On 2 July 2026, the Payments Vision Delivery Committee (PVDC) published an updated policy paper setting out thinking to guide engagement with stakeholders in the payment ecosystem on future roles, responsibilities and interactions with respect to the future core infrastructure.

Background

Following publication of the PVDC’s Strategy for Future Retail Payments Infrastructure in November 2025, HM Treasury, Bank of England, Financial Conduct Authority and Payment Systems Regulator are progressing coordinated work to guide delivery of next generation retail payments infrastructure.

The PVDC highlights that this document sits alongside the Retail Payments Infrastructure Board’s (RPIB) Consultation on the Design of the Future Retail Payments Infrastructure and that, while it is not a statement of policy or regulatory guidance and does not prejudge future work, it is intended to inform responses to the RPIB Consultation.

Summary

The PVDC sets out the following considerations in relation to roles and responsibilities intended to support engagement on the issues that sit alongside, and interact with, the design of the core infrastructure:

  • The role of the core infrastructure scheme and operator: The RPIB’s proposed core infrastructure would provide the shared messaging, clearing and potentially other utility services needed to support retail payments and interoperability between different forms of regulated private digital money. It is intended that the core infrastructure would be managed by a single operator would manage the infrastructure and its rulebook, covering participation, access, technical standards, settlement, resilience and governance.
  • The role of the product level arrangements: While the core infrastructure provides shared payment capabilities, product-level arrangements determine how specific payment products operate for end users. These arrangements would set the rules, standards and processes governing payment initiation, processing, consumer protection, dispute resolution, fraud management and commercial models. Multiple arrangements are expected to coexist, supporting existing payment types such as batch and instant payments, as well as new services including point-of-sale account-to-account payments, programmable payments and enhanced cross-border payments. It is intended that competition and innovation will primarily occur at this layer, although common standards and coordination may be needed to ensure interoperability, scale, consumer confidence and broad market adoption for key payment journeys.
  • Commercial sustainability for innovation: Key commercial relationships will exist between the core infrastructure operator, product-level arrangements and participating firms. It is intended that the core infrastructure, as a critical national utility, should operate on a cost-recovery basis that supports resilience and long-term investment, funded primarily through participant and membership fees. Any surplus would be reinvested in maintenance, innovation and ecosystem development. Product-level arrangements are expected to operate competitively, using a variety of commercial models to fund access, support innovation and meet user needs.
  • Consumer protection, fraud, and wider financial crime: It is intended that the core infrastructure should support compliance with regulatory protections, including dispute resolution and redress mechanisms, while accommodating emerging technologies such as programmable and AI-driven payments. It should provide a baseline level of consumer protection across the ecosystem, with flexibility for stronger protections where risks are higher. Product-level arrangements may offer enhanced safeguards depending on the payment journey and associated risks. The relevant ecosystem must also incorporate robust measures against fraud, money laundering, sanctions evasion and terrorist financing, with the infrastructure supporting prevention, data sharing and reporting to maintain trust, security and market integrity.