Momentum builds toward the 2018 P20 as key issues come into focus
(Atlanta) – As the world leaders in payments, payment regulation, and financial innovation prepare to converge on Atlanta in October for the 2018 P20, several key issues are coming into focus for the historic gathering.
Following its inaugural summit in London last October, the P20 has gained international recognition for helping advance the greater good of the payments industry, and the way in which the world’s leaders in payments and financial services work together in creating a better payments landscape for all.
“Coalescing the top 20 payment processors to come together is the exact right approach,” said Norma Krayem, a Senior Policy Advisor at the Holland and Knight law firm in Washington, D.C. Krayem sees long-term importance in growing the summit for the greater good of financial services across the globe.
“We’re not talking about a single policy or a single regulatory structure. What we do need is a discussion about international harmonization, rules, regulations, and how to manage cyber security.”
The P20 seeks to address four critical pillars with global implications: cyber security, regulation, innovation, and financial inclusion — bringing digital payments access to more people in underserved areas.
“When you’re trying to look at both the management of the sector, and dealing with cyber security risks, that’s a global problem,” said Krayem. “And the P20 is going to work on those.”
Since its London launch, the P20 has gained attention from legislators in the United States and United Kingdom. Law makers in both nations recognize the need for collaboration between the two financial powerhouse countries, in order to create smarter regulation to help, not hinder, the growth of the industry.
Many law makers also remain focused on cyber security, a constant and on-going challenge in the face of cyber attacks from all corners of the Earth.
“Frankly, it’s a matter of national security,” said Rep. Jeb Hensarling of Texas. “I cannot imagine exactly how bad a cyber attack could be on something like our payment processing system. But it is a matter of national security, so it’s good that a number of the leading minds in the industry come together (to address the problem).”
While the first-ever P20 summit helped gather strong momentum for the group’s mission, the Atlanta conference looms large as an avenue to solidify and grow the international coalition between the U.S. and U.K.’s leaders in payments and financial services.
“London was a success, there’s a lot of excitement coming out of London,” said P20 Founder and President H. West Richards. The Atlanta summit, he said, will showcase the progress made in the year since the P20 board’s first-ever meeting.
“It’s very exciting. This conference represents the first time that Atlanta will be on the world stage of financial services. It’s unique, it’s international, it’s the payments capitol of the world (Atlanta) leaning into the financial services capitol in the U.K.”
“This sort of transatlantic connection is important, this U.S.-U.K. connection is important. And I’m excited for Atlanta to be at the center of gravity of this group of decision makers that can have an impact not only in America, but in Europe or across the world.”
The 2018 P20 takes place October 9-10 at the Atlanta History Center.