LONDON (Oct. 16, 2017) – The P20, a global initiative representing the interests of over 100 payment industry businesses in the U.S., U.K. and beyond, held its inaugural meeting at Lancaster House in London last week.
The P20 was created as an alliance between two global hubs of the payments and FinTech industry, Atlanta and London. Holland & Knight, which has offices both of these cities, was instrumental in the creation of the initiative and was a major sponsor of the event.
Several global leaders gathered to discuss the main themes of the conference: regulation, innovation, cybersecurity, education and financial inclusion. These leaders included Jack Lew, former U.S. Secretary of the Treasury; Stephen Barclay, MP, Economic Secretary to the Treasury; Bruce Lowthers, conference chairman and Payments President at FIS; and Alistair Lukies, the Prime Minister's Business Ambassador for FinTech, U.K. Trade & Investment.
Holland & Knight representatives Robert Green, Roth Kehoe, Allen Maines and Norma Krayem were in attendance, along with executives from American Express, the Atlanta Transaction Processors Coalition, Barclays, China UnionPay, Discover, Elavon, First Data, FIS, Fiserv, Incomm, Ingenico, JP Morgan Chase, MasterCard, Paysafe, TSYS, Vantiv, Visa and Worldpay.
Ms. Krayem, sr. policy advisor and co-chair of Holland & Knight’s Cybersecurity and Privacy Team, participated on the cybersecurity panel and discussed the critical need to secure national infrastructure and the payments industry against external attacks.
“The P20 has coalesced around a key agenda which includes systemic cybersecurity risk,” she said. “The payments industry sits at the core of our banking and financial services sector, so the concept of creating a robust and rapid-response cybersecurity effort to protect the industry is key. It will build upon existing efforts in the industry and focus on cutting-edge ways to address cyber risk.”
After the meeting, Peter Radcliffe, chairman of P20, stated: “After a successful inaugural meeting, we are now charged to deliver progress on the vision statement. The scale of our ambition is only possible through the collaboration with our board members and payment stakeholders. In the coming year we will address the improvement of regulation, innovation, cybersecurity, education and financial inclusion on a global scale. We will also look to develop our network further ahead of the P20 conference in Atlanta in 2018, building on the success of this year’s London conference.”
“It is clear to me that the future for disruptive innovation in financial services is positive, if we embrace new standards and work together with a uniform approach,” said Mr. Lew. “We need to allow innovation and investment to flourish while we improve stability and confidence. By working together, the U.S. and the U.K. can take steps towards the harmonization of the global financial sector.”
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