Senior UK bank executives will meet this week to begin work on a national card payments system.
The project aims to reduce reliance on Visa and Mastercard amid geopolitical concerns.
The meeting will be chaired by Vim Maru of Barclays.
City institutions will fund the new company, with government backing.
Officials want a safeguard in case US-owned networks are disrupted.
About 95% of UK card payments run through Visa and Mastercard systems.
Executives warn that losing them would severely damage the economy.
Sanctions in Russia showed how quickly access to funds can collapse.
The initiative, known as DeliveryCo, has been discussed for years.
Rising political tensions and declining cash use have increased urgency.
The Bank of England is designing the infrastructure, with a launch expected by 2030.
Major banks, including Lloyds Banking Group, NatWest and Santander UK, will help shape the system.
Visa and Mastercard are also involved and say they welcome competition.
Officials present the plan as a resilience measure rather than a political move.
Supporters argue the UK needs its own payments rail regardless of global tensions.
