P20 is delighted to announce McKinsey & Company as its first Global Knowledge Partner, focused on supporting P20’s Working Group convened to collaborate and share best practice around the world to reduce criminal transactions and fraud.

This group, led by The Clearing House, has already released an interim report on the global approaches to Payee Verification and the final report alongside another one on authorized fraud will be released in the coming months.

P20 is the Voice of the Global Payments Industry and brings together industry leaders, regulators and government officials to collaborate in harmonizing a global approach and developing solutions to non-competitive issues in the payments industry in the areas of fraud & criminal transactions, cybersecurity and financial inclusion.

P20 regularly releases signature reports on payments and hosts its annual Global Payments Conference attended by industry leaders, politicians, regulators and government officials. Previous participants include:

• Rt Hon David Cameron, former UK Prime Minister

• Governor Nathan Deal, former Governor of Georgia

• Jack Lew, former US Treasury Secretary

• Steven Mnuchin, former US Treasury Secretary

• Rishi Sunak PC MP, UK Chancellor of the Exchequer

• Mary Ng PC MP, Canadian Minister of International Trade

• General David Petraeus, former Director of the CIA

• Admiral Lord West of Spithead GCB DSC PC, former UK Security Minister

• Philip Hammond PC, former UK Chancellor of the Exchequer

• John Glen MP, UK Economic Secretary to the Treasury

• Kipp Kranbuhl, former US Assistant Secretary for Financial Institutions

• George Holding, former US Congressman

• Gwyneth Nurse CB, Director of Financial Services, UK HM Treasury

• Christopher Woolard CBE, former Interim CEO, UK Financial Conduct Authority

Robert Byrne, Senior Partner, McKinsey, said: “We are excited to become P20’s first knowledge partner and to collaborate on these important issues with P20 and its members across the industry. The P20 working group on reducing criminal transactions and fraud is doing vital work and we are excited about the impact this can have in the future."

Duncan Sandys, CEO, P20, said: “I am delighted to welcome McKinsey as the first P20 Global Knowledge Partner and to see the contribution they will bring as we collaborate with players across the industry to develop best practice and solutions for the global payments industry.”

Steve Ledford, SVP, Product & Strategy, The Clearing House, comments: “As Chair of the P20 Fraud & Criminal Transactions Working Group, I look forward to welcoming McKinsey and working together to improve the effectiveness of the industry’s efforts in this area.”