Financial technology (fintech) ties between London and the US city of Atlanta have been strengthened with the launch of the P20 initiative for the global payments industry.
It follows last May’s meeting between members of the American Transaction Processors Coalition (ATPC), representing more than 70-based Georgia fintech providers and representatives of London’s financial services sector.
Atlanta, Georgia’s capital, is dubbed ‘Transaction Alley’ and claims the title of US payments capital, processing 75% of US$7.4 trillion in annual payments. The ATPC’s three-day trip to London aimed to “increase transatlantic ties across business and regulatory channels serving to enhance fintech economic development on both sides of the Atlantic”.
The P20 initiative, to be held this autumn will convene 20 of the most influential leaders in the payments industry and top UK and US government officials and regulators annually to:
- highlight the importance of payments and fintech to the world economy and the vital role played by London and Atlanta
- 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 the latest platform intended to provide greater access to talent, technology and business opportunities for Atlanta’s Transaction Alley companies, said ATPC executive director H. West Richards.
“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.”
Alastair Lukies, chairman of the P20 advisory board and Theresa May’s business ambassador for fintech added: “To have Atlanta and London as a rotating venue for the business leaders across the globe in the payments industry, working with US, UK and European Union (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.”
Domestic banks could feel the greatest impact from the trend, an East & Partners survey suggests.
The major oil producers have agreed a further reining-in of production in a bid to push the price higher.
The General Data Protection Regulation (GDPR) will be enacted on May 25 2018 and promises to revolutionise the way that firms collect, store, process and protect the personal information of customers, clients and employees.
Today sees the publication of set of global principles of good practice in the foreign exchange market.