UK PVDC publishes payments forward plan

The UK Payments Vision Delivery Committee (PVDC) has published the payments forward plan, outlining key initiatives expected across retail and wholesale payments and aspects of digital assets in the next three years. The plan sets out the actions required to deliver the government's National Payments Vision and support the continued growth of the sector. It focuses on initiatives led by HM Treasury, the Bank of England, the Financial Conduct Authority and the Payment Systems Regulator, while reflecting wider UK government and public sector activity where relevant, and certain private sector-led workstreams that flow from public authority steers.

Several initiatives are also said to have implications beyond payments. In particular, the FCA will continue to explore potential interoperability between open banking and other smart data schemes, reflecting the government's intention for the open banking framework to form the basis for open finance. The PVDC states that while the plan captures a wide range of initiatives which are relevant to payments and seeks to provide clarity on key milestones, it is not exhaustive and timings remain subject to change. The Committee also confirms that an enhanced focus on payments will be added to the Regulatory Initiatives Grid in 2027.

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