Chaired by Barclays UK chief executive Vim Maru, the group of City funders aims to develop a sovereign payment infrastructure to safeguard the UK economy against potential external shocks.

While the initiative has been under discussion for years, recent geopolitical tensions and the perceived unpredictability of US foreign policy have heightened the urgency for a system independent of American-owned giants.

Currently, Visa and Mastercard facilitate approximately 95% of UK card transactions. Industry experts warn that an over-reliance on these platforms poses a systemic risk, noting that any withdrawal of service – similar to the disruption seen in Russia following US sanctions – would effectively paralyse modern UK commerce. This anxiety is mirrored in the European Union, where policymakers have called for a “European Airbus for payments” to ensure regional financial autonomy.

Despite the strategic pivot, the UK approach remains collaborative. Both Visa and Mastercard are members of the new funding group, which also includes major institutions such as NatWest, Lloyds, and Nationwide.

Known as DeliveryCo, the body will oversee the legal and leadership structures of the project. While the Bank of England maintains that the primary goal is to bolster resilience against cyber and operational risks, the project, slated for completion by 2030, represents a significant move towards UK financial sovereignty in an increasingly volatile global landscape.