The Payment Systems Regulator published an update on the Payments Vision Delivery Committee’s agreement of a new model to design and deliver the next generation of UK retail payments infrastructure. The model reallocates responsibilities across public authorities and industry participants, while maintaining Pay.UK’s critical role as operator of existing systems. The approach embeds public and private sector collaboration and is intended to support delivery of renewed retail payments infrastructure and the adoption of next-generation technologies. It also includes short-term work to enhance the resilience and functionality of the existing Faster Payments System, building on improvements Pay.UK has been progressing with industry participants. In developing the model, the Committee considered international comparisons and previous UK approaches, drawing on work led by the Bank of England and the PSR and proposals from the Vision Engagement Group of over 30 sector representatives. The update also notes ongoing cross-authority coordination under an updated Memorandum of Understanding and in the context of the planned consolidation of the PSR into the Financial Conduct Authority.
Payment Systems Regulator 2025-07-15
Payment Systems Regulator reports Payments Vision Delivery Committee agreement on a new collaborative model for next-generation UK retail payments infrastructure
The Payment Systems Regulator unveiled a new model for UK retail payments infrastructure, redistributing roles among public authorities and industry while retaining Pay.UK's role. It focuses on public-private collaboration to improve the Faster Payments System and adopt new technologies, guided by international comparisons and past UK strategies, with coordination under an updated Memorandum of Understanding as the PSR consolidates into the Financial Conduct Authority.