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On September 18, BAFT’s Board Chair, Mark Garfield, published his monthly communication to the wider BAFT membership.

Growing up reading science fiction and watching futuristic shows like Star Trek, people were transported in their personal flying machines and called each other using devices where they could literally see the other person…crazy stuff. I dreamed that one day I could fly around my neighborhood but instead waited in competition with my eight other family members to use one rotary dial telephone line. Today I met virtually with five speakers in preparation for BAFT’s upcoming Crystal Ball Series – Banking Outlook. The speakers resided in New York, Belgium, South Africa, India, and Washington, DC. Talk about space travel.

BAFT just wrapped up its first virtual conference for the 2020 MENA Bank to Bank Forum to a big success. More than 500 people and 200 institutions joined from 43 different countries to hear representatives from many industry sectors such as big-tech, fintech, pharma, travel, and hospitality. There were more participants than ever before at a BAFT MENA event. From wherever we sat, we heard valuable insights and opinions about the future of various industries, their challenges, and opportunities. It was a global classroom.

The irony in this time of isolation, distancing and stay-at-home routines, is that we are meeting and connecting more easily than ever before with people around the world. With my meetings today, I seemed to have traveled around the globe meeting industry leaders discussing both relevant and current topics. For someone that has spent his entire career in in-person meetings, this has been quite a transformation. As was stated in the 2020 Virtual MENA Bank to Bank Forum by various speakers, the speed and pace of change have increased at warp speed these past few months affecting all industries. The question becomes, how does our business adapt and grow in this time of rapid change?

I look forward to in-person meetings again. I miss cheering in a crowd of a football or rugby match, listening with others at the symphony and outdoor concerts, eating in a popular restaurant, and meeting with you at BAFT events. I will likely never pilot a personal flying machine, that’s probably a good thing, but I will still need to strap on and hold tight to stay current in this accelerated time of change.

Our next series of events, Around the Globe: The BAFT Crystal Ball Series begins September 29th. This program is organized to provide industry-specific information and insight to navigate our ever-changing and fast-paced world. You don’t want to miss it or you may find yourself left behind with a rotary phone and traveler’s checks in hand!

See you soon.

Mark Garfield
BAFT Chair
Head of Global Financial Institutions
Zions Bancorporation

On August 20, BAFT’s Board Chair, Mark Garfield, published his monthly communication to the wider BAFT membership.

I fondly remember my first trip to Europe as a teenager in the 1970’s. My wallet was full of bulky traveler’s checks, and my siblings and I would stand in long bank lines to exchange the traveler’s checks for local currency. We paid for everything in banknotes, as cards were not accepted. Upon arriving in a different country, we joined yet another line at another unfamiliar bank to exchange our currency again. It was fun to handle foreign notes with their colors and history. We tried to impress each other on being the quickest and most accurate in calculating each exchange.

Those days are long gone. My children never use checks, have likely never heard of traveler’s checks, and certainly have never heard of Pesetas! They give no advance thought to payments and conversion when traveling. Their daily financial transactions are mostly digital. When they see me writing a check, they think I live in the “old world” of financial transactions. I remind them that one thing from this “old world” remains the same: the role of the bank is most important in payments processing and continues to be the key mechanism in making secure and efficient payments and currency exchanges globally.

BAFT, as the leading international transaction banking association, has recognized the need to place greater emphasis on payments. In 2020, the BAFT Board of Directors approved the payments strategy developed by BAFT’s Senior Vice President of Payments and Innovation, Samantha Pelosi, and established the Global Payments Industry Council (GPIC) as the cornerstone of that strategy. The GPIC was stood up in July 2020 with around 20 members comprised of senior management in global payments from BAFT member organizations. GPIC geographic representation includes Africa, Asia-Pacific, Europe, MENA, and North America. Congratulations and appreciation to David Kretz, Head of GTS Global Strategy and Payments at Bank of America, who was elected GPIC Chair and Jean-François Mazure, Head of Cash Clearing Services at Societe Generale, who was elected GPIC Vice-Chair.

GPIC’s primary purpose is to set BAFT’s strategic agenda regarding global payments, to raise and vet issues, initiatives, and challenges, and to ensure proper alignment of BAFT’s payments committees and working groups. GPIC’s formation is a wonderful addition to the BAFT organization. I look forward to what it will accomplish.

What will payments look like tomorrow? Certainly not “old world,” not likely “current world,” maybe a “whole new world,” or even “out-of-this-world” … and getting there will be fun.

Mark Garfield
BAFT Chair
Head of Global Financial Institutions
Zions Bancorporation

On July 09, BAFT’s Board Chair, Mark Garfield, published his monthly communication to the wider BAFT membership.

June was an eventful and important month for BAFT. Eventful due to the official formation of the Africa Council with the inaugural council meeting on June 17. The Africa Council becomes the fifth geographic council in BAFT joining the Asia, MENA, Europe, and North America Councils. Many thanks to BAFT’s President & CEO Tod Burwell for his vision and outreach, which led to the launch of this important member council. Congratulations to our newly elected Council co-chairs, Ihunanya Onuoha of Access Bank (Nigeria) and Kevin Holmes of Standard Bank (South Africa). Both will represent their respective institutions and the Africa Council on the BAFT Board of Directors.

‘What are the important issues to African banks?’ Members present during the first Africa Council meeting mentioned the impact and implementation of the BASEL framework, digitization of trade, education and training, and the ever-important need to maintain and grow correspondent banking partners. These concerns are much the same as mine, representing a regional bank headquartered in the Western US. Whether in the US, Africa, the Middle East or Asia, we have common challenges and a certain kinship as banks transacting global trade. What a wonderful addition the Africa Council is to our membership. A hearty welcome from myself and the rest of BAFT.

An important undertaking in June was BAFT’s Board decision that the 2020 International Convention, originally to be held in Orlando, Florida, will now be held virtually. It is a big disappointment for me not to be able to meet in person. In my despair, fellow board member Maram Al-Jazireh shared an Arabic saying, “don’t fret over a matter that may actually be in your favor”; kind of like “making lemonade out of lemons” as my mom would say. Many in our banking membership would find it difficult to attend the Convention in Florida in 2020. So, we will be “making lemonade” by presenting the International Convention virtually. Now more of us can attend while remaining in our respective geographies. My hope is we will have greater global participation in November than ever before!

In June, BAFT’s Trade Finance Workshop was successfully hosted virtually. Additionally, several content-rich webinars were held in April, May and June. BAFT will begin a new monthly series called the Virtual Executive Forum and we will continue to produce webinars on key important topics. The MENA Council will be presenting the Virtual Bank to Bank Forum in September, and the Virtual International Convention will take place in November. As the world changes, BAFT evolves with it. Many thanks to the BAFT Events team during this transformation to a virtual environment and to the many of you who contribute your time, talent, and knowledge in developing these outstanding programs.

See you virtually soon!

Mark Garfield
BAFT Chair
Head of Global Financial Institutions
Zions Bancorporation

On June 19, BAFT’s Board Chair, Mark Garfield, published his monthly communication to the wider BAFT membership.

Greetings! Firstly, I’d like to say best wishes to you and your families during this challenging and unprecedented time. I hope all of you are safe and healthy. BAFT begins its 99th year as a global banking association during unique and difficult conditions throughout the world.

As Chair of BAFT, I plan to send a monthly “Message from the Chair” to the greater BAFT membership and hope it is worthwhile to you. It is an honor to serve this great association. The role of BAFT becomes more valuable in assisting our membership in this time of isolation.

The COVID-19 pandemic has certainly altered professional work practices, societal connections, day-to-day activities and familial traditions. We, by and large within the transaction banking community, have the good fortune of working from our homes and surprisingly have discovered that it is effective and efficient.

In February, before many of the stay-at-home orders were established, I was able to visit a large pulse (peas, lentils, chickpeas) processing plant in the northwest area of the U.S. The plant employees were in a flurry of activity to prepare product for export and domestic consumption. Since that visit, demand for pulse products has increased, as noted in a March article in the New York Times. There is immense value in providing pulse products to feed the global population. In addition, the grower, harvester, processor, shipper, packager, transporter and retailer who must leave their homes each day each demonstrate their importance in keeping the food supply moving.

I recently spoke with a CEO of a large trading company who told me “the food supply doesn’t stop.” “Our employees are essential in helping the world get fed,” he said. A big thank-you to those who leave their houses each day to perform their work.

Our global banking role is a crucial link in the supply and delivery of essential products. We are the ones who finance and transact this global supply chain. Our services — collecting on behalf of our clients, making payments, converting currencies, examining documents, mitigating risks, providing capital and more — are the underpinnings of this global food supply chain. Our connectivity, collaboration and industry standards are ever important in normal times but certainly in times of challenge and change.

I look forward to this next year as we work together in facilitating trade that will culminate with the celebration of our 100th Anniversary next May. The events of today are a reminder that the work and efforts we make are essential in connecting and completing the global chain of trade.

Thanks to you all,

Mark Garfield
BAFT Chair
Head of Global Financial Institutions
Zions Bancorporation