UK bank bosses plan to set up Visa and Mastercard alternative amid Trump fears

Exclusive: First meeting to be held over domestic payments system aimed at reducing reliance on US networks

UK bank bosses will hold their first meeting to establish a national alternative to Visa and Mastercard, amid growing fears over Donald Trump's ability to turn off US-owned payment systems.

The meeting, chaired by Barclays' UK chief executive, Vim Maru, will take place this Thursday and bring together a group of City funders that will front the costs of a new payments company to keep the UK economy running if problems were to occur.