The Federal Reserve Bank early next year will open the doors of its banks across the country to private banks and companies seeking insight on innovations in financial technology, with Atlanta hosting the first session Feb. 26.
The Fed’s fintech “office hours” are designed to help companies gain insights into the banking regulator’s thinking on the fast-moving fintech sector.
Atlanta is a global hub for payments, making it a magnet for foreign fintech companies breaking into the U.S market.
The move wouldn’t be the first time that Atlanta firms have had structured access to the Fed’s leadership. The Atlanta Fed created the PeachPay task force to hear insight from industry-leading companies around the state of Georgia. It also regularly seeks insight from companies on the speed and security of the retail payments system. The Fed played an active role in the historical development of Atlanta as a hub for electronic transaction processing.
Where this project is different is that it gives individual companies “one-on-one” access for 50-minute sessions to the Fed’s professionals:
The sessions will serve as a resource for banks and fintech firms to meet one-on-one with Federal Reserve staff members with relevant expertise to discuss fintech developments and ask questions. They may be particularly helpful to community banks and their potential fintech partners.
Fintech is creating both challenges and opportunities for banks. Some fear new solutions as threats to long-held customer relationships, while others embrace technology as a way to deepen those ties and better serve their customers in an era of increasing consumer choice.
As it announced the new program, the Federal Reserve Board also released a new portal on its website focused on fintech innovation.
To learn more about the office hours or to sign up for a session, click here.