Bank of England updates on the national payments vision

The Bank of England (BoE) has published a new webpage on the national payments vision and the vision engagement group (VEG) of sector representatives supporting delivery of the vision. The webpage on the national payments vision contains an update on the delivery of the next generation UK retail payments infrastructure to date and next steps in 2025, focusing on key deliverables in H2.

• In September: i) The BoE will communicate further on the establishment of the Retail Payments Infrastructure Board (RPIB), and the application process for membership of RPIB; ii) The Bank, HM Treasury, FCA and PSR will engage with VEG members to discuss the Payments Vision Delivery Committee's strategy, which is due to be published later in the autumn.
• In October and November: i) The BoE will appoint members to the RPIB with a view to holding the first meeting of the RPIB in late October; ii) The BoE will also set out an approach to wider stakeholder engagement across the ecosystem for the RPIB beyond 2025, and the processes to deliver an early 2026 RPIB consultation paper; iii) The Payments Vision Delivery Committee plans to publish its strategy for retail payments infrastructure. This will inform the early 2026 RPIB consultation paper.
• In December: The Payments Vision Delivery Committee will publish the Payments Forward Plan by the end of the year.

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