Senior UK bank executives will meet this week to begin work on a national payments network that could act as a backup to Visa and Mastercard.
The talks, chaired by Vim Maru of Barclays, will focus on creating a City-funded payments company known as DeliveryCo.
The plan reflects concern about relying on US-owned systems for about 95% of UK card transactions.
Fears have grown that geopolitical tensions could disrupt access to those networks.
Executives warned that losing them would push the economy back toward cash dependence.
The initiative has government backing and long predates recent political tensions.
Bank of England officials say an additional payment rail would improve resilience during cyber or operational failures.
The central bank will design the infrastructure, with the industry expected to run the system.
Major lenders including Santander UK, NatWest, Lloyds and Nationwide are involved, alongside Link.
Visa and Mastercard are also participating and say they welcome competition.
The domestic system is expected to be operational by 2030.
Supporters argue it is essential for economic security regardless of political developments.
