Enhancing the payments system for the digital age

The action we'll take in response to Huw van Steenis' report on the future of finance.

We will ensure the resilience of the UK payments system to support a dynamic, data-rich economy. We will also provide the public infrastructure that allows competition to thrive and the private sector to create products that support greater choice for consumers.

To support a more resilient, innovative and competitive payments system for UK households and businesses, we will:

  • Consult in 2020 on the appropriate level of access to the Bank’s payments infrastructure and balance sheet, including necessary safeguards. Launch a forum to explore the future of money in an increasingly digital economy. More detail on the Bank’s work in this area can be found here.
  • Fully engage in HM Treasury’s (HMT’s) National Payments Strategy review in order to maintain UK leadership, and unite innovators, businesses, policymakers and infrastructure providers. Alongside the Financial Conduct Authority, Payment Systems Regulator and other relevant authorities, help drive forward the review of payments regulation led by HMT. 
  • Partner with other central banks to explore how high-value payments systems could be used to deliver instant settlement in different currencies, which would empower private innovations in cross-border finance.

Our response

Find out about the payment options for the UK and the role of the Bank:

This page was last updated 03 August 2023