The Bank of England announced that the Retail Payments Infrastructure Board, which it chairs, has launched a consultation on the future design of the UK's next-generation retail payments infrastructure. The consultation is intended to help define the payment journeys, design choices and priorities for a new core platform that would support existing and emerging forms of digital money and expand retail payments functionality. Alongside current capabilities, the proposed infrastructure could support account-to-account payments at the point of sale as an alternative to cards and enhanced cross-border payments. Feedback will inform the blueprint for the future infrastructure and shape the next phase of work by a new industry-led Delivery Company, which will lead delivery of the core infrastructure. While that work progresses, Pay.UK will continue to operate the UK's existing retail interbank payment systems, including Faster Payments, Bacs and the Image Clearing System. The initiative sits within the National Payments Vision and the Payments Vision Delivery Committee's strategy to modernise UK retail payments. The deadline for responses is 11 September 2026.
Bank of England2026-06-25
Bank of England chaired Retail Payments Infrastructure Board launches consultation on design of UK next generation retail payments infrastructure
The Bank of England said the Retail Payments Infrastructure Board it chairs has opened a consultation on the design of the UK's next-generation retail payments infrastructure. The work will inform a blueprint for delivery by a new industry-led company and focuses on the payment capabilities the system should support, including account-to-account point-of-sale and enhanced cross-border payments. Pay.UK will continue operating existing systems while the new infrastructure is developed.