The Bank of England has announced it will take a central role in replacing the UK’s Faster Payments system, which has served since 2008, with a new generation of infrastructure for instant account-to-account transactions. A newly established Retail Payments Infrastructure Board, chaired by the Bank of England, will be responsible for translating strategic priorities into the design of the new system. The overarching aim is to reduce dependence on international card schemes such as Visa and Mastercard, while accelerating withdrawals and payments for both online and in-person transactions.
The Payments Vision Delivery Committee will publish its strategy for UK retail payments infrastructure in the autumn. This strategy, aligned with the National Payments Vision’s core pillars—innovation, competition, and security—will set out key priorities for the sector’s future. The Payments Forward Plan, due later this year, will detail initiatives impacting the broader payments ecosystem.
- Governance: The Bank of England will chair the Retail Payments Infrastructure Board, guiding the transition from existing systems.
- Industry role: A dedicated Delivery Company will be tasked with procuring and funding the next-generation technology solution.
- Current operations: Pay.UK will continue to operate the current interbank payment systems throughout the transition period.
This overhaul is expected to lay the groundwork for considerably faster withdrawals and payments by 2026, benefiting UK consumers and businesses. The Board will consult widely with stakeholders, including industry participants and end-users, as part of the design process.
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Sources: Bank of England
