UK Banks Launch Fundraising to Build Domestic Payments Giant

UK banks seek to raise millions to create a domestic payments system as fears grow over reliance on global networks.

September 14, 2026 One Min Read

POLICY WIRE — London, United Kingdom — British financial institutions are initiating a major fundraising campaign to establish a new domestic payments infrastructure, aiming to reduce dependence on international card networks like Visa and Mastercard.

The initiative, backed by the UK government and the Bank of England, is part of a broader effort to accelerate the adoption of account-to-account payment systems through open banking technology. The project could eventually evolve into a homegrown alternative to global payment giants.

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This move comes amid growing concerns that U.S.-based payment systems could be disrupted, particularly in light of political uncertainties surrounding foreign control of critical financial infrastructure. Bank leaders will hold their first formal meeting this week to lay the groundwork for the new scheme.

Reporting by Policy-Wire (PW)

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