UK PVDC policy paper on the roles and responsibilities in the future retail payments ecosystem

The Payments Vision Delivery Committee (comprising HM Treasury, the Bank of England, the UK Financial Conduct Authority and the UK Payment Systems Regulator) has published an update on the future retail payments ecosystem to support the Retail Payments Infrastructure Board's consultation on the design of the UK's next-generation retail payments infrastructure. The update outlines a proposed framework for the roles and responsibilities of participants within the future ecosystem, including a central core infrastructure scheme and operator, the product-level arrangements governing specific payment journeys, and supporting commercial, governance and consumer protection frameworks. It emphasises that the future infrastructure should support innovation, competition, interoperability and broad access while maintaining operational resilience and effective safeguards against fraud, money laundering and other financial crime.

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