Building a robust framework and infrastructure for a leading payments ecosystem is essential for maintaining the UK’s position in financial services. Industry experts addressed the question, “How can we ensure innovation, competition, and high security standards?” during IFGS 2025.
The panel featured prominent figures such as Dan Moore, head of strategy, analysis, and engagement at PSR; Faith Reynolds, director at Devon Fields Consulting; Andy Sacre, head of payments at Monzo; Iana Vidal, head of UK public policy at Block; Paul Worthington, head of UK public policy and government relations at Stripe; and Kunal Jhanji, managing director and partner at BCG. They discussed the UK’s National Payments Vision.
Moderating the discussion, Jhanji posed the question of how to achieve tangible outcomes from the national payments vision. Moore emphasized the necessity of collaboration and compromise, stating, “One of the benefits of the national payments vision is it sets out sub-deliverables by timescales. We must focus on infrastructure, especially for retail banking, and enhance collaboration among regulators.”
Sacre pointed out that innovation doesn’t require significant infrastructure renewals, stressing the importance of making the payments infrastructure cloud-native, API-based, and scalable: “If we want to innovate, let’s come together and do it. We don’t need major regulatory changes to make it happen on the current rails.”
The panel also explored the UK’s unique market conditions, such as infrastructure, tech talent, regulatory certainty, and political will, which drive innovation. Vidal discussed the need for a scalable tech stack to support diverse payment options, including stablecoins, saying, “We need to make these systems interoperable and optimal. There’s a huge opportunity in building diversity.”
However, Worthington highlighted the necessity of a clear roadmap for the National Payments Vision, cautioning that “these next few months are critical” to ensure future progress isn’t stalled.
Reynolds stressed the importance of addressing access and inclusion in digital payments, noting that these options often lack appeal for individuals with low or unstable incomes. She advocated for a strategy that improves financial inclusion and trust in the system.
Jhanji raised the topic of interoperability between new forms of money, like stablecoins and digital pounds, and the existing financial system, asking how these worlds can converge.
Vidal responded that regulatory certainty and standards are vital to fostering innovation and safe payment methods for all customers, regardless of the mode of payment.
Concluding the discussion, Jhanji invited panelists to share what excites them most about the National Payments Vision. Worthington highlighted deliverables for the upcoming months related to retail infrastructure. Reynolds pointed to the potential of digital identities and wallets to enhance consumer interactions with payment services. Sacre emphasized the need for resilient systems, while Vidal noted the ambitious nature of the vision and its potential to drive innovation in the UK payments landscape. Moore concluded by reiterating the significant opportunities for competition and innovation, underscoring the importance of robust infrastructure to support account-to-account and open banking initiatives.