UK payment infrastructure: a planned raise, not an operating replacement

Sky's September 14 report, published at 19:30 UK (18:30 UTC), says PDC plans a Tuesday equity solicitation of roughly £50m for setup through 2028. The financing terms come from unnamed sources; the spokesperson's statement confirms only the broad mission. This is a new report within the evening window, not evidence that the round has closed.

The BoE's July 2025 model gives RPIB design and oversight responsibilities, assigns industry-owned DeliveryCo procurement and funding, and leaves Pay.UK operating existing systems. The older UK Finance invitation explicitly described expressions of interest as nonbinding. Neither that invitation nor this report establishes capital paid, individual voting rights or awarded contracts.

Visa and Mastercard's reported early involvement complicates a simple story of a new national system displacing foreign incumbents. The useful next records are subscription documents, incorporation and governance terms, design handover and procurement decisions. Until then, the mechanism is institution-building with unresolved financing and control, not a functioning replacement network.