However, the UK is taking a less aggressive stance, with Visa and Mastercard working within the initiative.

Both companies are part of the new funders group, giving them a stake and a say alongside a large number of banks and payment companies including Santander UK, NatWest, Nationwide, Lloyds Banking Group, the ATM network body Link, and Coventry Building Society.

I'm confused, Visa and MasterCard are involved in the project that's looking to replace them?

If only there was some kind of Union next door that is trying to do exactly this

The banking institutions of the past 5 generations are part of the problem. How they’d plotted things from debt-based economics to the “Federal Reserve” while Americans were anti-central-banks. You really want more, UK?

Does Barclays continue in the UK? They announced a rename to "easybank" in Germany.

However, the UK is taking a less aggressive stance, with Visa and Mastercard working within the initiative. Both companies are part of the new funders group, giving them a stake and a say alongside a large number of banks.

Brilliant, let the american companies have a say.

I remember we had Switch and Solo, they also got merged into Mastercard (Maestro)...

Just think how much money flows in to the USA from visa and MasterCard fees, I'm honestly surprised they eunhs developed there own payment network

Cool, but we in the EU should be weary of any outside payment processor taking over.