The Retail Payments Infrastructure Board (RPIB), led by the Bank of England, recently published a consultation on the future retail payments infrastructure.
To support the consultation, the Payment Vision Delivery Committee (PVDC) which comprises representatives of HM Treasury, the Financial Conduct Authority (FCA), Bank of England and the Payments System Regulator (PSR), has published further context to support stakeholders reading of the consultation. It covers issues such as how the commercial model for the infrastructure should work and how the new infrastructure can support consumer protection and the fight against financial crime.
Both the PVDC and RPIB were set up to deliver the government’s National Payments Vision of a trusted, world-leading payments ecosystem delivered on next generation technology, where consumers and businesses have a choice of payment methods to meet their needs.
Note to editors:
The Retail Payments Infrastructure Board (RPIB) is a senior advisory board that is chaired by the Bank of England. The PSR/FCA is an observer of the RPIB. The RPIB will translate the vision and strategy for future retail payments infrastructure set by the PVDC into design, including through consultation with the broader payments ecosystem and end-users.
The Payments Vision Delivery Committee (PVDC) comprises HM Treasury, the Bank of England, the FCA and the PSR. It was established through the National Payments Vision to ensure coordination between the regulators and provide a mechanism to facilitate prioritisation decisions on initiatives.
The Retail Payments Infrastructure Board have published their consultation on the Design of the Future Retail Payments Infrastructure.