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Transaction Alley: Powering Payments

Every time a credit card, debit card or gift card gets swiped, it triggers a set of transactions that — more likely than not — will get processed by a company on the Georgia 400 corridor. Estimates from 2014 say that nearly $5 trillion dollars’ worth of transactions were processed in what is called “Transaction Alley.” This important sector of financial service companies processes roughly 70% of payments for the entire country. It also accounts for a 60% share of the global payment processing marketplace.

Georgia is home to more than 80 Financial Technology (FinTech) companies that specialize in payment processing, which accounts for more than $208 million in investments and 1,570 job positions in the payments sub-sector of the FinTech industry.

In Transaction Alley, payment processors like Fiserv, First Data, FIS Global, Priority Payment Systems and WorldPay employ hundreds of thousands of Georgians. Payment processing generates nearly $34 billion in annual economic contributions, which ranks 3rd in revenue generated by payment processing FinTech companies — behind NewYork and California. Collectively, Transaction Alley represents the largest non-trading FinTech platform in the country.

Because of the large amounts of money and associated financial data, cyber security is a high priority. The growth of these payment processors has aligned with expansive growth in cyber security companies in the state. Georgia now has 115 information security companies, which accounts for more than 25% of the world’s IT security sector.

Despite these impressive numbers, the need for a talented cyber security workforce will continue to increase each year. Georgia has carved out a vital role both in the payment processing and cyber security markets. All of this growth creates a need for office space, data servers and, most importantly, a talented, tech-savvy pipeline of individuals who can
continue to improve these services and secure the petabytes of data that flow through their networks. Through the Department of Economic Development, the Technical College System, the University System and industry leaders, Georgia’s training and development pipeline has been analyzed and restructured to adapt to this aggressive growth sector in our state’s economy.

The ability to process and protect the majority of the world’s financial transactions is critical to the continuity of the flow of money around the world. Any disruption to the movement of money creates panic or insecurity in the market at the corporate and individual level. It is the payment processors of Transaction Alley that keep your money going when and where you want it to go.

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