UK Banks Plan DeliveryCo Platform to Handle 50 Billion Transactions
Britain’s leading banks, including Barclays, Natwest, Lloyds, Santander and Nationwide, are plotting DeliveryCo, a homegrown payments platform set to process 50 billion annual transactions. Backed by the Treasury and the Bank of England’s Retail Payments Infrastructure Board, it will cut reliance on Visa and Mastercard’s 95% UK card transaction share.
1. UK Banks Form DeliveryCo Blueprint
Major UK lenders, including Barclays, Natwest, Lloyds, Santander and Nationwide, will convene to develop DeliveryCo, a homegrown payments platform designed as an alternative to Visa and Mastercard.
2. System Scope and Capacity
DeliveryCo is intended to handle approximately 50 billion annual transactions, safeguarding the UK economy against potential disruptions by foreign authorities able to control US-based payment networks.
3. Regulatory Oversight
The Treasury and the Bank of England's Retail Payments Infrastructure Board are overseeing DeliveryCo’s development, with industry trade bodies coordinating the blueprint work.
4. Impact on US Card Networks
If fully implemented, DeliveryCo could undercut the 95% combined market share of Visa and Mastercard in UK card payments, reshaping the country’s payments infrastructure.