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On 11 November, UK Finance hosted a lively discussion on the newly published Strategy for Future Retail Payments Infrastructure.
The strategy has been developed by the Payments Vision Delivery Committee (PVDC) — a partnership between HM Treasury, the Bank of England, the Financial Conduct Authority, and the Payment Systems Regulator.
The strategy marks an important milestone: a shared vision between government, regulators and industry for how the UK’s payments infrastructure should evolve to meet future needs.
We were delighted to welcome Laura Mountford, Deputy Director for Payments & Fintech at HM Treasury, who introduced the strategy, alongside an expert panel featuring Ali Moussavi (Bank of England), Kim Verhaaf (Lloyds Banking Group), Peter Harmston (KPMG) and Shriyanka Hore (SWIFT). The discussion was forward-looking, pragmatic and optimistic — a clear signal that momentum is building behind the next phase of the UK’s payments evolution.
Setting the Direction
The strategy sets out five outcomes that will shape the design of the UK’s future payments infrastructure:
Choice and innovation – giving consumers and businesses access to a wider range of cost-effective payment options.
Interoperability – ensuring payments move seamlessly across a multi-money ecosystem, including new forms such as stablecoins and tokenised deposits.
Trust and protection – embedding safeguards to prevent fraud and financial crime.
Fair access – providing transparent, proportionate routes for firms to participate and compete.
Resilience – ensuring robust financial and operational systems that can adapt and endure.
These outcomes are underpinned by a new public-private governance model. Authorities will set the direction, the Retail Payments Infrastructure Board (RPIB) will steer on the design, and a new industry-led DeliveryCo will be created to build and deliver the future infrastructure. This model combines public oversight with industry expertise — a partnership designed to drive both accountability and agility.
Themes from the discussion
1. Pace with purpose
Panellists agreed that progress must be steady, visible and purposeful — with modular, incremental delivery rather than a single “big bang” transformation. Agility will be key to ensuring the UK’s infrastructure evolves in step with rapid technological change.
2. Building for a multi-money world
With the Bank of England consulting on systemic stablecoins and interest growing in tokenised deposits, infrastructure must be designed to accommodate new forms of money safely alongside traditional systems.
3. Interoperability by design
The UK’s approach aligns with the G20 Roadmap for cross-border payments, promoting faster, cheaper and more transparent global transactions. Interoperability will be the bridge between innovation, efficiency and inclusion.
4. Inclusion at the heart
Innovation should benefit everyone — from large corporates to micro-businesses and vulnerable consumers. Products must work for those who rely on cash as well as those embracing digital methods.
5. Clarity and fairness on access
A transparent and proportionate access framework is essential to unlocking competition. Predictable governance and clear participation criteria will give confidence to both incumbents and challengers.
From vision to delivery
Speakers were united that the UK is now moving from strategy to implementation. The next phase will focus on sequencing, prioritisation and achieving early, visible wins that make a real difference for consumers and businesses.
International examples — from Australia’s New Payments Platform to Europe’s interoperability initiatives — demonstrate the value of clear governance, strong public-private partnership and disciplined decision-making. As one panellist noted, “Consensus is great, but progress requires commitment and clarity.”
Participants also underlined the need for economic sustainability: investment in next-generation infrastructure must be supported by viable commercial models to ensure long-term success.
Looking ahead
The session closed with reflections from Hermione Taylor, Head of Department in the Financial Conduct Authority’s Payments & Digital Assets Division, who summed up the collective mood: the key stakeholders are now “facing the same direction”, united by a shared commitment to collaboration and delivery.
With this strategy, a clear governance model, and renewed energy across the ecosystem, the UK is well placed to build a resilient, inclusive and future-ready payments infrastructure — one that serves the needs of consumers, businesses and innovators alike.
Thank you to all who joined the discussion and continue to play a part in shaping the future of UK payments.
14.11.25
Nuala Jackson, Director, Payments, UK Finance
04.12.25
03.12.25
02.12.25
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