The VEG’s Proposals for Governance and Funding of the UK’s Future Payments Infrastructure

The first priority of the National Payments Vision is to define how the payments infrastructure that underpins retail instant payments in the UK should evolve in the years ahead.

Last week HM Treasury, on behalf of the Payments Vision Delivery Committee, invited members of the Vision Engagement Group to share industry’s views about what the future governance and funding of this infrastructure should look like. This work is led by two members of the Engagement Group and coordinated by UK Finance and must be completed and submitted to the PVDC by Friday May 31^st. This will help the PVDC to prepare the Chancellor for an announcement in her Mansion House Speech in July (we hope).

You are invited to join a 90 minute workshop to share your feedback on the draft proposals that should be drafted by the UKF team by the end of this week. Facilitated by TPA’s Director General Tony Craddock and with the support of the CEO of LINK, John Howells, this workshop will include breakout sessions into small groups which will discuss different components of the draft. Your comments will then be shared centrally and afterwards compiled and shared with UKF’s team later the same day. Participants who have registered for this workshop will receive a draft of the paper as soon as it is ready, possibly by or over this coming weekend.

The paper being developed will be underpinned by the government’s objectives in the National Payments Vision, particularly;

 – The need for the UK’s infrastructure to serve equitably a diverse array of market actors, both in terms of functionality and access

 – The importance of innovation to support better outcomes for all market users, and greater competition and choice in the making of payments

 – Ensuring the safety of the UK’s payments system and the importance of system resilience

Specifically, the PVDC is considering effective governance structures to support coordinated design and delivery of future retail payments infrastructure changes. This will include;

 – An outline of the roles and responsibilities of industry and wider participants and payment systems operator, plus lines of accountability, to deliver the strategy set by authorities

 – Consideration of whether the change design and delivery function could and should be split out from the day-to-day operation of the current schemes and systems – and if so, how to manage any resultant risks from splitting control of these functions.

Please come to the workshop willing to make an active contribution and have a point of view to share in the workshop on payments infrastructure. Please only attend if you have read the draft that you will be sent in advance, and (ideally) have prepared your comments beforehand.

Facilitator: Tony Craddock, Director General, TPA

Speakers: John Howells, CEO, Link

Why Attend?

– Influence the governance and funding structure of the UK’s future payments infrastructure

– Explore what this means in practice for institutions and the wider ecosystem

– Contribute your insights and help refine the approach before it is submitted to the VEG and PVDC

This session is ideal for professionals with a keen interest in the structure, strategy, and future of UK payments.

We hope you’ll join us in this important conversation as we work together to create a more effective and forward-looking payments infrastructure

Event Details:
Date: Wednesday 28th May 2025
Time: 10.00 – 11.30 BST
Where: Online (Zoom)