UK Treasury puts high priority on open agentic payments
The UK Treasury has made establishing a trust framework for agentic payment protocols a high priority, arguing current rules may not fully facilitate autonomous AI payments. The move sits alongside an open consultation on modernising payment services and plans to evolve Open Banking under Mansion House reforms.
Key Takeaways
- HM Treasury called a trust framework for agentic payments protocols a high priority in its financial services AI adoption plan.
- Existing payment services rules may not fully facilitate agentic AI, so the government opened a modernising regulation consultation.
- Open Banking Limited will convene next-stage Future Entity work, with a statutory instrument planned by end-2026.
- The consultation also covers stablecoins, tokenised payments, authentication, consent and liability for AI-driven payments.
The push reflects growing use of agentic AI tools that act with little or no human input in online shopping and payments. According to coverage of the Treasury papers, ministers want the UK to lead globally on agentic payments while managing risks to consumers and businesses.
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Why do agentic payment protocols matter now?
Agentic systems can analyse options, make purchase decisions and execute payments autonomously. The Treasury said that creates a major opportunity, but also noted that the Payment Services Regulations were not built for that model.
In the AI adoption plan published alongside Mansion House announcements, officials framed agentic payments as a near-term proxy for wider autonomous finance. Getting the framework right, they said, could unlock more complex agentic applications later.
Work should focus on three areas: clear legal constructs and dispute mechanisms for accountability when agents transact; identity and verification frameworks for AI and autonomous software agents; and interoperable technical standards that enable safe agentic commerce.
Bank of England governor Andrew Bailey separately warned that AI raises problems of law, including whether a principal remains responsible when an agent has no legal persona.
What is changing for Open Banking?
Alongside agentic payments, HM Treasury’s Modernising Payment Services Regulation consultation sets out the next phase for Open Banking. Open Banking Limited has been selected to convene and coordinate Future Entity activity after an FCA-commissioned KPMG assessment.
The Future Entity is described as a not-for-profit standards body taking on the role currently fulfilled by OBL. The government also committed to lay a statutory instrument under the Data (Use and Access) Act 2025 by the end of 2026 to deliver a long-term Open Banking framework.
Lewis Silkin notes proposals for a new statutory right of access to support variable recurring payments, plus FCA powers over API standards, participation, pricing, funding, governance and dispute resolution.
What happens next in the consultation?
Industry can respond on how authentication, consent and liability rules should adapt for AI-enabled payments. The package also seeks views on stablecoins treated as money-like instruments and tokenised deposits within a single payments perimeter.
David Heffron of Pinsent Masons said the consultation marks a decisive shift toward a more agile model, with detailed requirements moving into the FCA Handbook while statute keeps principles, perimeter issues and consumer protections.
According to Lewis Silkin, the consultation closes on 6 October 2026. Full details are on the official GOV.UK consultation page.