Senior UK bank executives will meet this week to launch a domestic payments network to rival Visa and Mastercard.
The talks will be chaired by Vim Maru of Barclays.
The project aims to protect the economy if US-owned card systems were ever disrupted.
About 95% of UK card payments currently run through Visa or Mastercard.
Executives warn that losing them would force businesses back to a cash-based model.
Concerns have grown amid geopolitical tensions and Donald Trump’s recent threats toward Nato allies.
Sanctions on Russia showed how quickly payment access can collapse when US networks withdraw.
The initiative, known as DeliveryCo, will be funded by City institutions and backed by the government.
Participants include major banks such as Lloyds Banking Group, NatWest and Santander UK, as well as the ATM network Link.
Visa and Mastercard are also involved in the discussions.
The Bank of England will design the technical infrastructure, with a full system expected by 2030.
Officials say the goal is resilience rather than confrontation, as cash use declines and digital payments dominate.
