National Payments Vision: The Government sets out its ambitions for the UK payments sector

A year in the making, the UK Government has released its National Payments Vision. The NPV is intended to address the findings of the 2023 Future of Payments Review and in particular to provide the strategic direction that the review called for.

Key developments in the NPV include:

• creating a Payments Vision Delivery Committee to reimagine upgrades to retail infrastructure,
• making the FCA responsible for Open Banking and reducing overlaps with the PSR, and
• encouraging the FCA to replace authentication rules with a more outcomes-based regime.

Read our reflections on the Government's vision here.