The UK’s payment systems are on the brink of a long-overdue transformation. Last week’s Mansion House announcements laid out a bold new vision for the future of UK retail payments, marking a major step forward for both the public and private sectors.
With strategic oversight from the Bank of England and implementation driven by a new industry-led company, this shift has the potential to reshape how money moves in the UK.
For those in the payments space, this moment matters—because it’s not just about systems. It’s about resilience, innovation, and trust.
Table of Contents
Foundations
For years, UK retail payments have worked behind the scenes to power everyday life—from online shopping and payroll to direct debits and instant transfers. Systems like Faster Payments, Bacs, and ICS have quietly supported trillions in transactions. But they were designed decades ago, and they’re now nearing their limits.
This week’s announcement, delivered through the Payments Vision Delivery Committee (PVDC), sets a new direction: build for the future with the right mix of public oversight and private delivery.
The New Model
The announcement introduces two new entities designed to modernise UK payments:
| Entity Name | Role |
|---|---|
| Retail Payments Infrastructure Board (RPIB) | Chaired by the Bank of England, this board will provide strategic oversight and ensure decisions align with the public interest. |
| DeliveryCo | A new industry-led company responsible for designing and building the next generation of payment infrastructure. |
This twin-structure—public leadership paired with private execution—is based on global best practices. It’s a model that allows for strategic alignment and hands-on industry execution, with clearer accountability than before.
Why This Matters
These aren’t just structural changes—they’re tools for enabling real change:
- Encouraging investment in new, scalable, and secure platforms
- Promoting competition by supporting open, interoperable systems
- Supporting innovation in areas like digital money and tokenised assets
- Maintaining public trust in the UK’s financial system
What makes this moment significant is also the Bank of England’s active role in retail payments. This level of direct involvement marks a shift in how seriously payments infrastructure is being treated—as a matter of national stability, competitiveness, and inclusion.
Industry Reaction
UK Finance has welcomed the changes. Jana Mackintosh, Managing Director of Payments and Innovation, noted:
“We support establishing a new industry-led delivery company and we congratulate Vim Maru on his appointment as chair-designate. This will unlock investment into our payments infrastructure and support greater innovation in retail payments and the future of money.”
The appointment of Vim Maru as Chair-designate of DeliveryCo is a strong signal. His background in financial services and strategic transformation gives the initiative both credibility and momentum.
Keeping Systems Running
While building for the future is important, keeping today’s systems running smoothly is non-negotiable. The Bank has made it clear that Pay.UK will continue to manage existing infrastructure, including Bacs and Faster Payments.
There can be no disruption to current services as DeliveryCo ramps up. That means the transition must be carefully sequenced and closely coordinated.
What’s Next?
A full payments strategy will be published by the Bank of England this autumn. It will include:
- A roadmap for modernisation
- Principles for security, innovation, and competition
- Input from banks, fintechs, PSPs, and consumer groups
This will serve as the blueprint for the UK’s payments future—and the industry will need to align behind it.
UK Finance will continue to support:
- The launch of DeliveryCo
- The effective functioning of the RPIB
- The broader goal of UK leadership in digital payments
Why It Really Matters
Payments aren’t just about tech. They’re about how people and businesses move money, how economies grow, and how inclusion is enabled. As the UK moves forward with this vision, it has the opportunity to set a global standard—one that puts security, innovation, and the public good at the centre.
This next phase is not just a refresh. It’s a reset, and it’s one that could define the UK’s position in global finance for decades to come.
FAQs
What is DeliveryCo in UK payments reform?
An industry-led company to build the next-gen retail payments infrastructure.
Who will oversee UK payments strategy?
The Retail Payments Infrastructure Board chaired by the Bank of England.
Will current systems like Bacs shut down?
No, Pay.UK will continue to manage current infrastructure during the transition.
What is the role of the Bank of England now?
Providing strategic oversight and aligning payments with national priorities.
When will the full strategy be released?
The Bank of England will publish the detailed plan in autumn 2025.
