UK Banks Commit £50m to Next-Generation Retail Payments Infrastructure

The UK Payments Delivery Company (UK PDC) has launched an equity raise to finance the development of the country's next-generation retail payments infrastructure, seeking around £50m in funding.

This move is part of the government's National Payments Vision and will deliver infrastructure based on the blueprint being developed by the Bank of England-led Retail Payments Infrastructure Board.

The new platform aims to modernise the infrastructure underpinning UK retail payments, including functions currently provided through Faster Payments and Bacs. Pay.UK will continue operating existing systems while the replacement infrastructure is developed.