Senior figures from major UK banks will meet this week to begin creating a domestic card-payments network.
The project aims to reduce reliance on Visa and Mastercard and protect the economy from potential geopolitical disruption.
The meeting will be chaired by Vim Maru of Barclays and will bring together lenders and payments firms to fund a new company, known as DeliveryCo.
The initiative has government backing, while the Bank of England is developing the technical framework.
About 95% of UK card transactions run through the two US networks.
Executives warn that losing access would cause severe disruption in a largely cashless economy.
Sanctions on Russia, which cut off those systems, have heightened concerns.
The plan has gained urgency amid tensions involving Donald Trump and US allies.
European policymakers have voiced similar fears about foreign control of payment infrastructure.
UK officials describe the scheme as a resilience measure rather than a political response.
Visa and Mastercard are participating in the discussions and say they welcome competition.
Banks will design the structure, leadership and funding model for the new system.
If approved, the alternative payment rail could be operating by 2030.
