In January 2022 we published our first five-year strategy, which set out our strategic outcomes and priorities, guided by our statutory objectives to promote competition, innovation and deliver user needs.

At the midpoint of delivering our strategy, we carried out a review to ensure it continues to have a positive impact on payment systems.

We recently published our strategy update, which articulates the findings of that review. The update sets out three core commitments that we will focus on for the remainder of the strategy term.

Our new commitments align with our outcomes and priorities, while reflecting developments since 2022 and streamlining our activity to deliver real impact.

  1. Complete the important work we have started to protect users and promote competition and innovation.
  2. With the Bank of England, drive forward work to upgrade Faster Payments, and reform of Pay.UK, as well as assess other long-term retail infrastructure needs.
  3. Sharpen our focus on competition and innovation in payment systems, supporting economic growth and enabling the ecosystem of the future.