The UK's Retail Payments Infrastructure Board published a consultation paper on June 25 seeking industry views on the core clearing and messaging infrastructure that will eventually replace Faster Payments and Bacs. Responses are due by September 11, 2026.
The proposed design would allow a payer using bank deposits to transfer funds to a recipient holding regulated stablecoins or a potential digital pound. Account-to-account payments at the point of sale and enhanced cross-border capabilities form part of the five strategic design outcomes.
A new industry-led Delivery Company will translate the blueprint into operational infrastructure. Pay.UK continues operating the current Faster Payments and Bacs systems during the transition.