UK PDC kicks off the development of a new domestic infrastructure
Stephen DAlton 22 September 2026
The UK's plans of developing a new domestic payments infrastructure took a step forward last week with the announcement that the UK Payments Delivery Company (UK PDC) has just launched an equity capital raise seeking to secure around £50 million from industry players.
What is the UK Payments Delivery Company (UK PDC)?
UK PDC is an industry led delivery company charged by regulators with procuring and funding the new retail payments infrastructure designed by the Bank of England's Retail Payments Infrastructure Board in line with the government's National Payments Vision.
CEO of Barclays UK, Vim Maru, currently serves as chair-designate and "formal board appointments will be confirmed as part of the organisation's establishment". A search for a permanent chief executive for the new company is already underway.
How is the UK PDC funded?
Initial mobilisation funding came from 19 companies including Barclays, HSBC, Lloyds, Natwest, Citi, Nationwide, JPMorganChase, PayPal, Stripe, and Wise.
Despite suggestions that this project may provide an opportunity for the UK to reduce its reliance on US firms, payments giants Visa and Mastercard have both assisted with the formation of the PDC.
The latest round of fundraising, aimed at securing approximately £50 million, is designed to finance the PDC's operations until 2028, with capital raised helping to establish the organisation and "progress its initial development milestones".
During this time eligible organisations will also be given "the opportunity to become shareholders at a formative stage in the company's development".
What is the ultimate goal of the UK PDC?
The project intends to replace the current Faster Payments and Bacs retail interbank payment system, with clearing and settlement taking place over a single purpose built central infrastructure.
A spokesman for the UK Payments Delivery Company said:
The government's National Payments Vision has set an ambitious direction for the future of payments, and the UK Payments Delivery Company will play a key role in turning that ambition into reality.
The work will shape the next generation of payments infrastructure and deliver a system that is resilient, innovative and ready for the future.
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