National Payments Vision
From ACT Wiki
Treasury - cash management - payments - UK.
(NPV).
The UK's National Payments Vision is focused on creating a payments infrastructure that is future-proof, responsive to changing user needs, and supports the broader economy and includes the following specific goals:
- Clarify upgrades to FPS and assess longer-term requirements.
- Seamless account-to-account (A2A) payments must be developed to provide greater choice to consumers and merchants including the development of a commercial Variable Recurring Payment model.
- For treasurers and businesses, it aims to create a more seamless, efficient, and secure payments ecosystem, by simplifying processes, reducing costs, and enabling more strategic financial management.
(Source - Update on the Payments landscape - January 2025 - Association of Corporate Treasurers.)
- NPV - new operating model
- "Following on from the National Payments Vision announced in the Mansion House speech in November 2024, the UK’s Chancellor – Rachel Reeves, provided an update as part of the Leeds Reforms in July 2025. This included a new operating model comprising:
- The Payments Vision Delivery Committee which sets the strategy for retail payments infrastructure. The Committee will be made up of HM Treasury, the Bank of England, the FCA and the PSR.
- A Retail Payments Infrastructure Board chaired by the Bank of England and including representation from the payments industry. The Board will report to the Committee.
- A Delivery Company which is industry-owned and responsible for procuring and funding next-generation infrastructure. The Board will oversee the Delivery Committee.
- Pay.UK which will focus on the running of the existing interbank systems. Pay.UK will also contribute its expertise through representation on the Board and the Delivery Company."
- Update on the Payments landscape - August 2025 - Association of Corporate Treasurers.
- Upgrades required to Faster Payments System
- "... the newly established Payments Vision Delivery Committee will, through work led by the Bank of England and PSR, clarify the upgrades required to the existing Faster Payments System, assess longer-term requirements and the appropriate funding and governance arrangements needed to deliver this – including proposals to reform Pay.UK"
- UK National Payments Vision, November 2024, p9.
See also
- BACS
- Cash management
- Clearing House Automated Payment System
- Electronic commerce
- Faster Payments Scheme
- Faster Payments Service
- Immediate Payment Service (IMPS)
- Immediate payments and the impact on corporate treasurers
- New Payments Platform (NPP)
- Pay.UK
- Payment
- Payment service provider (PSP)
- Payment Systems Regulator (PSR)
- Payments and payment systems
- Real-time Payments
- Single Euro Payments Area (SEPA)
- Single Immediate Payment
- Treasury
