The payments landscape continues to evolve. In this blog I share some of the topics that caught my attention during the last three months.
Following on from the National Payments Vision announced in the Mansion House speech in November 2024, the UK’s Chancellor – Rachel Reeves, provided an update as part of the Leeds Reforms in July 2025. This included a new operating model comprising:
The Payments Vision Delivery Committee which sets the strategy for retail payments infrastructure. The Committee will be made up of HM Treasury, the Bank of England, the FCA and the PSR.
A Retail Payments Infrastructure Board chaired by the Bank of England and including representation from the payments industry. The Board will report to the Committee.
A Delivery Company which is industry-owned and responsible for procuring and funding next-generation infrastructure. The Board will oversee the Delivery Committee.
Pay.UK which will focus on the running of the existing interbank systems. Pay.UK will also contribute its expertise through representation on the Board and the Delivery Company.
In response to a consultation from the UK’s Home Office on ransomware, UK Finance provided a response to proposals including:
A ban on ransomware payments by Critical National Infrastructure businesses
Pre-payment authorisation from the government
Mandatory reporting of incidents.
UK Finance delivered an Initial Findings Report on Open Banking commercial models. This is an important part of the New Payments Vision as it explores some of the impediments to the increased use of Open Banking for new payment solutions. Greater take up of Open Banking would provide companies with reduced card fees and quicker settlement of payments.
The Payments Association Financial Crime 360 report has been issued. It surveyed 163 financial crime professionals from 33 countries to understand current challenges, technology priorities, and industry outlook. The majority (66%) were UK-based, with strong representation from senior decision-makers including CEOs, directors, and compliance heads across banks, fintech companies, technology providers, and compliance services. Key findings include:
72% identify fraud as the biggest challenge, surpassing anti-money laundering (36%) and regulatory issues (31%).
58% worry about AI-enabled financial crime, with 64% fearing identity deepfakes.
If you think I’ve missed anything important, please send an email to technical@treasurers.org.
Naresh Aggarwal
07 August 2025
