Launch party signals countdown to P20 Atlanta summit

(Atlanta, GA) - Dozens of the top leaders, regulators, legislators and innovators in financial technology gathered at Holland & Knight’s Atlanta office, signaling the launch of the 2018 P20 campaign.

The summit debuted in London in October of 2017, attracting some of the top names in FinTech to address the most pressing issues facing the industry: cyber security, regulation, innovation, and financial inclusion.

At stake: the ability for billions of people in financially under-served regions of the world to make and receive payments.

With Atlanta having developed a reputation as the payment processing capitol of the world, known as “Transaction Alley,” the P20’s move to Atlanta for the 2018 summit was a natural fit.

“Atlanta is an epicenter for payments. Not only domestically, but also internationally,” said Asif Ramji, President and CEO of Paymetric. Ramji joined other top industry and government leaders for the P20 Atlanta launch party.

“The P20 is an incredible organization that’s helping to facilitate commerce between the U.S. and the U.K., and internationally. I think their ability to influence important topics, whether it’s regulation, and taking friction out of the ability to do business, across borders … I think that’s incredibly important.”

The launch party was key-noted by Ross Allen, Executive Director of the United Kingdom’s Department for International Trade in New York.

“People might not realize it, but FinTech is something that probably touches all of us,” said Allen. “If you have a bank account, you’re dependent on what happens in the payments space, and in FinTech more generally.”

The arrival of the P20 summit to Atlanta reaffirms the city’s place in the international landscape of payment processing.

“What positions Atlanta uniquely for the second year of the P20 is that relationship with the United Kingdom,” said Grant Wainscott of the Atlanta Metro Chamber.

“Being able to be in London for the inaugural event was important not just for our ecosystem, but to be able to see how seriously the rest of the world takes the U.S., and particularly Georgia, and Atlanta, in this industry.”

“Rather than being in Washington, D.C., rather than being in New York, to be able to have it where the work is actually being done, where those transactions are being processed, trillions of dollars in transactions, where the company leaders, the CEOs, where the bone of the work force really is, is extremely important for our region.”

The P20 Atlanta conference features the return of several leaders who helped deliver the first conference in London in 2017: P20 Executive Director H. West Richards, P20 Conference Chairman and FIS Chief Operating Officer Bruce Lowthers, and Allen Maines, Executive Partner at the Holland & Knight law firm in Atlanta.

The 2018 P20 will unfold at the Atlanta History Center in Buckhead.

“2018 is the year that’s going to put Atlanta on the map,” said P20 Vice President Eileen Nebhut.  “We launched in London last year. This year is Atlanta’s turn, and we’re going to make it a great conference.”

More than 200 people from the United States, United Kingdom, and elsewhere around the world are expected to attend, as the conference again takes on some of the most pressing issues in Financial Technology, with a potential impact on billions of people.

Q&A: How Atlanta’s P20 Conference Can Drive Global Fintech Innovation

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March 13, 2018 | Trevor Williams

 The inaugural P20 conference was held last October in Lancaster House in London. This year, the conclave comes to Atlanta.

The inaugural P20 conference was held last October in Lancaster House in London. This year, the conclave comes to Atlanta.

Editor’s note: Atlanta may be the center of the payments universe, but the rest of the world hasn’t necessarily gotten the memo.

A few local groups are trying to change that, acting as the industry’s modern-day Galileos to show that transactions really do revolve around the Southeast’s economic capital.

In the process, the Atlanta-based American Transaction Processors Coalition has landed an indisputably influential partner: London, which, it might be argued, carries its own gravity as a hub for global finance. 

Together, the two cities last year launched P20 — short for Payments 20 — a grouping of industry executives, government officials and regulators who will use their combined heft to move the industry forward. Their hope is that by getting decision-makers in the same room, they can more quickly arrive at consensus on issues of import for the global industry. And that, they argue, could help hasten the adoption and improve the security of electronic payments around the world, leading to faster economic growth and greater financial inclusion.

 A kickoff meeting was held in Atlanta in February to look forward to the closed-door October conference, which will be held at the Atlanta History Center. 

Global Atlanta caught up with two leaders of the effort from each side of the pond to see get a recap of the initial forum and see how it’s planning to deal this year with big questions of innovation in payment technology.

The below interview with Bruce Lowthers, chief operating officer of FIS and chair of this year’s P20 event, and Peter Radcliffe, a longtime payments-industry executive who joined the P20 as executive chairman last year, has been edited for length and clarity:

 Peter Radcliffe is a longtime payments industry executive who now serves as the executive chairman of P20.

Peter Radcliffe is a longtime payments industry executive who now serves as the executive chairman of P20.

Global Atlanta: How was the inaugural P20 conference at Lancaster House in London last year? Where do you see it evolving? 

Bruce Lowthers: Last year was a big success. Peter pulled everybody together and led a great initiative, really building consensus among the 20 business, regulators and government officials. I think we came out of it with a lot of momentum about what we’re doing — even a lot of enthusiasm. You’re still seeing it spill over here months later, building toward the next event here in Atlanta. 

Peter Radcliffe: We picked on the issues which were important as far as spreading payments globally, like … identity verification, cyber risk and, of course, financial inclusion. Those are such massive global issues, but at this stage, we want to focus on getting the U.S. and U.K. aligned. Undoubtedly, a vast number of countries in the world look to the U.S. and the U.K. for leadership in these issues.

Global Atlanta: The argument for P20 seems to me almost like the arguments I’m hearing for TPP and other big multilateral trade agreements: “We can set the rules of the of road for future governance of trade.” It sounds similar to what you’re trying to do in the payments sector. 

Radcliffe: We’re not doing any original work. There’s a huge amount of work going on in different organizations, be it the World Economic Forum, the World Bank, or the Gates Foundation, and also among regulators in different countries.

Having the group of board members that we do, it’s a question of seeing the common denominators and the success factors and then putting that to them, so the board as a group can say, “Yes, we see the rationale they’re putting forward, and this is the way the directions that we as CEOs, regulators and government will actually support.” That will speed things up, because it does have that gravitas to push it forward.

Global Atlanta: Where does the bilateral U.K.-U.S. relationship fit into this equation? You can have recommendations, but if they don’t have a binding effect other than in their own jurisdictions… 

Radcliffe: I think it was obviously about getting London and Atlanta together in the first place, but bear in mind we had quite a few people from Europe at the meeting.

We also had China UnionPay, and we’ve been invited out to Shanghai to meet with the president. Singapore has been interested. Hong Kongis. Australia is. New Zealand is. A lot of countries will always watch what the U.K. and U.S. do, because people don’t want to reinvent the wheel. If there is a common-sense approach to this matter, why wouldn’t they want to copy and join in what is already being formatted?

Global Atlanta: Is there a sense of openness to disruption within this endeavor, or is it simply about legacy players preserving the existing system? Aren’t there sometimes competing incentives at play when you talk about innovation in fintech versus incumbents? 

Lowthers: I think that question is interesting, actually, because if you ask the 20 that are around the table from the corporate side, I think uniformly you would hear that they are the ones that are driving the innovation.

 Bruce Lowthers is chief operating officer of FIS and chairs this year’s P20 event. Photo: P20

Bruce Lowthers is chief operating officer of FIS and chairs this year’s P20 event. Photo: P20

Global Atlanta: …basically driving it so it doesn’t drive you, in a way? 

Lowthers: Each of us invests hundreds of millions of dollars every year — far more than a lot of the fintech (startups) have the capability to do. We’re investing heavily in innovation making new things come to market every day. I would argue that we view ourselves as the disruptors and innovators, even though we are the legacy players as well.

I think the dynamic is different today as well. Security and compliance are such a major component of what we do, and candidly, a lot of startups don’t have the capacity or the inclination to be able to solve the complex security issues that exist today — and I say that as a guy who started four companies.

It kills me to say it, but I really am concerned about how the market is lining up for the startup world, because security is critical to what we do. And it’s difficult to introduce somebody into the ecosystem that is going to create systemic risk.

Global Atlanta: Isn’t that Atlanta’s advantage? When you’re talking about startups here, you’re not talking about someone starting something and going off on their own, but starting something that can be commercialized and put to use in a system that’s already well-developed.

Lowthers: In the fintech space from an innovation perspective there’s very little — if any — infrastructure innovation that’s happened. The innovation is all around customer experience. The rails that people ride are still my rails or First Data’s rails or Visa or MasterCard. And if you look at innovation on real-time payments, candidly FIS leads that globally because we’re the only ones who have the scale and assets to solve that problem on a country-wide basis.

Global Atlanta: Do you see that playing out the same way in emerging markets? In India recently, demonetization has increased adoption of mobile wallets, while in China you have mobile payments everywhere that aren’t tied to the traditional credit-card rails. 

Lowthers: I was just in India two weeks ago. We have a significant presence there. We have had significant growth in that market. The other 20 around the table have all had significant growth in that market.

There are 1,500 fintech companies in the country of India, so while there are a lot of people trying to expand, the ability to scale to what you need to happen is very difficult for a startup to get to.

If you look at the whole marketplace, there are very few people who can really drive scale and sustain. One of the big guys always takes them out before they get too big. That’s just the reality of where we are, but it drives change and drives us to adjust.

Global Atlanta: Doesn’t it kind of benefit the established players, too, because they are learning about where the future is going? These are the big population centers in the world, where digital natives coming onto the Internet first with their smartphone and not through their computers and having to adapt. Everything’s changing so rapidly, it seems like having exposure to those parts of the world is valuable. 

Lowthers: It has been for us at FIS. One of the big things for us is that we do have a global presence; we get to see what’s emerging in different markets and really harvest that and bring it back to the States. Or if something’s happening in the States we can bring it to other markets. There’s a lot of IP sharing that we do across markets. 

Again, with P20 it’s an opportunity to be at the table and drive innovation. Innovation’s not just about product necessarily, but innovation is really around how to improve processes and become more efficient, and that’s really what we’re pushing through P20.

Global Atlanta: I know the chief end of P20 is not to create investment for Atlanta or not to create investment for London, but do you see that happening as a happy byproduct? 

Radcliffe: I think the big thing we’ve all agreed on in the kickoff meeting in London was that P20 is not to be a talking shop. Hence, on the outcome statements that we actually made around identity verification, cyber risk and financial inclusion, we’ve actually got to show that we’re making genuine progress, and the working parties that are actually looking at these now will be reporting back to Atlanta in October. This is a bit like any summit: the work goes on beforehand and not at the actual meeting.

Global Atlanta: How do you make these points to top U.S. regulators when you’re hosting this event in Atlanta, not Washington? 

Lowthers: While we’re not at the center of government here, we are at the center of payments here. That really was the connection here at the beginning. London and Atlanta both have our own specialties, but together P20 created an opportunity to do something unique.

It’s a short hop from D.C. to here, so it’ll very convenient to bring officials down. We had a great turnout from the U.K. side in London. We’re expecting a great turnout again from the U.K. to come to Atlanta, and we’ll have our own firepower from the U.S., as it’s on our home turf this year. 

Radcliffe: Nobody has thrown their weight more behind this industry than Atlanta.

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‘Davos of Payments’ to Highlight Atlanta-London Fintech Partnership in October

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Annual forum unites Atlanta and London to benefit global commerce

March 9, 2018 | Trevor Williams

P20 leaders held a kickoff event in Atlanta Feb. 26 to build momentum for the October forum. Left to right: Bruce Lowthers, EVP of FIS and chair of P20; Allen Maines, executive partner, Holland and Knight and Ross Allen, director of the New York office of the UK Department of International Trade. Photo: P20

A summit designed to preach the power of electronic payments is coming as planned to Georgia, the hub for some 70 percent of such transactions in the U.S.

 P20 leaders held a kickoff event in Atlanta Feb. 26 to build momentum for the October forum. Left to right: Bruce Lowthers, EVP of FIS and chair of P20; Allen Maines, executive partner, Holland and Knight and Ross Allen, director of the New York office of the UK Department of International Trade.

P20 leaders held a kickoff event in Atlanta Feb. 26 to build momentum for the October forum. Left to right: Bruce Lowthers, EVP of FIS and chair of P20; Allen Maines, executive partner, Holland and Knight and Ross Allen, director of the New York office of the UK Department of International Trade.

The P20 — short for Payments 20 — held its inaugural meeting in London last fall, bringing together top business leaders, government officials and regulators to tackle issues facing the industry. 

In addition to executives from payments giants, attendees included former U.S. Treasury Secretary Jack Lew and Alastair Lukies, the British prime minister’s business ambassador for financial technology. (Former U.K. Prime Minister David Cameron also was slated to speak during a P20 dinner.)  

“What made it really special was, if we really wanted to make changes, we had everyone in the room who could drive change,” said Bruce Lowthers, chief operations officer at FIS and chair of this year’s P20. 

Fostering high-level collaboration is the idea behind the conference, which was always meant to alternate between the British capital, a global financial services hub, and Atlanta, the city that describes itself as “Transaction Alley” due to its dominant position in the largely unseen industry that handles what happens after a credit-card swipe. 

A P20 kickoff event held Feb. 26 drew many leaders that have helped spur on the transatlantic collaboration.

With their combined and complementary strengths, the argument goes, London and Atlanta are in a unique position to set the tone for an industry with broad implications for the future of global commerce.

The first edition last October helped align the United Kingdom and the United States on crucial issues like cybersecurity risk, identity verification and financial inclusion, said Peter Radcliffe, a longtime payments-industry executive who joined the P20 as executive chairman last year. 

“We’re not doing any original work,” Mr. Radcliffe said. Instead, the forum is about evaluating ideas from multilateral bodies, companies and national regulators — then persuading the influencers in the room to throw their weight behind consensus solutions. 

“That will speed it up, because it does have that gravitas to actually push it forward,” he said. 

Still, the focus has always been global, particularly in ensuring that the industry can serve the unbanked or underbanked in emerging markets. Shi Wenchao, president of China UnionPay, the top card issuer in the world’s second largest economy, was among last year’s attendees. 

“Undoubtedly, a vast number of countries in the world look to the U.S. and the U.K. for leadership in these issues,” Mr. Radcliffe told Global Atlanta at a kickoff reception Feb. 26 at Holland and Knight’s Midtown Atlanta offices. 

Those behind the P20, including Atlanta’s American Transaction Processors Coalition, believe the long-term health of the global economy depends on a robust payments sector, especially as the developing world continues to move away from cash. 

Many new solutions — from mobile payments to digital wallets and cryptocurrencies — are being driven by emerging markets, but even disruptors eventually need established payments partners to gain the scale and security they need to thrive globally, said Mr. Lowthers of FIS. 

“Innovation is not just about product, necessarily, but innovation is really around how to improve processes and become more efficient. That’s really what we’re pushing through P20,” he said. 

This year’s conference will include progress reports on each of P20 pillars, themes like cybersecurity, innovation and inclusion. 

“I think the big thing we’ve all agreed on in the kickoff meeting in London was that P20 is not to be a talking shop,” said Mr. Radcliffe. “We’ve actually got to show that we’re making genuine progress with these issues, and the working parties that are actually looking at these now will be reporting back to Atlanta in October.”

A ‘Special Relationship’ in Payments

Already, the collaboration has helped position Atlanta in a new way, providing a stamp of approval for a city just waking up to its own industry heft in the last few years. 

Ross Allen, who heads up the New York office of the U.K. Department of International Trade, said in a keynote speech at the reception that many British fintech companies show up in the U.S. assuming they’ll end up with an office in Manhattan

“I derive great pleasure in explaining to them all the reasons they should actually look elsewhere,” Mr. Allen said. “Atlanta is definitely somewhere they should be looking at, not just alongside but ahead of New York.”

H. West Richards said his American Transaction Processors Coalition is having “global impact” through P20.

As an example, FeatureSpace, a firm that sprung out of Cambridge University using artificial intelligence to help banks and card issuers detect fraud, set up its North American headquarters in Atlanta in October. 

Similarly, Atlanta firms like Kabbage Inc. are finding London to be fertile ground for global expansion, in part because the Financial Conduct Authority — the regulatory body in the U.K. — is so open to innovation. 

“Our regulator actively wants to support disruption in that industry. They don’t want to defend the incumbents,” Mr. Allen told Global Atlanta.

Atlanta-born Kabbage, a platform for small-business lending, is valued at an estimated $1.3 billion after its latest $250 million funding round. 

“You got a lot of companies in Atlanta that are quietly doing brilliantly,” Mr. Allen said, noting that the vaunted U.K.-U.S. “special relationship” in diplomacy is beginning to apply to the fintech sector. 

Global Impact

H. West Richards, executive director of the ATPC, doesn’t want the Atlanta industry to stay quiet any longer. 

His coalition has helped mobilize the payments sector in Atlanta, inspiring the Federal Reserve Bank of Atlanta to form a payments council and helping spur the creation of Fintech Atlanta, an economic development group that developed out of the Metro Atlanta Chamber’s fintech task force. The P20 is designed to take this momentum beyond U.S. borders. 

“We’re making global impact,” Mr. Richards told the kickoff event attendees, specifically thanking Holland and Knight attorneys Robert Green, Roth Kehoe and Allen Maines, long-time backers of the coalition and the Atlanta payments scene.

Lead sponsors of last year’s P20 included FIS, Hogan Lovells, Holland and Knight, MasterCard and Visa.

This year’s closed-door meeting is expected to draw some 100 heavy-hitters from across the Pond and inside the Beltway to the Atlanta History Center.

Among those with a shorter commute will be Georgia-based executives of companies like TSYS, Global Payments, Worldpay and Elavon, many of whom sit on the P20 board. 

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After Hours: Photos From the P20 Atlanta Launch Party

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The P20 held its Atlanta launch party on Feb. 26 at the offices of its premier sponsor, Holland & Knight.

March 1, 2018 | By John Disney

The P20 held its Atlanta launch party on Feb. 26 at the offices of its premier sponsor, Holland & Knight.

Designed to be the “Davos of Payments,” the P20 was created by the American Transaction Processors Coalition—also sponsored and housed within Holland & Knight Atlanta—to gather the primary executives, political and regulatory leaders from both the U.S. and U.K. to advance and support payments worldwide, the group said in a release.

Atlanta is the payments capital of the U.S., processing 75% of $7.4 trillion in annual payments, and London is the payments capital of Europe, the group said. Working together, the goal of the P20 is to develop universal rules and regulations for the payments industry.

P20 Hosts Launch Event to Announce and Gear Up for Second Annual International Payments Conference in Atlanta

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ATLANTA, GA — February 22, 2018 – During a special launch celebration to be held this Mon., Feb. 26, P20, the transatlantic payments initiative, will announce its second annual international conference to be held in Atlanta this October.

Launch Event Location and Time: 5 – 8 p.m., Holland & Knight, 1180 West Peachtree St. NW, Suite 1800, Atlanta, GA 30309

The keynote address will be delivered by Ross Allen, British Consulate Director of International Trade, to a gathering of payments industry leaders including corporate executives, regulators and elected officials from the U.S. and London.

“P20 is unique in that is has created an international cohort of businesses and regulators working together to promote policies that will make payments accessible, affordable and secure for everyone,” said H. West Richards, president of P20 and Executive Director of American Transaction Processors Coalition (ATPC). “With regulators involved from the beginning, we can accelerate the growth of payments technology to unbanked and underbanked populations with fewer unexpected roadblocks.”

2nd Annual International Payments Conference: Oct. 9-10

This year, P20 visits Atlanta for the first time on Oct. 9-10. The Atlanta History Center will host the second annual meeting with more than 100 senior leaders representing government agencies, industry advocacy groups and payments processors from both the U.S. and the U.K.

P20’s goals for the second year of the conference include:

  • Promoting awareness of the unique and growing position the payments industry holds in the global economy
  • Identifying challenges and opportunities in policies governing the payments industry
  • Collaborating internationally to offer best practices for the four guiding pillars of P20 – cybersecurity, innovation, regulation and financial inclusion

The conference will include updates from internal working groups with the pressing issues of cybersecurity and regulation taking center stage first. The working groups will meet throughout the year, providing continued communication on progress in these areas.

Need for international coalition for the payments industry

Designed to be the “Davos of Payments,” P20 was created by the American Transaction Processors Coalition (ATPC) and held its inaugural conference last October in London. P20 brings together global executives in payments technology, business, economic leaders and government regulators to advance P20’s purpose of supporting and expanding payments worldwide. With financial technology growing and evolving at breakneck speed, the goal is to create universal rules and regulations for the payments industry.

About London
London is the financial services capital of the world and dominates payments in Europe. London boasts nearly 40,000 Financial Services companies employing more than 60,000 workers in the Fintech sector alone; a large portion of which support the payments industry.

About Atlanta
Atlanta is the payments capital of the U.S, processing 75 percent of $7.4 trillion in annual payments while employing the lion’s share of the FinTech workforce of nearly 40,000.

About P20

  • Highlighting both London’s and Atlanta’s success in payments will help to further position London as the continued definitive financial capital of the world and Atlanta as the payments capital of the U.S.
  • Collaborating will promote policies and economic development opportunities that provide honest, secure and reliable payments to the rest of the world – a vital step in helping to lift many places in the world out of poverty.
  • The P20 will serve to open a vital and expandable London/Atlanta Transatlantic corridor that will provide numerous collateral benefits to both cities and nations.

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P20 Holds Its’ First Annual Conference, London 2017

P20 Holds Its’ First Annual Conference, London 2017

Transatlantic payments initiative P20 hosts Inaugural conference in London

Transatlantic payments initiative P20 hosts Inaugural conference in London

Designed as the ‘Davos of Payments’, Global Business Leaders, the U.K. and U.S. Government, Corporate and Economic Development Groups will join together for P20’s first conference

P20, the new transatlantic payments initiative, will be hosting its inaugural conference at Lancaster House, London on 10th October.

P20 will convene 20 of the most influential leaders in the global payments industry and top UK and US government officials and regulators annually to highlight the importance of payments and fintech to the world economy. It will also shine a light on the vital role played by London and Atlanta and provide a long-term opportunity for a transatlantic partnership intended to promote growth of the industry globally through improved regulatory frameworks, economic development, innovation, financial inclusion and overall cooperation.

The inaugural conference this October will be led by P20 leadership delegates who will drive programming, presentations and outcomes. The event will also welcome participation from approximately 120 invited senior leaders representing relevant government agencies and offices, industry advocacy groups, academia, FinTech innovators, and payments industry executives from across the globe.

Goals for the inaugural conference include the following:

  • Recognise the unique and important position the payments industry holds in global commerce and the associated responsibilities of industry and government
  • Identify industry and policy challenges required to address during the next 10 years, and develop an agenda of short and long-term goals
  • Create a vision and framework for working together to promote financial inclusion through streamlining regulatory frameworks, improved security and innovation

The conference will consist of an early evening reception for Board members and guests on 9th October, hosted by businessman and former Trade Minister Lord Digby Jones, then a dinner hosted by Conference Chairman Bruce Lowthers. This will be followed by an all-day conference on the 10th October at Lancaster House with a closing dinner attended by all delegates.

Peter Radcliffe, Chairman of P20, comments: "We are extremely proud to be hosting P20’s first conference in London, bringing together payment industry leaders, government officials and head regulators to discuss the future of the sector."

"The P20 mission charter is being crafted to address the improvement of regulation, innovation, cybersecurity, education and financial inclusion on a global scale."

“This process would have not have been possible without the help of our lead sponsors, FIS, Hogan Lovells, Holland and Knight, MasterCard and Visa. Together with our sponsors, we look forward to shaping the conference outcomes and moving forward with all of our industry partners to next year’s conference in Atlanta, and beyond.”
 


For more information please contact:
James Terry / Gemma Dunn / Sophie Lanning
Teamspirit Public Relations - London
+44 20 7360 7877
P20@teamspiritpr.com 

About London
London is the financial services capital of the world and dominates payments in Europe. London boasts nearly 40,000 Financial Services companies employing more than 60,000 workers in the Fintech sector alone; a large portion of which support the payments industry. 

About Atlanta
Atlanta is the payments capital of the U.S, processing 75 percent of $7.4 trillion in annual payments while employing the lion’s share of the FinTech workforce of nearly 40,000.

About P20

  • Highlighting both London’s and Atlanta’s success in payments will help to further burnish London as the continued definitive financial capital of the world and Atlanta as the payments capital of the U.S.
  • Collaborating will promote policies and economic development opportunities that provide honest, secure and reliable payments to the rest of the world – a vital step in helping to lift many places in the world out of poverty.
  • The P20 will serve to open a vital and expandable London/Atlanta Transatlantic corridor that will provide numerous collateral benefits to both cities and nations.

London & Atlanta Partnership Launches the P20 for the Global Payments Industry

LONDON/ATLANTA (January 26, 2017) – British and American government, business, and other influential leaders today announce formal creation of the “P20” and its inaugural meeting to be held in Autumn 2017, the first Transatlantic payments initiative of its kind. The P20 will convene 20 of the most influential leaders in the payments industry and top United Kingdom (UK) and United States (US) government officials and regulators annually to: highlight the importance of payments and Financial Technology (FinTech) to the world economy; the vital role played by London and Atlanta; and provide a long-term opportunity for a Transatlantic partnership intended to promote growth of the industry globally through improved regulatory frameworks, economic development, innovation, financial inclusion and overall cooperation.

The P20 is a direct response to the ever-increasing need for greater regulatory clarity, consumer security, and innovation collaboration as it applies to the payments industry and related aspects of FinTech. The P20 will serve as a forum for thought leadership and action, along with best practices across many areas including regulatory and compliance frameworks, and pressing issues like cybersecurity, innovation and how FinTech can achieve greater financial inclusion for people in developing economies around the world. The P20 Annual Meeting will rotate between London and Atlanta, with the inaugural session taking place this October 9th and 10th in London. 

The inaugural meeting will be led by the P20 “leadership delegates” who will drive programming, presentations and outcomes. The event will also welcome participation from approximately 120 invited senior leaders representing relevant government agencies and offices, industry advocacy groups, academia, FinTech innovators, and payments industry executives from across the globe. 

“The P20 is the latest platform intended to provide greater access to talent, technology and business opportunities for Atlanta’s Transaction Alley companies, and this process would not have gotten off the ground without the help of one of the ATPC’s founding sponsors, Holland & Knight, LLP,” said H. West Richards, American Transaction Processors Coalition Executive Director. “The unified support for P20 from Georgia’s political leaders will ensure that both the public and private sectors are pulling in the same direction as we collaborate with new partners in London on critical issues for our industry, the economy and global payments best practices.”

"I am excited to be supporting the American Transaction Processors Coalition to establish the P20, an important and timely initiative between the UK and US,” said Alastair Lukies CBE, Chairman of the P20 Advisory Board and UK Prime Minister’s Business Ambassador for FinTech. 
Mr. Lukies further stated, “To have Atlanta and London as a rotating venue for the business leaders across the globe in the payments industry, working with U.S., UK and EU leaders in regulatory, compliance and innovation is a powerful combination. This will ensure that consumers, all over the world, benefit from customer centric innovation and economies benefit from improved systemic stability and security.

Proposed goals for the inaugural conference will include some of the following:

  • Recognise the unique and important position the payments industry holds in global commerce and the associated responsibilities of industry and government
  • Identify industry and policy challenges required to address during the next 10 years, and develop an agenda of short and long-term goals
  • Create a vision and framework for working together to promote financial inclusion through streamlining regulatory frameworks, improved security and innovation

The P20 mission charter is being crafted to address the improvement of regulation, innovation, cybersecurity, education and financial inclusion on a global scale. 

“I was delighted to be in Atlanta recently, which is recognised as the payments processing capitol in America as well as a leading global FinTech city, as we made preparations to launch the P20 meeting,” said Mark Garnier MP, Parliamentary Under Secretary of State at the UK Department for International Trade. “Atlanta is the perfect financial and transaction sectors partner for London, and the P20 is a reflection of our commitment.” 

Mr. Garnier added, “Gathering together the top global payments companies with regulators and legislators from the UK and the US, the P20 will be a valuable forum for payments executives to discuss the biggest issues facing the industry. With over 20 British companies listed on the New York Stock Exchange, our two nations share a strong business bond and this kind of collaboration in key sectors will help further strengthen these ties.”

“I am proud to support the P20 initiative to strengthen the ties between the City of Atlanta and the City of London. Atlanta is home to a strong and diverse workforce, and processes more than 70 percent of all payments in the United States each year,” said Atlanta Mayor Kasim Reed. “Our two cities are major international financial technology hubs, and building stronger relationships between government and business leaders here and in the United Kingdom offers tremendous potential for the exchange of ideas, as well as trade and investment opportunities.”