragmenting effort.

Instead, the discussion pointed towards a more pragmatic approach: designing around standards, interoperability, and safeguards, allowing multiple models to coexist and evolve.

In practice, that means less focus on building a single, monolithic solution, and more focus on creating an environment where innovation can happen safely and at pace.

Keeping sight of what really matters

Amid the complexity, there was also a useful reminder of what has not changed. For end users, whether consumers or businesses, the fundamentals remain simple:

• Will my payment arrive?
• When will it arrive?
• Is it safe?

These questions continue to define trust in payments. Any future system, regardless of how advanced the technology, must deliver against these core expectations.

From strategy to delivery

The conversation also highlighted a shift from long-term vision to near-term action.

Work on account-to-account payments at point of sale, for example, demonstrated that innovation is already possible using existing infrastructure. The focus now is on scaling that innovation, through clearer rules, better customer protections, and improved user experience.

Similarly, discussions on AI and ‘agentic commerce’ made clear that while the opportunity is significant, progress will depend on getting the fundamentals right: trust, liability, data, and consumer protection.

A moment of choice

Taken together, the discussion points to a pivotal moment for UK payments. The industry has an opportunity to move faster, build on existing strengths, and create a more flexible, innovation-friendly ecosystem. But doing so will require continued collaboration, a willingness to prioritise delivery over debate, and a clear focus on outcomes that matter to users.

The tone of the session was ultimately positive. There is momentum. There is alignment. And there is a growing sense that the sector is ready to move from planning to doing. The challenge now is to sustain that energy, and turn it into tangible progress.