15th Sep 2026 14:02
(Alliance News) - The UK's largest banks will this week start a process to raise money to fund the development of a new payments infrastructure vehicle that could rival MasterCard Inc and Visa Inc domestically, Sky News reported Monday.
A newly formed entity named UK Payments Delivery Co is set to launch on Tuesday, aimed at creating a UK payments utility.
Citing City sources, Sky News reported that the fundraising would at first seek to secure about GBP50 million from industry participants such as banks.
The money will finance the company until 2028 and its incorporation and mobilisation stages.
In total, 19 companies, including the UK's four biggest high street lenders, have provided initial funding and sponsorship. US companies Citigroup Inc, JPMorgan Chase & Co and PayPal Holdings Inc are also part of the initial working group, alongside the UK's Nationwide and Wise Group PLC.
The UK's "Big Four" banks are Barclays PLC, HSBC Holdings PLC, Lloyds Banking Group PLC, and NatWest Group PLC.
A search for a chief executive for the new company is underway.
By Tom Budszus, Alliance News slot editor
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