Focus: Atlanta partners with the P20 Conference to help drive change in the payment industry
By staff writer
October 2018 – 2 min. read
Focus: Atlanta is proud to be a media partner for the P20 Conference, a two-day global payment initiative set to take place in the heart of Atlanta on October 9, 2018. P20 is a direct response to the great need for collaborative innovation, cybersecurity and, simply put, clarity in the payment industry. The initiative alternates annually between London, the world’s financial capital (where the inaugural conference was held in 2017), and Atlanta, which has recently come to be known as “Transaction Alley” for being the hub of the future of payment processing. Currently, 70 percent of all North American payments are processed in the Atlanta area.
The event cannot come at a more opportune moment, with the future of fintech and cybersecurity being of paramount importance among America’s financial institutions and the general public. The majority of financial transactions — from paychecks to groceries — now happen electronically, which means the slightest glitch in our tenuous payment-processing infrastructure could throw the entire country out of whack. As a nonprofit organization formed last year, P20 promotes the development of the global payment industry and fosters thought leadership in four key areas: cybersecurity, regulation, innovation and financial inclusion.
SHUTTERSTOCK/JOHN D. WHITE
“Right now in Europe, there is one regulator. In the U.S., there are 19 regulators, and the penalties for violating the regulations are severe,” Allen Maines, managing partner at Holland & Knight, told Focus: when he sat down with our team earlier this year. “Holland & Knight is the leader in the electronic payments and transaction industry, both in regards to government relations and in trying to moderate the multiple, overlapping regulations that apply to the industry.”
Maines explained that the world follows the example set by the UK and the U.S., thus the reason for the coalition of P20. “We’re so passionate about this,” he said. “We try to help our clients innovate and engage in best practices for cybersecurity and best practices for inclusiveness.”
Atlanta has a long history of supporting startups and fintech startups in particular, going back to the late 1990s and early 2000s.
“There is just a tremendous amount of talent around the financial services space here,” Bruce Lowthers, chief operating officer at FIS, told Focus:. “It’s a great place from the perspective of available talent, innovation and real estate and as a commercial hub through Hartsfield-Jackson. There are a lot of positives about the city.”
The P20 conference is about driving home the idea that the regulatory officials and business people all need to be in the same room, Lowthers explains. “We wanted people in the room who could make the decision to change and have an impact,” he said. “Until we did that last year, there was never an event in the payments world where this had been accomplished. Our initial thought when organizing the P20 was to get two countries that get along: the UK and America. We first tried this idea with DAVOS, but when you are dealing with regulatory issues with 100-plus countries, the differences were far too vast to make changes appropriately. However, the UK — and ultimately Atlanta because of the amount of transactions going through here — made the most sense. We wanted to demonstrate that it could work, and then the followers would come. We have seen a tremendous amount of attention and momentum since our first conference, which is exciting.”
Above all, the goal of P20 is to drive change, and everyone here at Focus: Atlanta is excited to see what the future holds for the payment-processing industry in Atlanta and beyond.
To register for the 2018 P20 Conference, click here.
To pre-order Focus: Atlanta 2019, click here.