Fifteen of Israel’s most innovative companies offering financial technology solutions are expected to visit Atlanta next month for a 2-day matchmaker event that will expose them to many of the leading US companies in the emerging field known as FinTech. Organized by AICC’s Software Committee, the US-Israel FinTech Business Exchange is designed to offer the Israeli companies the opportunity to present themselves and have one-on-one meetings with potential strategic partners, investors, and customers in an extremely cost effective and efficient format. Co-sponsors include TAG FinTech and the Metro Atlanta Chamber Technology Leadership Council.
The payments industry is experiencing rapid major transformation. Many key elements of the payments value chain are being disrupted by old and new players alike. The transformation is creating many new collaboration and co-opetition opportunities, but also many competitive and disintermediation threats. The business exchange will showcase innovative Israeli companies that are inventing key parts of the Future of Payments with particular focus on Alternative Payments, Mobile Payments, and Payments Security.
Israel is a powerhouse of financial technology innovation and will continue to produce breakthrough technologies in this sector. A recent initiative by Israel’s government, the “Competitive Advantage” program, calls for the provision of incentives for the establishment of financial R&D centers by multinational financial corporations in Israel. The centers will research and develop advanced technologies meant to serve and promote the global financial industry, which employs hundreds of thousands of people in the technology field. The incentives will be provided by way of government participation in the costs of employment of new workers under a special program developed by the Chief Scientist in the Ministry of Industry, Trade and Labor. The two ministries expect more banks on the level of Barclays to follow suit and set up an increasing number of R&D centers in Israel.
Atlanta, along with the surrounding areas of Georgia, has evolved to become the epicenter of a growing segment of the financial services industry. This sector encompasses the product and service companies that support the technology needs of the financial services industry and, ultimately, the payment-processing infrastructure of the economy. Georgia FinTech companies have produced more than $83 billion of shareholder value since 1995. Georgia FinTech company revenues are more than $34 billion annually, which places the state as third in the nation behind only New York and California. Among the leading companies with headquarters in the Atlanta area are NCR, Global Payments, First Data, Elavon, TSYS, and Equifax.