This guide examines the state of trade finance, focusing on the two core trade products — letters of credit and documentary collections. It highlights some innovations that have been adopted and explains the hurdles that still prevent wholesale digitalization of global trade finance.
Underwritten by MUFG, a long-standing BAFT member, the guide includes input from our very own Scott Stevenson, SVP for Trade, and Deepa Sinha, VP for Payments and Financial Crime.
WASHINGTON — BAFT, the leading global financial services association for international transaction banking, today announced the launch of its new Certificate in Foreign Exchange (CFX), which includes a series of eight courses that offer an overview of a financial institution’s foreign exchange department and services. The certificate is tailored for junior to intermediate level transaction banking professionals, as well as those who have already completed the Certificate in Introductory Transaction Banking.
This course will provide an understanding of the foreign exchange market, what foreign exchange products are most commonly used by financial institutions, and a working knowledge of foreign exchange as it pertains to a client’s business, including global differences and risk and compliance concerns. Participants will also review the importance of complying with local country regulations that restrict payments to certain parties in a transaction.
“As a finance professional with more than 20 years of progressive responsibilities in both banking and corporate treasuries, I know that foreign exchange is a complex business,” said Deepa Sinha, vice president of payments and financial crime, BAFT. “This comprehensive new certification will provide other transaction banking professionals with the skills and expertise necessary to master this important area of industry focus.”
The courses will be led by Matt Porio, a recognized foreign exchange expert who has worked with top international financial institutions within the risk management, investment management and financial products areas. Porio is an adjunct professor of finance at the University of Connecticut and Sacred Heart University in Fairfield, Conn.
The certificate courses will be available through BAFT’s Learning Management System and take about 15 hours of study to complete.
Click here for more information on the Certificate in Foreign Exchange.
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 in a wide range of topics affecting transaction banking, including trade finance, payments, and compliance.
WASHINGTON — BAFT, the leading global financial services association for international transaction banking, today announced its Future Leaders Program Class of 2023. Now in its eighth year, the program recognizes upcoming talent in the global transaction banking industry.
Nominated by their respective institutions, the class of 2023 includes 38 individuals from 20 countries spanning six continents. Those recognized represent a wide range of disciplines within transaction banking.
This year’s group will be divided into five project teams to address current industry issues and priorities including developing a hub banking concept, banking in the metaverse, sustainability, fraud in trade finance, and a future of transaction banking business model.
The class of 2023 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 Leader council members will support the current class as mentors, joining BAFT board members who will continue to serve as project sponsors.
“We are excited to welcome another diverse class of transaction banking professionals to the Future Leaders program,” said Tod Burwell, president and CEO, BAFT. “It has been wonderful to see the program grow and to watch as its 220 alumni find ways to give back to the industry by serving as the next generation of transaction banking leaders.”
BAFT congratulates the following individuals who were selected to this year’s program:
Learn more about BAFTs Future Leader Program here.
About BAFT
BAFT is the leading global forum for bringing the financial community, its solution providers and stakeholders together to collaborate on defining best market practices that facilitate efficient delivery of trade and cash management products and service offerings for their clients. The association website is www.baft.org.
The agreement formalizes an existing relationship with BAFT that supports small business exporters by reducing barriers to accessing capital
WASHINGTON – Today, Administrator Isabella Casillas Guzman, head of the U.S. Small Business Administration (SBA) and the voice for America’s 33 million small businesses in President Biden’s Cabinet, announced the signing of the Strategic Alliance Memorandum (SAM) with BAFT (Bankers Association for Finance and Trade,) the leading global financial services association for international transaction banking, which will formalize the SBA’s existing relationship with the association. BAFT and SBA strive to tackle challenges both lenders and small businesses face when seeking the trade financing that is essential to international trade. Together, the SBA and BAFT will work to educate small businesses and their lenders on the export financing solutions available in the marketplace.
“SBA’s new agreement with BAFT recognizes the impact and ingenuity of our small business exporters and the important role our lending partners play in funding their growth,” said Administrator Guzman. “Our joint efforts to strengthen resources to BAFT members, and increase the number of lenders offering SBA international trade products, will expand access to capital and help deliver on the Biden-Harris Administration’s commitment to create opportunities for small businesses and strengthen our economy for all of us.”
“Financing is an important element in helping small businesses expand their customer base internationally and has been a persistent challenge,” said Tod Burwell, President and CEO of BAFT. “SBA is helping to ease that challenge, and with the leverage of the global BAFT network, we hope to collectively make a positive difference.”
Through its Office of International Trade, the SBA works to support small and midsized exporters with a goal of increasing both the number of businesses exporting and the dollar value of those exports. This work is done across the Agency by offering access to education and technical assistance, access to capital, and trade policy to support market access for small businesses.
BAFT serves as a worldwide forum for analysis, discussion, and advocacy in international financial services and provides support to members that are active in trade finance, supply chain finance, credit insurance, and export credits. Specifically, BAFT is the voice of the global trade finance community. In addition to tracking strategic global trade policy developments, BAFT provides practical guidance papers and tools including standardized legal documentation as well as a forum for discussion on topical trade finance challenges.
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About the U.S. Small Business Administration
The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.
About the Bankers Association for Finance and Trade
BAFT is the leading international financial services association whose membership includes large global and regional banks, service providers, and fintech companies headquartered around the world. BAFT provides advocacy, thought leadership, education, and a global forum for its members in transaction banking, including international trade finance and payments. For over 100 years, BAFT has expanded markets, shaped policy, developed business solutions, and preserved the safety and soundness of the global financial system. Learn more at www.baft.org.
WASHINGTON – BAFT, the leading global financial services association for international transaction banking, today announced the publication of a new whitepaper, “Perspectives on Evaluating Potentially Unusual Vessel Behavior.”
While banks offering trade finance products likely have a working knowledge of shipping documentation, staff may be less familiar with the details surrounding the maritime shipping industry. This can pose challenges when shipments or transactions are flagged as unusual and compliance issues arise. This paper aims to provide bankers with a rudimentary understanding of maritime shipping and the compliance risk associated with this space.
“Our goal is to increase awareness of the risks associated with ocean-going vessels and their potential nexus to financial crimes,” said Scott Stevenson, senior vice president of trade for BAFT. “We hope financial institutions will use the guidance to examine the inherent risk in their trade portfolios, evaluate the need for control adjustments and even innovate new risk mitigation techniques.”
The paper was produced by BAFT’s Trade Compliance Working Group, a subset to the BAFT Trade Compliance Committee, whose membership includes a wide range of banks, law firms and fintech providers.
“This publication was produced as part of BAFT’s ongoing commitment to thought leadership, best practices and education. It is through such efforts by our committees that the transaction banking industry benefits as a whole,” Stevenson said.
To read “Perspectives on Evaluating Potentially Unusual Vessel Behavior” please visit BAFT’s Library of Documents under BAFT Guidance and Industry Practice section at www.BAFT.org.
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.
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