Press Releases

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, 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.

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

BAFT Announces Future Leaders Program Class of 2024

Launched in 2015, the 2024 Future Leaders class includes 40 individuals from 16 countries representing a variety of disciplines within transaction banking around the globe.

WASHINGTON — BAFT, the leading global financial services association for international transaction banking, announced today its Future Leaders Program class of 2024. Now in its ninth year, the program recognizes upcoming talent in the global transaction banking industry.

Nominated by their respective member institutions, the class of 2024 includes 40 individuals from 16 countries across six continents representing a variety of disciplines within transaction banking.

This year’s group will be divided into five project teams to address current industry issues including developing 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.

The class of 2024 will start their program in January at the BAFT Europe Bank to Bank Forum and will conclude at BAFT’s Global Annual Meeting in May. Several Future Leaders Council members will support the current class as mentors, joining BAFT board members who will continue to serve as project sponsors.

“The continued record growth in applicants for this program underscores the value in both recognition and leadership development for tomorrow’s future leaders, and led us to expand this year’s class,” said Tod Burwell, President & CEO, BAFT. “The participants step outside of their day-to-day jobs to learn more about important industry topics and contribute a diverse perspective on how we can collectively approach them. I’m excited to hear their views on this year’s projects.”

BAFT congratulates the following individuals who were selected to this year’s program:

Tommy Babos, Barclays
Alyazia Bin Suwaidan, Commercial Bank of Dubai
Christophe Bock, Société Générale
Bridget Bonilla, BNP Paribas
Frank Burgman, Barclays
Adolfo Canales, StoneX
Christian Khouri Chalouhi, Intesa Sanpaolo
Iris Chen, ING Bank
Michael Chong, Standard Chartered Bank
Ana Laura Contelli, American International Group (AIG)
Pablo de Bacco, ANZ Banking Group
Mónica Dörr, Banco Santander
Jagoda Dul, Citibank
Amro El-Far, Arab Bank
Christopher Finan, BNY Mellon
Hilary Freedenberg, HSBC Bank
Carolina Gonzalez Marino, UBS
Petra Gross, UniCredit
Kubra Guler, Bank of America
Revina Guma, BMO (Bank of Montreal)

Sivine Halwani, JP Morgan Chase Bank
Oskar Jerrå, Skandinaviska Enskilda Banken (SEB)
Natalija Katic, Banco Santander
Jialing Li, Deloitte
Kaylee Karumanchi Lord, Bank of America
Anjana Mary Menasis, Surecomp
Antonio Muñoz, Deutsche Bank
Sarah Bachwitz Mruk, HSBC Bank
Giovanni Paolini, UniCredit
Astrid Perrin-Megret, BNP Paribas
Grayson Prickett, First Citizens Bank
Diego Puron Kelleher, Banco Mercantil del Norte (Banorte)
Maria Fernanda Quevedo, Deutsche Bank
Jose Reynoso, Umpqua Bank
Angel Spanos, PNC Bank
Cameron Stanton, Lloyds Banking Group
Amin ur Rehman, Standard Chartered Bank
Daniel Vallance, RBC Capital Markets
Patrick Wodetzki, Crédit Agricole CIB
Lianlian Zhao, BNY Mellon

About BAFT

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

BAFT Releases New White Paper on Lessons Learned from ISO 20022 Migrations

White paper analyzes several banks’ experiences with ISO 20022 Migrations, identifies lessons learned, and highlights do’s and don’ts for future migrations.

WASHINGTON, DC – BAFT, the leading global financial services association for international transaction banking, today released a new white paper, ISO 20022 Migration: Lessons Learned, which offers a deep dive into the experiences, challenges, and best practices from organizations that have successfully navigated the transition to ISO 20022.

The International Organization for Standardization (ISO) introduced ISO 20022 as a global standard for financial messaging. This migration promises greater efficiency, interoperability, and enhanced data-rich capabilities, but it also comes with its own unique challenges.

The white paper is intended to be a valuable resource for financial institutions, payment service providers, corporations, and technology vendors that are in the process of migrating to ISO 20022 or planning to do so in the near future. It provides actionable guidance and best practices to help organizations ensure a successful transition and maximize the benefits of ISO 20022 adoption.

“Implementing ISO 20022 is a complex endeavor that demands careful planning, execution and continuous improvement,” said Deepa Sinha, Vice President, Payments and Financial Crime, BAFT. “That’s why we chose to feature insights and key takeaways from industry leaders, experts and organizations that have already undergone the migration process in our white paper. We hope this will become an essential tool for those preparing for migration in the year ahead.”

The white paper covers the essential aspects of migration:

High-level Governance: Solid governance is the key to any successful project, and includes organization planning, communications, operations, technology and external engagement.
Data Strategy and Adoption: Understand the importance of data transformation and integration and how organizations have managed data harmonization during the migration. Discover how innovative technology solutions and infrastructure enhancements played a vital role in ensuring smooth transition.
Business Phasing Strategy: Explore the strategies employed by successful organizations in approaching the ISO 20022 migration, from project initiation to final execution.
Testing and Validation Strategies: Gain insights into the validation strategies and comprehensive testing methodologies that have proven effective in reducing potential disruptions.
ISO 20022 Post Implementation and Evolution: Benefit from real-world experiences, successes, and challenges encountered by organizations throughout their ISO 20022 migration journeys.

Click here to read ISO 20022 Migration: Lessons Learned. 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 Launches Advanced Trade Finance Certificate

WASHINGTON — BAFT, the leading global financial services association for international transaction banking, today announced the launch of its new Certificate in Advanced Trade Finance (CATF) which will offer an in-depth overview of the trade finance business, supply chain finance, cross-border risk, and liquidity solutions. This is a level II certificate, tailored to those with more than three years of trade finance experience.

This on-demand course, available through BAFT’s Learning Management System, will cover 11 modules that focus on a range of advanced trade finance topics, including:

Managing and mitigating emerging market and other cross-border risks;
Understanding the links between supply chain finance and procurement;
Understanding inventory finance;
Secondary markets, insurance and asset distribution in trade and supply chain finance;
Advanced financial crimes, compliance and fraud in supply chain finance;
Digital trade and trade financing;
Best practices in trade and supply chain finance operations;
ESG and sustainable trade finance;
Deep-tier supply chain finance and addressing the trade finance gap;
Nonbank providers of trade and supply chain finance; and
Trade finance and supply chain finance from the corporate and commercial practitioners’ point of view.

“BAFT is dedicated to promoting best practices in international transaction banking and serving as a trusted authority within the industry,” said Scott Stevenson, Senior Vice President of Trade for BAFT. “CATF reflects this commitment by offering a curriculum that is both relevant and up-to-date, exceptional in quality of content and delivery, and ensures participants are well prepared to navigate the complexities of the global trade landscape.”

The courses will be led by Craig Weeks, an independent banking consultant with more than 30 years of experience in trade finance, supply chain, and transacting banking operations, and Alexander Malaket, a consultant in international trade, trade financing, trade-related international development and sustainability/ESG.

The course will take between 12 to 15 hours of study to complete and participants must pass a final assessment to be certified.

Learn more about the new Certificate in Advanced Trade Finance and contact [email protected] with any inquiries.

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