Unveiling of Smart Data Accelerator coupled with an innovative approach for British retail transactions payments.
The UK government has announced a comprehensive strategy for designing and delivering the next generation of retail payments infrastructure, aiming to create a world-class payments ecosystem grounded in innovation, competition, and security. This strategy, known as the National Payments Vision (NPV), is being implemented by the Payments Vision Delivery Committee.
The Committee, a collaborative effort between the public and private sectors, is chaired by the Bank of England and includes representatives from the Financial Conduct Authority (FCA), HM Treasury, and the Payment Systems Regulator (PSR). The FCA will play an integral role in regulatory coordination and strategy-setting, with plans to consolidate the PSR into the FCA to enhance its influence and regulatory oversight in payments infrastructure governance.
In autumn 2025, the Committee will publish a comprehensive strategy for retail payments infrastructure, outlining key priorities aligned with the NPV’s pillars and reflecting broad stakeholder input across the payments ecosystem. This strategy will be followed by the publication of a Payments Forward Plan, detailing a sequenced roadmap of initiatives across retail and wholesale payments and including the integration of digital assets.
The creation of a Retail Payments Infrastructure Board, chaired by the Bank of England, and a separate Delivery Company will oversee the operational delivery of the new systems. Pay.UK, the current operator of existing payment systems, will continue its role, with efforts underway to improve the resilience and functionality of the current Faster Payments System ahead of next-generation rollout.
Industry leaders have welcomed this strategy. Henk Van Hulle, CEO of Open Banking Limited, has urged for more and faster progress in streamlining regulation and improving how money moves across the economy. Oscar Berglund, Trustly's head of business development, is encouraged by a strategy that recognizes the power of Open Banking and positions the UK as a global hub for digital financial services.
Jana Mackintosh, director of payments and innovation at UK Finance, congratulated Vim Maru on his appointment as chair-designate of the new industry-led delivery company. Janine Hirt, CEO of Innovate Finance, emphasized the need for continued support for the UK's fintech and financial innovation ecosystem, which is world-leading but faces competition from other countries.
The Smart Data Accelerator, facilitated by the FCA, is a key part of this strategy. It is intended to test use cases, encourage the development of solutions, and help shape regulatory policy for Open Finance. Helene Oger-Zaher, the FCA's senior innovation manager, has called the Smart Data Accelerator a "stepping stone and pioneer approach".
As the UK government moves forward with this strategy, it is clear that collaboration between the government, regulators, and industry will be crucial to increasing support for this thriving sector of the economy. The UK aims to lead the way in creating a secure, competitive, and innovative payments ecosystem for the future.
- The UK's National Payments Vision (NPV) strategy, led by the Payments Vision Delivery Committee, aims to create a world-class, innovative, and secure payments ecosystem.
- The Financial Conduct Authority (FCA) will play a pivotal role in regulatory coordination and strategy-setting, with plans to enhance its influence and regulatory oversight in payments infrastructure governance.
- In autumn 2025, the Committee will publish a comprehensive strategy, outlining key priorities for retail payments infrastructure, including the integration of digital assets.
- The creation of the Retail Payments Infrastructure Board and a separate Delivery Company will oversee the operational delivery of the new systems, with Pay.UK continuing its role in improving the current Faster Payments System.
- Industry leaders have welcomed this strategy, with Henk Van Hulle urging for faster progress in streamlining regulation, and Oscar Berglund applauding the recognition of Open Banking's power.
- The Smart Data Accelerator, facilitated by the FCA, is a key part of this strategy, testifying use cases, encouraging solution development, and shaping regulatory policy for Open Finance.
