Senior UK bank executives will meet this week to launch a domestic alternative to Visa and Mastercard.
The project aims to protect the economy if access to US-owned payment systems is disrupted.
The meeting will be chaired by Vim Maru of Barclays.
City investors will fund the new company, while the government provides backing.
The initiative, known as DeliveryCo, could be operational by 2030.
About 95% of UK card payments currently run through Visa or Mastercard.
Executives warn that losing those networks would force businesses back to cash.
Sanctions on Russia showed how quickly card access can disappear.
The plan has gained urgency amid geopolitical tensions and fears of over-reliance on US infrastructure.
EU politicians have voiced similar concerns about payment sovereignty.
Major lenders including Santander UK, NatWest, Lloyds Banking Group and Nationwide are involved.
Visa and Mastercard are also participating and say they welcome competition.
The Bank of England is developing the technical framework.
Officials describe the system as a resilience measure rather than a political response.
