Account-to-Account Payments in the UK: What Comes Next?

The UK is moving toward a more sophisticated Account-to-Account (A2A) payment infrastructure, which could soon change how you collect payments from customers. This shift is being driven by the Retail Payments Infrastructure Board (RPIB) to modernize how money moves between banks. For retailers, this means a future where you can bypass traditional card networks like Visa and Mastercard. Instead, customers pay you directly from their bank account via an app or QR code. This technology is gaining momentum because it reduces merchant fees and eliminates the 'middleman' costs associated with credit cards. As these 'payment rails' become more complex for banks to manage, the industry is shifting toward standardized systems. For your business, this translates to faster settlements—often instant—and improved cash flow. While the technical work is happening behind the scenes at major institutions like Nationwide, the end goal is to make A2A payments as seamless and common as a standard card swipe at the point of sale. Keep an eye on this as a viable alternative to Buy Now, Pay Later (BNPL) or credit cards for high-ticket items, as it offers a lower-cost way to accept digital payments.

Source: Finextra — Lending

← Return to the library· Submit a correction