UK PDC Launches £50 Million Raise for New Payments Network

The UK Treasury laid the groundwork for a sovereign, modern retail payments system in its National Payments Vision in late 2024. Under a governance model established in July 2025, the Bank of England-chaired Retail Payments Infrastructure Board (RPIB) is to design the architecture, while industry-led UK Payments Delivery Company (UK PDC) will fund, procure and implement it. The overhaul matters because it aims to improve resilience, innovation and national control over the infrastructure behind everyday payments.

On September 15, 2026, UK PDC launched an equity raise targeting about £50 million from banks, lenders and payment service providers. The proceeds are intended to establish the company and fund early development milestones through 2028; eligible investors can become shareholders at a formative stage. Nineteen organisations, including Britain’s four largest high-street banks, previously backed mobilisation. The RPIB is expected to deliver its infrastructure blueprint in the first quarter of 2027, while UK PDC searches for a permanent chief executive.