What is P20?
P20 is a transatlantic payments initiative for thought leadership and action linking together Atlanta’s “Transaction Alley” and world financial services capital London. The organization was born in 2016 at a meeting in London between the American Transaction Processors Coalition (ATPC), which represents the interests of more than 100 fintech and payments industry businesses in Atlanta, and representatives from the U.K. payments industry, government and regulators.
Designed to be the “Davos of Payments,” the upcoming P20 Conference at the Atlanta History Center on Oct. 9 – 10 will bring together more than 150 leaders to discuss progress toward P20’s ultimate goal of making payments accessible, affordable and secure for all.
What is P20’s impact on the Payments industry?
P20 is leading the charge in development of global payments by advancing the industry in four areas: cybersecurity, regulatory clarity, innovation and financial inclusion. It is in these key sectors of the payments industry, that the organization and its board members focus their efforts and collaborate to offer best practices.
Advocating year-round for positive change in the payments world, P20 and its board members are continuously meeting with key decision-makers and industry leaders to identify challenges and opportunities in regulation policies, while simultaneously promoting awareness of the exponential growth of the payments industry and its role in the global economy.
How does P20 connect powerhouses USA and the UK?
With the U.S. being at the forefront of the fintech revolution and the U.K. being a dominant financial hub, the two countries are natural partners to provide international leadership in shaping the payments industry. In addition, the two countries have regulated the financial services industry for the last 150 years, and other countries around the globe look to them for guidance and leadership. P20 connects these two countries by providing an outlet for global leaders and government bodies from the U.S. and U.K. to communicate, thus creating transparency in all efforts, including those related to regulation, cybersecurity, innovation and financial inclusion. P20 being one of the only organizations in the world to do this, allows for an unprecedented level of cooperation and communication between two foreign partners, where leaders can convene to discuss a common goal and the steps needed to achieve it.
Where does P20 stand in Cybersecurity and Regulation?
P20’s cybersecurity working group, which consists of core members of P20, has produced research and recommendations regarding the mitigation of cyber risk. This group’s goal is to evaluate the current state of the cybersecurity industry and review best practice initiatives. Additionally, the group links efforts between the U.S. Department of Homeland Security and the U.K. government communications headquarters. This ensures an open line of communication between the two government entities, allowing P20 and its members to determine the best path forward for improving the transatlantic engagement around cyber resiliency.
The organization’s regulatory working group is designed to make recommendations for coordinated improvement based on thorough review of the U.S. and U.K. regulatory frameworks. The organization, its members and interested parties advocate for a KYC system that is built to increase customer experience, reduce costs for financial institutions and other parties involved, and increase financial inclusion.
Finally, how does P20 support Financial Inclusion?
With more than four billion unbanked or underbanked individuals globally, there is massive potential for advancements in the payments industry. However, despite the global explosion of fintech, there has been little progress made towards tapping into this untouched market. By expanding financial inclusion to these populations, P20 is directly supporting and fostering development, which is a vital step to lift many places in the world out of poverty.
If you would like to find out more information about P20 then take at look at their website.
Join us with in attending the P20 Conference at the Atlanta History Center. Find out more information about the conference.