It is frequently noted that, while Charlotte is a banking capital, Atlanta is a banking software capital. Viewed more panoramically in terms of “FinTech” (product and service companies that support the technology needs of the financial services and payment-processing industries), Georgia FinTech companies have revenue greater than $34 billion annually (behind only those headquartered in New York and California).

For the seventh consecutive year, Atlanta-based Equifax was named to the FinTech 100 list of the best companies deriving more than one-third of their revenue from the financial services industry (compiled by Bank Technology News publication and by Financial Insights). A top-20 honoree, Equifax is now emphasizing InterConnect, a technology and analytical services platform that automates application processing, credit decisions and analytics. To further expand this segment of Equifax’s business and increase its participation in the healthcare and government sectors, last year Equifax acquired Anakam, a leader in identity authentication solutions.

While Equifax is an obvious big-name presence, Atlanta is also home to a number of other significant FinTech enterprises. Another major example is S1 Corporation (now an acquisition target of ACI Worldwide), which has 3,000 major customers using its online banking, mobile banking, voice banking, branch banking and lending solutions. S1 also handles the full spectrum of payment types, from any delivery channel to any destination, clearing billions of transactions annually in more than 50 countries.

For the sake of brevity, it is worth noting the general categories of FinTech for which Georgia serves as a significant hub, citing examples in each specialty.* They are:

• Point-of-Service Payment and Card Processing

First Data; Radiant Systems (NCR)

• Capital Markets

eRollover; Interactive Advisory Software or “IAS”

• Trade Payment

Advance Me; FTRANS

• Electronic Billing and Presentment

Digital Insights (Intuit); Harbor Payments

• Identity/Analytics/Risk

ChoicePoint (Reed Elsevier); Vendormate

• Alternative Payments

Acculynk; Firethorn

• Retail Banking

Banker’s Dashboard; CheckFree (Fiserv)

• Pre-paid, Points and Loyalty Services

Cardlytics; FirstView

*All credit for the categorization and examples goes to Melanie Brandt of the Technology Association of Georgia (“TAG”), who has assembled this terrific interactive map of FinTech companies in the Atlanta area, which contains many more individual exemplars.

It is great to see the proliferation of financial services technology in Atlanta and Georgia. There is not a lot of certainty surrounding financial services in this economic climate, but it is a given that the services these companies are pioneering will immediately become increasingly critical to the way we all transact business.

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