Industry Backs UK Payments Vision, Delivery Confidence Low
Survey of 350 UK payments leaders found 82% support the National Payments Vision, but only 29% reported being very confident it will be delivered as planned.
A survey of 350 UK payments leaders found 82% back the government’s National Payments Vision, but only 29% reported being very confident it will be delivered as intended. The poll was carried out by CI&T as the Retail Payments Infrastructure Board, chaired by the Bank of England, closed its consultation on the design of next‑generation payments infrastructure.
Support rose to 95% among respondents in executive and strategic leadership roles, while 98% of those leaders agreed modernisation must work with existing UK payments infrastructure.
Almost all respondents — 349 of 350 — expect communication problems during the programme. The single biggest concern, cited by 33% of respondents, was the delivery roadmap and its milestones. Concerns about how the programme will align with other regulations and about testing, migration and readiness were each chosen by 30%.
There was no single preferred technical route. Full replacement of selected components was the most popular option at 30%. Parallel running, modernised data standards, new testing and assurance processes, and targeted integration followed within two percentage points.
Robust testing before changes go live was identified as a critical continuity measure by 82% of respondents. Survey participants pointed to Brazil’s Pix instant payments system, which now reaches roughly 93% of the adult population, as an example for bringing participants on board and resolving implementation problems.
Young Pham, global head of financial services AI at CI&T, urged clearer milestones, defined responsibilities, explicit readiness requirements and a defined route from current systems to the planned next‑generation architecture.
The Retail Payments Infrastructure Board’s consultation responses will inform design decisions for the next‑generation platform. The National Payments Vision, published in November 2024, sets out the government’s intent to reduce regulatory overlap and encourage investment in modern technology to support economic growth.
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