Smart Data Accelerator unveiled alongside ‘new model’ for UK retail payments

The launch of a Smart Data “Accelerator” and the establishment of an “innovative new model” to design and deliver the next generation of retail payments infrastructure have been welcomed by the ecosystem, as it called for “even further and faster progress”.

They were announced in the UK government’s Financial Services Growth and Competitiveness Strategy delivered on 15 July, by Chancellor Rachel Reeves.

In it, the government set out that the Financial Conduct Authority (FCA) will launch a Smart Data Accelerator, to “facilitate the testing of use cases, encourage the development of solutions, and help shape regulatory policy for Open Finance”.

The accelerator is expected to “drive progress” on the Smart Data initiative, which the Centre for Finance, Innovation and Technology (CFIT) has already demonstrated has “significant potential” in improving access to finance for SMEs.

The government also committed to working closely with the FCA as it prepares to set out its Open Finance Roadmap by March 2026.

In a post on LinkedIn, senior innovation manager at the FCA Helene Oger-Zaher called the Smart Data Accelerator “a stepping stone and pioneer approach, using a flexible, collaborative approach to get ahead and start designing the future now”.

Next-gen payments

Elsewhere in the government’s Strategy, it announced plans to establish, via the Payments Vision Delivery Committee, a new model to design and deliver the next generation of retail payments infrastructure, in line with the National Payments Vision.

The Committee will publish its strategy for retail payments infrastructure in the Autumn, with the Payments Forward Plan to follow by the end of the year, in which it will set out “a sequenced plan of initiatives across the payments ecosystem including initiatives in both retail and wholesale payments, and the role of digital assets”.

The Bank of England revealed it will set up and chair the Retail Payments Infrastructure Board, working with ecosystem participants to establish new structures, including supporting the setting up of the new industry-led Delivery Company.

Vim Maru, chief executive officer of Barclays UK, has offered to act as the chair designate of the Delivery Company.

Industry urges “more” and “faster”

Henk Van Hulle, chief executive officer of Open Banking Limited, said: “We strongly support moves to streamline regulation, improve how money moves across the economy, and unlock more flexible financial advice.”

He called the announcement about the creation of the Retail Payments Infrastructure Board and the new delivery company for the next-generation of payments infrastructure “an important next step”.

“But we can do more, and go even faster. With the Data (Use and Access) Act 2025 in place, Open Banking, Smart Data – and in time, Open Finance – are at the heart of delivering these ambitions,” Van Hulle added.

Janine Hirt, chief executive officer of Innovate Finance, said that while the UK has a “world-leading” fintech and financial innovation ecosystem, other countries are “quickly gaining pace, so it is critical that the government, regulators and industry urgently work together to increase support for this thriving sector of our economy”.

“We look forward to supporting implementation and continuing to encourage even further and faster progress, including on areas like Open Finance, stablecoin and digital ID,” Hirt added.

“We support establishing a new industry-led delivery company and we congratulate Vim Maru on his appointment as chair-designate,” Jana Mackintosh, director of payments and innovation at UK Finance, said.

“This will unlock investment into our payments infrastructure and support greater innovation in retail payments and the future of money, including digital and tokenised forms.”

Oscar Berglund, Trustly’s head of business development, said he was encouraged to see “a strategy that recognises the power of Open Banking and positions the UK as a global hub for digital financial services”.

“The initiatives outlined for the payments sector, along with Smart Data and Open Finance plans, are crucial to unlocking real-time, secure, and frictionless payments – the very foundation of a future-proofed digital economy,” he added.

“The regulatory support and investment in data-sharing frameworks are exactly the type of enablers that will help firms in the payments sector continue to scale and deliver innovative payment solutions that benefit both businesses and consumers.”

Further reading: PSR abolished as part of UK government plans to ‘simplify’ payments regulation