Mansion House: HMT and BoE announce plans for new UK retail payments model under NPV

HM Treasury has published an update on the National Payments Vision (NPV), announcing plans to implement a new collaborative model for delivering the UK's next-generation retail payments infrastructure. The Payments Vision Delivery Committee (the Committee), established to strengthen regulatory coordination and lead key activities, has agreed the new model which will redefine roles across the payments ecosystem, establishing clear responsibilities for public authorities and industry to accelerate the renewal of the UK's retail payments infrastructure and capitalise on emerging technologies. The model also supports short-term activity to improve resilience and functionality of the existing Fasters Payments System, which Pay.UK has been progressing in the industry. Pay.UK will continue its role as operator of existing systems, while contributing its expertise to the evolving framework. The Bank of England (BoE) will establish and chair the Retail Payments Infrastructure Board, which will oversee delivery of the infrastructure alongside the Committee, Pay.UK and a newly formed Delivery Company. The Committee will publish its full strategy for retail payments infrastructure in autumn of this year, with a Payments Forward Plan expected by the end of the year. The BoE published its own statement and the UK Payment Systems Regulator also issued a separate update on its webpage.

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