Press Releases

BAFT Announces New Vice President of International Policy

WASHINGTON – BAFT, the leading global financial services association for international transaction banking, has named Andrew Price as its new vice president of international policy. Price will lead the association’s international policy advocacy efforts and relevant councils and committees.

“We are delighted to welcome Andrew to the BAFT team,” said Tod Burwell, President & CEO of BAFT. “His legal background coupled with his international advocacy experience will serve him well in this role and we look forward to working alongside him.”

Prior to joining BAFT, Price was senior vice president of advocacy and general counsel for the World Council of Credit Unions. In that role, he led the group’s global advocacy before various international standard setting bodies, including the Basel Committee, Financial Stability Board, Financial Action Task Force, and others. He simultaneously served as an adjunct professor for Florida State University’s College of Law. Price also held positions with the Credit Union National Association, First Commerce Credit Union in Tallahassee, Fla. and the state’s Office of Financial Regulation.

Price earned his bachelor’s degree from the University of Central Florida and his J.D. from Nova Southeastern University.

About BAFT

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.

BAFT Media Contact:
Blair Bernstein
Senior Director, Public Relations
[email protected]
+1 (202) 663-5468

BAFT Congratulates Graduates of the 2024 Future Leaders Program

WASHINGTON – BAFT, the leading global financial services association for international transaction banking, today announced the graduates of its Future Leaders program class of 2024. The program – now completing its ninth year – recognizes upcoming leaders in the global transaction banking industry. The Future Leader graduates were honored at an in-person ceremony in Orlando on May 7 as part of BAFT’s 2024 Global Annual Meeting.

Nominated by their respective institutions, the class of 2024 included 39 individuals from 16 countries across six continents representing a variety of disciplines within transaction banking. This year’s group was divided into five project teams to address current industry issues and priorities including a resource guide for digitization in trade, a client due diligence questionnaire for ESG, harnessing the power of generative language models to transform transaction banking, B2B payments and the G20 FSB payments report, and human resources challenges post pandemic.

“Congratulations to the graduates of the Class of 2024 Future Leaders,” said Tod Burwell, president and CEO, BAFT. “We are thankful for your contributions and for the opportunity to play a small role in helping expand your engagement across the industry. We look forward to seeing your continued leadership growth.”

BAFT congratulates the following graduates from the class of 2024:

Adolfo Canales, StoneX
Alyazia Bin Suwaidan, Commercial Bank of Dubai
Amin ur Rehman, Standard Chartered Bank
Amro El-Far, Arab Bank
Ana Laura Contelli, American International Group (AIG)
Angel Spanos, PNC Bank
Anjana Mary Menasis, Surecomp
Antonio Muñoz, Deutsche Bank
Astrid Perrin-Megret, BNP Paribas
Bridget Bonilla, BNP Paribas
Cameron Stanton, Lloyds Banking Group
Carolina Gonzalez Marino, UBS
Christian Khouri Chalouhi, Intesa Sanpaolo
Christophe Bock, Société Générale
Christopher Finan, BNY Mellon
Daniel Vallance, RBC Capital Markets
Diego Puron Kelleher, Banco Mercantil del Norte SA (Banorte)
Frank Burgman, Barclays
Giovanni Paolini, UniCredit
Grayson Prickett, First Citizens Bank
Hilary Freedenberg, HSBC Bank USA
Iris Chen, ING Bank N.V.
Jagoda Dul, Citibank
Jialing Li, Deloitte
Jose Reynoso, Umpqua Bank
Kaylee Karumanchi Lord, Bank of America
Kubra Guler, Bank of America
Lianlian Zhao, BNY Mellon
Maria Fernanda Quevedo, Deutsche Bank
Michael Chong, Standard Chartered Bank
Mónica Dörr, Banco Santander
Natalija Katic, Banco Santander
Oskar Jerrå, Skandinaviska Enskilda Banken (SEB)
Pablo de Bacco, ANZ Banking Group
Patrick Wodetzki, Crédit Agricole CIB
Petra Gross, UniCredit
Sarah Bachwitz Mruk, HSBC Bank USA
Sivine Halwani, JP Morgan Chase Bank
Tommy Babos, Barclays

For more information on the Future Leaders program, including eligibility requirements, timing, and access to the project team research papers, please visit BAFT.org. The application submissions for the class of 2024 will start in late summer/early fall.

About BAFT

BAFT Launches New Women in Transaction Banking Initiative at 2024 Global Annual Meeting

WASHINGTON —BAFT, the leading global financial services association for international transaction banking, today launched its groundbreaking Women in Transaction Banking (WTB) initiative during its 2024 Global Annual Meeting in Orlando.

The BAFT WTB initiative was established to promote gender diversity and inclusion within the transaction banking industry. The program, which aims to foster an environment where women can thrive and excel, will provide a platform for networking, mentorship, and professional development opportunities tailored specifically for women in transaction banking.

“At BAFT, we recognize the importance of gender diversity in driving innovation and success in the transaction banking sector,” said Deepa Sinha, vice president, payments & financial crimes, BAFT. “The launch of the Women in Transaction Banking initiative reaffirms our dedication to advancing the careers of women professionals in our industry and creating a more inclusive and equitable future.”

The program’s unveiling was held during the BAFT Global Annual Meeting, as it brings together industry leaders, policymakers, and stakeholders from around the world to discuss the latest trends, challenges, and opportunities in transaction banking.

As part of the WTB initiative, BAFT will organize a series of networking events, webinars, and a robust mentorship program designed to connect women in transaction banking and enhance their industry-relevant skills. Additionally, WTB will collaborate with member institutions and industry partners to drive meaningful change and promote gender equality throughout the transaction banking ecosystem.

“We are excited to launch the Women in Transaction Banking initiative and look forward to working closely with our members and partners to advance the representation and leadership of women in our industry,” Sinha said.

For more information about the Women in Transaction Banking initiative and other BAFT programs and initiatives, please visit the BAFT website at www.baft.org.

About BAFT

BAFT Media Contact:
Blair Bernstein
Senior Director, Public Relations
[email protected]
+1 (202) 663-5468

BAFT Reelects BNP Paribas’ Suresh Subramanian to Lead Board of Directors

WASHINGTON — BAFT, the leading global financial services association for international transaction banking, has announced that Suresh Subramanian of BNP Paribas will serve a second term as the chair of its board of directors for the 2024-2025 association year.

Subramanian is managing director and head of transaction banking for the Americas at BNP Paribas. Based in New York, Subramanian is responsible for business strategy, product management and sales across North and South America.

“It continues to be an honor to serve as chair of the board to support the important initiatives put forth by the members of BAFT. I am proud of the work done by the Board this past year and hope to build on the momentum that has been created by my fellow officers and board members.”

Subramanian has held several roles throughout his 30-year tenure with BNP Paribas including lead positions in New York, Paris and India for transaction and corporate banking. He also serves on several boards and committees within the bank, including as a member of the Leadership Committee for CIB Americas, a member of the Global Strategic Board for Transaction Banking and Correspondent Banking, a member of the Asset and Liability Committee for CIB Americas, and the Executive Champion for the bank’s Asian Business Networking Group.

Also re-elected to serve on the BAFT board as officers were :

Vice Chair: Nick Smit, ING
Secretary / Treasurer: Michelle Knowles, ABSA

Other directors include:

Maram Al-Jazireh, Arab Bank
Eddy Almonte, Bank of America
Rana Beydoun, Commercial Bank of Dubai
Tod Burwell (CEO), BAFT
Dyanne Carenza, Scotiabank
Mark Doctoroff, MUFG
Derryn Faure, Investec
Brian Gordon, Commerce Bank
Patrick Havander, Visa
Rob Hostler, Citi
Maurice Iskandar, Banque Libano-Française
Ayaz Kamlani, First Abu Dhabi Bank
John Kinyangi, Standard Bank Group
George Lee, Standard Chartered Bank
Vanessa Lin, BNY Mellon
Jean-Francois Mazure, Société Générale
Sriram Muthukrishnan, DBS Bank
Julie Patterson, National Bank of Australia
Amy Sahm, Fulton Bank
Sabry Salman, Barclays
Dean Sposito, Deutsche Bank
Peter Zotos, JPMorgan Chase

About BAFT

BAFT Media Contact:
Blair Bernstein
Director, Public Relations
[email protected]
+1 (202) 663-5468

BAFT White Paper Explores Uneven Regulations in the Payments Industry

WASHINGTON – BAFT, the leading global financial services association for international transaction banking, today released a new white paper, “Uneven Regulations in the Payments Industry.” The paper sheds light on the disparities and challenges in regulatory frameworks governing the global payments landscape.

This comprehensive publication offers a deep dive into the complexities of payment regulation and its implications for financial institutions, fintech firms, regulators, and consumers alike.

“In an era of rapid technological advancement and evolving payment methods, the regulatory environment has struggled to keep pace, resulting in a patchwork of regulations across jurisdictions,” said Deepa Sinha, vice president for payments & financial crimes, BAFT. “BAFT’s white paper serves as a vital resource for industry stakeholders seeking to navigate this complex regulatory landscape and advocate for greater harmonization and standardization.”

Key highlights of the white paper include:

Overview of Payment Regulations: It examines the diverse approaches taken by regulatory bodies in different jurisdictions around the world. From traditional banking regulations to emerging fintech regulations, it analyzes the regulatory frameworks governing various payment instruments, including cards, digital wallets, real-time payments, and cross-border transactions.
Challenges and Inconsistencies: The paper explores the fragmentation, duplicative requirements, and conflicting mandates in existing regulation that hinders interoperability and innovation in the payments ecosystem.
Impact on Market Participants: It offers an analysis of the compliance burden, operational costs, and market access barriers imposed by divergent regulatory requirements and how these uneven regulations impact financial institutions, fintech firms, payment service providers and consumers. It also discusses the implications for competition, consumer protection, and financial inclusion in an increasingly globalized payments landscape.
Regulatory Convergence: The paper takes a closer look at potential pathways for collaboration among regulatory bodies at the domestic, regional, and international levels.
Industry Recommendations: It provides an outline of strategies and practical recommendations to promote regulatory convergence, streamline compliance processes, and enhance the efficiency and effectiveness of payment regulation.
Call to Action: Lastly, it includes a push for industry stakeholders to work towards an inclusive, competitive, and fair environment in which consumers will effectively benefit from a broad and safe offering, while still maintaining provider profitability and sustainability.

Click here to read BAFT’s Uneven Regulations in Payments. The white paper is also available within BAFT’s Library of Documents under the Guidance and Industry Practices section.

About BAFT

BAFT Media Contact:
Blair Bernstein
Senior Director, Public Relations
[email protected]
+1 (202) 663-5468

BAFT and TFG Launch a Comprehensive Letter of Credit Guide

Washington D.C, February 27, 2024: Trade Finance Global (TFG) and BAFT (the Bankers Association for Finance and Trade) are excited to announce a jointly produced guide on Letters of Credit.

“Everything you need to know about Letters of Credit: A comprehensive guide to Documentary Credits” was launched at the BAFT International Trade and Payments Conference on February 27, in Washington D.C. You can find out more about the conference by following the link here: 2024 International Trade and Payments Conference

In a world where global trade is constantly shaped by shifting economic conditions and geopolitical uncertainties, Letters of Credit stand out as a reliable source of security and trust. With interest rates remaining “higher-for-longer” and financial access tightening for businesses worldwide — coupled with increasing logistics costs, supply chain challenges and geopolitical instability — the need for clear guidance on Documentary Credits has never been more critical.

While Letters of Credit are one of the most vital tools used in international trade, their complexity can create confusion among many practitioners. Recognizing the need to demystify this essential trade finance instrument, TFG and BAFT have come together to craft a guide that not only clarifies the basics of Letters of Credit but also breaks down further intricacies of when to use certain documents.

The aim is to broaden the understanding and use of this tool, removing barriers and fostering a more inclusive global trade environment. The guide is the result of a collaborative effort, drawing on the insights and experiences of industry veterans. Special thanks go to David Meynell, Pradeep Taneja, Deepesh Patel and Scott Stevenson for their contributions, and to the BAFT Commercial Letters of Credit Committee, who have made this publication possible.

Deepesh Patel, Editorial Director, Trade Finance Global said, “Letters of Credit are a vital tool for businesses to manage risk and facilitate trade. There is a strong demand for these financial instruments across many industries all around the world, and these financial guarantees remain crucial during times of uncertainty, changing trade corridors and risk.

“TFG are very excited to publish this important guide with BAFT at the Trade & Payments conference. We continue to break down the barriers in trade, treasury and payments, which is why we’ve launched this educational guide, for free. We want to thank all of the contributors, and especially BAFT for their help in producing this guide. We expect this guide to serve as a focal point for trade finance practitioners for years to come.”

“As the leading global forum for the transaction banking industry and their clients, BAFT is pleased to collaborate with TFG in the publication of this Documentary/Letter of Credit Guide,” said Scott Stevenson, senior vice president of trade, BAFT. “Documentary credits can be complex financial instruments involving multiple parties and intricate terms and conditions. This guide provides clarity and helps all parties, both banks and their corporate and SME clients, understand their rights, obligations and the procedures to follow. Overall this guide is a valuable tool for promoting transparency, efficiency, compliance, and trust in international trade transactions, thereby facilitating smoother and more secure trade relationships between parties across borders.”

Click here to read The BAFT and TFG Comprehensive Letters of Credit Guide. The white paper is also available within BAFT’s Library of Documents under the Guidance and Industry Practices section.

About BAFT

BAFT Media Contact:
Blair Bernstein
Senior Director, Public Relations
[email protected]
+1 (202) 663-5468

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