Pay.UK and Vocalink extend contracts for UK payments backbone

December 19, 2025

Pay.UK and Vocalink, a Mastercard company, have agreed multi-year extensions to their existing infrastructure contracts, a move designed to safeguard the continuity of the UK’s core interbank payment systems well into the early 2030s.

Under the renewed arrangements, Pay.UK has awarded extensions across three separate contracts covering the Faster Payments System (FPS), the Bacs Payment System and the Image Clearing System (ICS).

Together, these platforms form the backbone of everyday payments activity across the UK, enabling individuals, businesses and financial institutions to move money reliably and at scale.

The updated contracts place a stronger emphasis on continuous service improvement, reflecting the growing demands placed on national payments infrastructure. Enhancements around operational resilience, security and performance are intended to support both current volumes and future innovation.

Pay.UK’s payment systems underpin significant parts of the UK economy. FPS, Bacs and ICS collectively enable banks, corporates and consumers to transact with confidence. Vocalink plays a central operational role, securely processing more than £37bn worth of payments every day on behalf of Pay.UK. During 2024 alone, close to 12bn transactions, with a combined value of more than £10trn, were cleared through these three systems.

Pay.UK CEO David Pitt said, “These extensions with Vocalink secure the UK’s core payment services while strengthening resilience and service obligations. Our payment systems are highly reliable, they provide the stability our economy, banks and businesses depend on as the backbone of everyday financial activity in the UK.

“We remain committed to safeguarding the integrity of UK payments and supporting innovation for the future.”

Vocalink CEO Keith Douglas said, “Our strategic partnership with Pay.UK is built on a shared commitment to providing resilience and innovation for payments in the UK.

“These contract extensions will ensure continuity for critical national services, providing reliable, secure and timely account-to-account payments to businesses and millions of people every day.”