The new Bank of England board will guide how the UK’s retail payments system evolves, shaping technology and collaboration across banks, fintechs, merchants and users.
The Bank of England has established a new Retail Payments Infrastructure Board (RPIB), tasked with shaping the design of the UK’s future retail payments system. The RPIB was set up by the Bank as part of the Payments Vision Delivery Committee’s plan to modernise UK retail payments.
Chaired by Victoria Cleland, Chief Cashier and Executive Director for Payments at the BoE, the board aims to bring together senior leaders from banking and fintech, as well as end users.
In an announcement on September 9, the central bank stated applications were open for membership, with a two-week window running from September 10–24. Successful candidates will be confirmed before the board’s first meeting in late October.
The RPIB is part of a broader programme to improve the UK’s retail payments network. The board’s agenda will cover everything from system design to ensuring the needs of businesses, consumers and technology providers are built into the framework.
Rather than running the systems itself, the board will oversee the creation of an industry-owned delivery company which will manage procurement and funding. Members will also be expected to work alongside organisations such as Pay.UK, regulators and end users to keep the process aligned across the sector.
Who could join the board?
Around 15 members will be appointed, with the Bank saying it wants a mix of senior leaders who can “collectively cover the end-to-end payments landscape.” The announcement noted the board is looking for executives with “strong retail payments understanding” and a track record in delivering strategic change.
This could mean senior figures from banks, fintechs, merchant services and user groups, with board-level experience who have time to contribute to the RPIB’s work.
The BoEk describes the chance to join as a “once in a generation opportunity” to influence the design of the UK’s retail payments system. Members will be expected to dedicate a few hours each month, including meetings and follow-up work.
Why it matters
The creation of the RPIB should result in the building of a system which reflects the diversity of today’s ecosystem rather than the landscape of a decade ago.
Fintech firms now play a central role in the UK payments landscape, often in partnership with high street banks, while merchants and service providers are under growing pressure to deliver improved customer experiences.
Collaboration has also become a recurring theme across the payments industry.. Whether tackling fraud or developing new services, industry and regulators have emphasised that progress depends on collective action.
