Entering its second decade, an AtlantaThe trade association for the payment processing industry is deepening its international ties through a strategic agreement Ireland.

THE American Coalition of Transaction Processors in February he signed a pact with The fintech corridora group that aims to bridge the gap between the industry Belfast, Northern Irelandwhich remains in United KingdomAND Dublinthe capital of the republic of Ireland In the European Union.

The agreement focuses on promoting mutual investments, knowledge exchanges and transatlantic networking, but ATPC Executive Director H. West Richards says the greatest potential may lie in exporting Georgian workforce development innovations.

Many of the same companies that helped create the Fintech Academy of Georgiawhich has led to the creation of local fintech jobs for 1,800 students since 2019, are also investors in Ireland, Richards said.

“Our management companies employ thousands and thousands of people in Ireland. Those logos are everywhere in Dublin’s suburbs. It seems Alfaretta“he told Global Atlanta in an interview.

While Belfast has adopted the concept with a European twist, creating a fintech apprenticeship programme, it is less developed in Dublin, where there are more prominent member companies such as Elavon, FIS AND Fiserv they have offices, Mr. Richards said.

“I would like to develop some sort of fintech curriculum with universities in Dublin. I have to get them excited and keep them going,” Mr. Richards told Global Atlanta in an interview.

Richards and ATPC leaders will meet with Fintech Corridor officials, including the CEO Ilario Moran and industry leader from May 13th to 16th Transatlantic Fintech Exchangea conference to be held in both Dublin and Belfast.

“A successful program of events will foster greater connectivity and collaboration within the US, EU and UK, allowing participants to build meaningful relationships in a relaxed ‘exchange’ environment,” Moran said in a press release.

The end

In addition to nurturing business, the ATCP’s ultimate goal, Richards said, is to help member companies understand and shape the regulatory landscape in Brusselswhere American trade associations have little visibility and influence.

While the ATPC pioneered the United Kingdom and maintains strong relations with the country, Brexit has disrupted much of the harmony that existed between the UK and EU financial sectors.

Ireland, which has maintained its visibility in the market of 440 million consumers, has “become a bit of a hub,” Richards told Global Atlanta.

“Brexit has profoundly changed the way EU and UK fintech companies interact with each other, and access to companies in both jurisdictions will allow us to work closely together to develop joint solutions and increase cooperation and opportunities on both sides of the Atlantic, especially as US regulators work on cybersecurity, data privacy and other critical issues.”

Ireland’s affinity with the United States in general and Georgia in particular makes it an ideal conduit to influence what happens in the EU, where strict data privacy and consumer protection regulations sometimes take people by surprise American technology companies.

Play the long game

The Irish deal is just the latest example of how the ATPC has played a long role in its decade of support for the industry, Richards says.

Although the ATPC maintains a nationwide mandate, and its leaders are often found in the corridors of Washington DCthe association is firmly rooted in Atlanta thanks to the inertia of the city’s payments industry.

When it was founded, ATPC coined the term “Transaction Alley” to highlight the fact that 70% of credit and debit card thefts in the United States pass through Georgia companies.

While payments (and fintech more generally) already employed around 30,000 people in the state at the time, the industry still needed to coalesce around a joint strategy to build on this momentum.

“I think a lot of people are surprised by the fact that we were created from nothing, from an idea, and with very little money we have become probably the most important payments industry trade association in the United States,” Richards said.

Although smaller than some of its competitors, such as the Association for Electronic Transactions, the ATPC is focused on the payments industry. He doesn’t spend much time on fintechs, which often seek to disrupt the “legacy players” that make up much of ATPC membership.

Maintaining a sharper alignment within a smaller group has helped the ATPC have an impact that belies its size, Richards said, using a geopolitical analogy.

“It’s the United Nations. ATPC is NATO. Both are important, but different. Big roles, but in that analogy it conveys the ability to quickly gather resources on the government relations front, move the needle fast and big.”

ATPC operates on a consultancy model, bringing in a group of experts in government relations, cybersecurity and other areas to hire on behalf of member companies.

“They are not dedicated resources,” Richards said of the ATPC squad. “But their skills and abilities to understand and influence things in the legislative realm or the agency realm are very different.”

This agility means that the ATPC has been more likely to seed ideas than fully cultivate them. An example is the P20 (Payments20), which brought together the best companies and regulators in the sector UK and the United States to reduce bureaucratic friction in an industry that underpins global trade.

The forum continues today under independent leadership and remains a node of the ATPC transatlantic networkwhich includes British associated companies such as FunctionalitySpace, Kani Payments, Red Compass AND Paysafe.

Another idea that ended up germinating was Fintech Atlantathe local industrial coalition born from a partnership with Georgia Technology Association and the Metro Atlanta Chamber.

The ATPC was also involved on the economic development front, traveling with the former governor. Nathan Deal to a Brazil TO land the WE headquarters of Mercante-E.

Cyber ​​threats abroad

Perhaps less well-known in relation to its nationwide impact is the ATPC Cyber ​​Council, which brings together key cybersecurity officers from major companies to share ideas on protecting the country’s payments ecosystem.

“This is critical infrastructure,” he said. “Our CISOs: protecting you is their job. Because if your credit card doesn’t work, you’re in trouble.”

Just two years into its existence, ATPC was lobbying for the Cybersecurity Information Security Act, which would allow companies to report breaches and other incidents without fear of undue government interference.

As they did so, they heard a chilling warning from members of the Senate Homeland Security Committee: “You know, Atlanta has a giant target.”

THE Kremlin, China and other actors, it turned out, were “well aware” of the concentration of payments companies in the city, making it a target for those who might try to use their networks as a side door into the broader financial system.

The ATPC heard it loud and clear and took the message back to city and state leaders. It later hosted a conference in Atlanta chaired by US senators that brought together CISOs to discuss how to strengthen defenses and how public officials should respond in the event of a hack.

Those meetings fell through during the pandemic; what remained was the group of executives assembled by ATPC, who had a unique voice in speaking to regulators and legislators with authority on industry trends and threats.

Since then, the ATPC has activated the council to lobby against bills that the association considers counterproductive to the industry, receiving kudos from the White House and along with requests for CISOs to review the possible effects on the payments industry of potential rule changes. Now, the ATPC Cyber ​​Council is led by Norma Krayema cybersecurity expert based in Washington.

Beyond Ireland

As well as Ireland, Mr Richards said the association was looking to extend its links to Holland and work to understand the Canadian better market.

Larger payments companies also see opportunities in developing countries, even in similar markets India AND Southeast Asia where fintechs have emerged to fill gaps in traditional payment processing infrastructures.

“The big opportunity for our companies is really the emerging market,” Richards said, noting that there will be a battle between the United States, its allies and China to set the rules of the way as emerging economies deepen their linkages with global financial markets. and networks.

“Our companies are leveraging the reputation that they have been in business for 60 or 70 years. They are all very forward-thinking. And I think they are looking at the great opportunities that emerging markets offer, bringing their expertise and then helping these markets connect to our infrastructure or create their own.”

At the national level, the ATPC is working to revive the Payments and Fintech Caucus in the U.S. House of Representatives, opening it to members from outside the Financial Services Committee. So far, about 11 members have joined, about five of them from Georgia, including bipartisan co-chairs Barry Loudermilka Republican from the 11th district, and David Scotta Democrat from 13.

Each MP was honored at the ATPC’s 10th anniversary celebration on April 25 at the Park Tavern.

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Speakers lined up for the Transatlantic Exchange May 13-16:

• Karen O’Leary, Head of Payments and Securities at the Central Bank of Ireland
• Neale Richmond TD, Minister of State responsible for Financial Services, Credit Unions and Insurance
• Conor Murphy MLA, Minister for Economy
• Paul O’Hare, Head of Technology and Finance, Google
• Karl Hanlon, Chief Commercial Officer (CCO), FinTrU
• Margaret Hearty, CEO, InterTradeIreland
• Kieran Donoghue, CEO, Invest NI
• Maeve Monaghan, CEO, NOW Group
• Alison Donnelly, Director, Fscom
• Richard Swales, Head of Risk and Compliance, Paysafe
• Stephen Groarke, Chief Financial Officer, Elavon/US Bank EMEA
• Hartwig Gerhartinger, Global Head of Regulatory and Government Affairs, Paysafe

Find out more in this statement from Belfast City Government.

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