Next generation payments
With the publication of the National Payments Vision (NPV), the UK Government has made it clear that supporting the UK's payments industry to flourish is a key component to their economic growth agenda. With this in mind, we are now starting to see some of what that means beginning to be fleshed out. In the last few weeks we have seen the following developments:
1. HM Treasury published an update outlining a new collaborative model to design and deliver next-generation retail payments infrastructure in the UK, aligning with the NPV.
2. The enactment of the Data (Use and Access) Act 2025. This legislation paves the way for new secondary legislation that will be pivotal in establishing a new regulatory framework for the oversight and future development of Open Banking and facilitate the growth of smart data schemes such as Open Finance. It also sets out the foundational requirements for the development of digital verification services which have the potential to transform how we interact with financial service and even online service more generally.
In this article we provide an overview of these developments and what they could mean for financial services firms.
Upcoming events
For information on our upcoming training events including our Regulatory Essentials programme, please visit our Financial Regulation page on our website.
