P.M. BRIEFING : Barclays to Team Up With BA

Barclays Bank, Britain’s largest, said today it would form a partnership with San Francisco-based BankAmerica Corp. in a joint traveler’s check operation.

Under terms of the agreement, BankAmerica acquires a majority stake in Interpayment Services Ltd., a Barclays Bank traveler’s check service, a Barclays spokesman said.

The move, which will create one of the largest traveler’s check issuing operations, appears aimed at challenging American Express’ dominance of the market, analysts said.

“We are poised to challenge anyone in the world marketplace,” said T. R. Mock, president of BA Cheque, the BankAmerica subsidiary responsible for European traveler’s check operations.