Global Digital Finance (GDF) submitted a response to the Bank of England’s Retail Payments Infrastructure Board (RPIB) consultation on the design of the UK’s future retail payments infrastructure.
GDF supports the proposed direction of travel and emphasises that the UK’s future payments ecosystem should be designed for a multi-money environment, enabling interoperability between commercial bank deposits, e-money, tokenised deposits and regulated sterling stablecoins. The response argues that the UK should look beyond simply replacing Faster Payments and instead develop common infrastructure capable of supporting a competitive and evolving payments ecosystem.
The response sets out five key priorities for the future infrastructure: making multi-money interoperability a baseline architectural requirement; embedding technology and form-of-money neutrality; maintaining a narrow, modular and standards-based core; designing for 24/7 operation and international interoperability; and ensuring open and representative governance.
GDF also recommends that interoperability is demonstrated through practical end-to-end testing before major architectural decisions become irreversible. This should include journeys between bank deposits, regulated stablecoins and tokenised deposits, as well as cross-border payments, to ensure that new forms of regulated money can be incorporated without requiring fundamental redesign.
Overall, the submission calls for a future retail payments infrastructure that is secure and resilient while remaining open, adaptable and technology-neutral, supporting innovation, competition and the continued evolution of the UK’s payments landscape.
Submitted:
September 2026