UK payments industry backs vVision confidence low
The National Payments Vision has the backing of most UK payments firms, yet only a minority feel sure the overhaul will succeed, a new CI&T study shows.
Broad support, limited certainty
Among the 350 senior figures surveyed, 82% said they support the government’s plan to revamp the country’s payment systems. However, just 29% described their confidence as “very high.”
Confidence climbs to 95% for those in senior leadership roles, but the gap highlights a need for clearer detail on how the programme will be delivered.
Roadmap and communication concerns
Almost every respondent – 349 out of 350 – warned that communication problems could hinder progress. The delivery roadmap and its milestones were the top worry for one‑third of participants.
Regulatory fit and the demands of testing, migration and readiness each attracted concern from about a third of the sample.
Modernisation must fit existing systems
When asked about technical approach, 85% said any new infrastructure should work with the platforms already in use. That figure rose to 98% among senior leaders.
No single method dominated the responses. Full replacement of selected components led at 30%, while parallel running, updated data standards, new testing procedures and targeted integration each hovered within two points of that level.
Robust testing before any change goes live was cited by 82% as essential for continuity.
Governance and international lessons
All senior leaders said clear governance is important, yet only 59% of product and innovation managers agreed. The disparity suggests differing views on who will steer the change.
Nearly every respondent – 97% – sees value in studying Brazil’s Pix instant‑payment system. They point to its participant‑onboarding model and how early‑stage issues were resolved.
“Our work implementing Pix’s payments infrastructure at national scale in Brazil, and with Project Nemo in the UK, has shown that decisions made early in a programme carry through into the live service,” said Young Pham, Global Head of Financial Services AI at CI&T. “Participants brought in early remain invested through the difficult stretches, accountability agreed in advance holds under pressure, and testing against realistic conditions catches the problems that matter before customers do.”
In the middle of the debate, it helps to note that large‑scale reforms rarely follow a straight line. The UK’s effort must juggle legacy technology, consumer expectations and a competitive market, all while keeping fraud at bay. That mix makes the call for a clear roadmap more than a bureaucratic wish, it’s a practical necessity.
Key early decisions
The report outlines five choices that need resolution before the programme can move forward:
- Publish a roadmap participants can plan against.
- Modernise through selective replacement, parallel running and targeted integration.
- Decide who makes decisions and how issues escalate, before problems emerge at scale.
- Build inclusion from policy and design through to post‑launch monitoring.
- Bring together large‑scale delivery experience, international programme learning and UK market knowledge.
The Retail Payments Infrastructure Board, chaired by the Bank of England, is set to close its consultation on the design of the next‑generation system later this week. That timing aligns with the CI&T release, which shifts the conversation from “what to build” to “how to build it.”
The study was commissioned earlier this year to gauge industry sentiment ahead of policy rollout.
Researchers interviewed senior executives across banking, fintech and card networks to compile the data.
Stakeholders anticipate that a clearer timeline could reduce investment uncertainty.
International case studies, such as the Brazilian model, illustrate how early participant engagement can smooth later deployment.
Lessons from other jurisdictions suggest that flexible standards help accommodate varied legacy systems.
Analysts note that the governance structure will need to balance speed with thorough oversight.
Future work will likely focus on measuring the impact of the new architecture on transaction speed and cost.
Regulators have indicated they will monitor the transition closely to protect consumer interests.
The deadline for finalising the technical specifications is slated for early next year.
Overall, the industry remains cautiously optimistic about the vision’s potential.
