WASHINGTON – BAFT, an international financial services association, has launched an initiative to drive awareness of innovations in financial technology that are transforming transaction banking services such as cross-border payments and trade finance. The pace of innovation is redefining the methods and speed with which payments are executed and financing is arranged, areas of particular interest for BAFT members. The association will aim to serve as a vehicle for addressing emerging regulatory issues for both banks and financial technology companies.
“Emerging technologies such as Blockchain technology, distributed ledgers and virtual currencies are redefining how supply chains operate and payments are executed,” said Tod Burwell, BAFT president and CEO. “Our members understand the critical impact this will have on our industry and have made it a top priority.”
As a part of this commitment, BAFT has created a new position and will hire a senior vice president of payments and innovation. They will be responsible for the creation and management of all activities related to payments, cash management and emerging technology, incorporating financial crime and cybersecurity. The association will also place greater emphasis on identifying and engaging leading FinTech companies as members.
BAFT will create a FinTech and Innovation Council to shape the association’s efforts around emerging technology and payments, as well as drive execution. The council will be tasked with developing educational member resources on the technological applicability to transaction banking, building on its seven-part webinar series on Blockchain technology launched Sept.15. Additionally, BAFT will feature a session on emerging technology at its Global Councils Forum on Oct. 11 at SIBOS in Singapore.
BAFT, the leading global financial services association for international transaction banking, helps bridge solutions across financial institutions, service providers and the regulatory community that promote sound financial practices enabling innovation, efficiency, and commercial growth. BAFT engages on a wide range of topics affecting transaction banking, including trade finance, payments, and compliance. The association website is www.baft.org.