April 2025
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This conference discussed next steps for UK payments policy, regulation and market development.
It was an opportunity for stakeholders and policymakers to assess the way forward for development and growth of the UK payments services sector. They assessed what will be needed from government, regulation and industry if the National Payments Vision (NPV) is to be implemented smoothly and achieve its aims for innovation, competition and consumer protection. The agenda included a focus on the way forward for upgrading retail payments infrastructure, priorities for unlocking open banking benefits, and strategies for developing a coordinated approach to regulation that minimises overlap.
Payments Vision Delivery Committee (PVDC)
Sessions discussed implementation of the NPV, including priorities for the PVDC in facilitating regulatory coordination and alignment, as well as the role of the Vision Engagement Group and next steps for incorporating industry perspectives if innovation and sector growth are to be achieved.
Open banking
The conference was an opportunity to assess the way forward for developing a commercially sustainable model for open banking, including priorities for the Interim Entity in achieving a smooth pathway to effective structuring and governance. Delegates considered next steps for commercial variable recurring payments, including strategies for use case expansion, and opportunities and challenges for open banking journeys in e-commerce.
Payments infrastructure
Future needs of the UK’s retail payments infrastructure were also discussed, with the PVDC due to publish an approach to governance and funding, alongside proposals for reforming Pay.UK by the end of Q2 2025. Sessions assessed priorities for upgrading the Faster Payments System to support innovation, as well as clarity needed for payment service providers and investors.
Regulation and growth
We also expected the agenda to bring out latest thinking on strengthening regulation, reducing complexity for businesses, and improving coordination between regulators on new growth objectives, with the Government set to abolish the Payment Systems Regulator and consolidate it into the Financial Conduct Authority.
Delegates assessed the role of the payments sector in delivering wider economic growth in the context of the Financial Services Growth and Competitiveness Strategy and government policy on infrastructure and skills. Effectively balancing between growth and risk will be discussed, including regulatory considerations for facilitating further innovation in the payments ecosystem.
Consumer protection
It was also an opportunity to consider strategies for strengthening consumer protection, including the way forward for tackling push payment fraud, reform to the strong customer authentication regime, and the role of effective digital ID, with the Data (Use and Access) Bill currently progressing through Parliament.
Innovation
Further sessions focused on payment innovation and new forms of digital money, including latest developments in the design phase of the digital pound and potential benefits of central bank digital currencies, the use of Stablecoins in payment, and the role of new financial market infrastructures, such as a Regulated Liability Network.
We are pleased to have been able to include keynote sessions with: Joe Garner, Chair, Future of Payments Review; and UK Government Advisor, National Payments Vision; Dan Moore, Head, Strategy, Analysis and Engagement, Payment Systems Regulator; Ali Moussavi, Head, Payments Strategy Unit, Bank of England; Andy White, CEO, Australian Payments Network; Tim Ensor-Clinch, Senior Vice President, Real Time Payments, Mastercard; John Mowat, Head, Strategic Policy, Pay.UK; and Nick Davey, Head, Strategy, Open Banking Limited.
Overall, areas for discussion included:
- the PVDC: priorities for implementing the NPV - terms of reference and timeframes - integrating industry views - progress since the previous review - next steps for government and regulators
- sector development: role within the Financial Services Growth and Competitiveness Strategy and broader Industrial Strategy - assessing available sector data - skills, regional and infrastructure
- regulation: FCA, BoE and PRS coordination - fostering growth whilst mitigating risk - benchmarking UK regulatory frameworks with other jurisdictions, such as the EU and US
- Open Banking and Open Finance: policy and development priorities - account-to-account payments - support for FinTechs, innovation, competition and market entry - widening use cases
- infrastructure: system upgrades - next steps for Bacs, Direct Debit, Faster Payments, and the Image Clearing System - Pay.UK and NPA reform - learning from international developments
- fraud: assessing industry-led and regulator initiatives - sector and telco collaboration - mandatory reimbursement scheme progress - new approaches - tackling emerging risks
- innovation:
- new applications and technology - next steps for a central bank digital currency - Stablecoin regulation
- new financial market infrastructures such as Regulated Liability Networks - tokenisation, blockchain, DLT-related payments and the potential role of AI
All delegates were able to contribute to the output of the conference, which will be shared with parliamentary, ministerial, departmental and regulatory offices, and more widely. This includes the full proceedings and additional articles submitted by delegates. As well as key stakeholders, those that attended include officials from Dstl; DfC, NI HMRC; HM Treasury; and the Home Office.
