How Fintech Helps Power Georgia's 'Transaction Alley'

by Parker Poe Adams & Bernstein LLP
Contact

Parker Poe Adams & Bernstein LLP

Georgia is often lauded as a top state in the nation for business (WE’RE #1!). One of the primary industries supporting this tremendous growth is financial technology (colloquially referred to as “fintech”), with small and large (Fortune 1000) technology-based companies calling the region home. At Parker Poe, we understand the importance of fintech to the overall growth of metro Atlanta and the State of Georgia.

Fintech companies are perhaps uniquely prepared to take advantage of certain Georgia-specific opportunities. In and around the state’s urban centers, they enjoy relatively inexpensive locations. The state’s strong system of higher education provides a pipeline to millennial talent looking to change the world via technology. Moreover, state and local governments have helped advance Georgia’s fintech industry in many ways, from helping companies eliminate restrictions on raising funds, to historically allowing credit card companies to charge competitive rates to customers.

Earlier this year on this blog, my colleagues Shaney Lokken, Matt Nichols, and Michael Kozlarek discussed the work by Georgia’s Rural Development Council to improve the lives of rural Georgians and improve job opportunities outside of metro Atlanta. This post is about one of the largest growth industries in metro Atlanta. Indeed, fintech is arguably as important to the financial future of metro Atlanta as either the entertainment industry or the quest for Amazon’s HQ2.  While Georgia continues, rightfully, to celebrate its growth within the movie industry, Georgia’s fintech industry is now bigger than the entire movie production industry of the United States, according to the American Transaction Processors Association.

In fact, and despite the emphasis on its growth, the fintech industry is already a force to be reckoned with in Georgia. Atlanta is now the dominant center for global financial payment processors. The payment processing industry in and around metropolitan Atlanta is estimated to already employ more than 40,000 people – and that number is only expected to rise. The region even has its own nickname: “Transaction Alley.” That nickname is well-earned as, according to the American Transaction Processors Coalition, nearly 70 percent of the transactions in the U.S. route through Georgia.

The growth of fintech in and around Atlanta has, of course, led to the development of scores of businesses supporting the sector, the so-called fintech ecosystem. The supporting companies include those focused on data mining, internet security, networking, and other services that are integral to the entire technology sector. This ecosystem will be yet another driving force in Georgia’s economy.

The state has definitely taken notice. Among other things, the Georgia Department of Economic Development made the support and growth of the financial services industry one of its top priorities. Along with high-profile and statewide efforts at business development such as Amazon HQ2, the continuing growth of the financial technology industry will help power the region’s long-term economic growth.

At Parker Poe, our fintech clients include financial institutions, venture capital funds, startups, and others looking to invest in new technologies or innovative strategies. But fintech companies often have the same legal issues that other financial institutions face every day. Some of these concerns include leveraging technological innovation, protecting and enhancing intellectual property and trade secrets, and establishing efficient compliance with the patchwork of laws and regulation that touch this industry.

Regardless of where we live in Georgia, we should care about the success of the fintech industry. It is an important economic driver of Atlanta and therefore the state. And it shows no signs of slowing down anytime soon.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Parker Poe Adams & Bernstein LLP | Attorney Advertising

Written by:

Parker Poe Adams & Bernstein LLP
Contact
more
less

Parker Poe Adams & Bernstein LLP on:

Readers' Choice 2017
Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
Sign up using*

Already signed up? Log in here

*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
Custom Email Digest
Privacy Policy (Updated: October 8, 2015):
hide

JD Supra provides users with access to its legal industry publishing services (the "Service") through its website (the "Website") as well as through other sources. Our policies with regard to data collection and use of personal information of users of the Service, regardless of the manner in which users access the Service, and visitors to the Website are set forth in this statement ("Policy"). By using the Service, you signify your acceptance of this Policy.

Information Collection and Use by JD Supra

JD Supra collects users' names, companies, titles, e-mail address and industry. JD Supra also tracks the pages that users visit, logs IP addresses and aggregates non-personally identifiable user data and browser type. This data is gathered using cookies and other technologies.

The information and data collected is used to authenticate users and to send notifications relating to the Service, including email alerts to which users have subscribed; to manage the Service and Website, to improve the Service and to customize the user's experience. This information is also provided to the authors of the content to give them insight into their readership and help them to improve their content, so that it is most useful for our users.

JD Supra does not sell, rent or otherwise provide your details to third parties, other than to the authors of the content on JD Supra.

If you prefer not to enable cookies, you may change your browser settings to disable cookies; however, please note that rejecting cookies while visiting the Website may result in certain parts of the Website not operating correctly or as efficiently as if cookies were allowed.

Email Choice/Opt-out

Users who opt in to receive emails may choose to no longer receive e-mail updates and newsletters by selecting the "opt-out of future email" option in the email they receive from JD Supra or in their JD Supra account management screen.

Security

JD Supra takes reasonable precautions to insure that user information is kept private. We restrict access to user information to those individuals who reasonably need access to perform their job functions, such as our third party email service, customer service personnel and technical staff. However, please note that no method of transmitting or storing data is completely secure and we cannot guarantee the security of user information. Unauthorized entry or use, hardware or software failure, and other factors may compromise the security of user information at any time.

If you have reason to believe that your interaction with us is no longer secure, you must immediately notify us of the problem by contacting us at info@jdsupra.com. In the unlikely event that we believe that the security of your user information in our possession or control may have been compromised, we may seek to notify you of that development and, if so, will endeavor to do so as promptly as practicable under the circumstances.

Sharing and Disclosure of Information JD Supra Collects

Except as otherwise described in this privacy statement, JD Supra will not disclose personal information to any third party unless we believe that disclosure is necessary to: (1) comply with applicable laws; (2) respond to governmental inquiries or requests; (3) comply with valid legal process; (4) protect the rights, privacy, safety or property of JD Supra, users of the Service, Website visitors or the public; (5) permit us to pursue available remedies or limit the damages that we may sustain; and (6) enforce our Terms & Conditions of Use.

In the event there is a change in the corporate structure of JD Supra such as, but not limited to, merger, consolidation, sale, liquidation or transfer of substantial assets, JD Supra may, in its sole discretion, transfer, sell or assign information collected on and through the Service to one or more affiliated or unaffiliated third parties.

Links to Other Websites

This Website and the Service may contain links to other websites. The operator of such other websites may collect information about you, including through cookies or other technologies. If you are using the Service through the Website and link to another site, you will leave the Website and this Policy will not apply to your use of and activity on those other sites. We encourage you to read the legal notices posted on those sites, including their privacy policies. We shall have no responsibility or liability for your visitation to, and the data collection and use practices of, such other sites. This Policy applies solely to the information collected in connection with your use of this Website and does not apply to any practices conducted offline or in connection with any other websites.

Changes in Our Privacy Policy

We reserve the right to change this Policy at any time. Please refer to the date at the top of this page to determine when this Policy was last revised. Any changes to our privacy policy will become effective upon posting of the revised policy on the Website. By continuing to use the Service or Website following such changes, you will be deemed to have agreed to such changes. If you do not agree with the terms of this Policy, as it may be amended from time to time, in whole or part, please do not continue using the Service or the Website.

Contacting JD Supra

If you have any questions about this privacy statement, the practices of this site, your dealings with this Web site, or if you would like to change any of the information you have provided to us, please contact us at: info@jdsupra.com.

- hide
*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.