The Bank of England established the Retail Payments Infrastructure Board in October 2025 to design next-generation retail payment infrastructure for the United Kingdom. Victoria Cleland, the Bank's Chief Cashier, chairs the 11-member board. The first RPIB meeting took place on 28 October 2025. Members include NatWest, HSBC, Lloyds Banking Group, Nationwide, Wise, Monzo, Truelayer, ClearBank, Stripe, PayPal, Amazon, and the Post Office, with an FCA/PSR observer.
An industry-owned Delivery Company will procure and fund the infrastructure that the RPIB designs. Vim Maru, CEO of Barclays UK, has agreed to serve as chair designate. The government's Payments Forward Plan, published in February 2026, targets establishment of this company by the end of H1 2026.
Pay.UK continues to operate the existing Faster Payments System and Bacs in the interim. Short-term resilience enhancements to both systems are planned by end of 2026. A Design Authority Sub-Committee established in November 2025 is developing technical specifications for handover to the Delivery Company once it is operational.