UK bank executives are set to convene this Thursday for their first meeting to establish a domestic alternative to Visa and Mastercard.
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.
