BAFT Jointly Publishes Paper on the SCF Payables Finance Technique

February 24, 2020 by Jessica Moore

On February 13, 2020, the Global Supply Chain Finance Forum (GSCFF) made up of the major global associations representing the trade finance market including BAFT, FCI, the ICC, the ITFA and the EBA, published a Payables Finance white paper to allay concerns and clarify what Payables Finance is and how it works.

BAFT, a member of the Global Supply Chain Finance Forum (GSCFF), jointly published with its forum partners the EBA, FCI, the ICC and the ITFA the white paper titled Payables finance-how it helps global supply chains. The white paper is a factsheet from the GSCFF that explains the SCF Payables Finance technique-how it works and why, and when appropriately used, how it benefits supply chain buyers and suppliers.

To view the white paper, visit our Library of Documents under the White Papers section.

February 5, 2020 by Jessica Moore

On January 21, 2020, BAFT and other industry associations responded to the Consumer Financial Protection Bureau’s Notice of Proposed Rulemaking that would amend the Remittance Rule.

BAFT jointly with The Clearing House, the Consumer Bankers Association, and the American Bankers Association, submitted a comment letter to the US Consumer Financial Protection Bureau (CFPB) supporting it proposed amendments to the remittance rule. The amendments would create two new exceptions—one for exchange rates and one for fees—allowing banks to continue to rely on estimates when providing disclosures to customers. The CFPB proposed the amendments in response to concerns voiced earlier by the banking associations regarding the expiration in July 2020 of the rule’s existing temporary exception. Also in the joint comment letter, BAFT encouraged the CFPB to make greater use of the rule’s existing permanent country exception, which allows estimation of disclosures for remittance transfers to certain countries where exact amounts can be particularly difficult to determine. These changes would permit banks to continue to serve the needs of their customers who wish to initiate remittance transfers directly from their depository accounts.

To view the joint letter, visit our Library of Documents under the Comment Letters section.

January 13, 2020 by Jessica Moore

On January 13, 2020, BAFT announced the Future Leaders Program class of 2020, with 32 individuals from member institutions representing 14 different countries.

WASHINGTON — BAFT, the leading global trade association for transaction banking, announced today its Future Leaders Program Class of 2020. The program – now in its fifth year – recognizes upcoming leaders in the transaction banking industry.

Nominated by their respective institutions, the class of 2020 includes 32 individuals from 14 countries across a variety of disciplines within transaction banking. There are seven member institutions participating for the first time in 2020. This year’s group will be divided into four project teams to address current industry issues including the impacts of SWIFTgpi, the profitability of sustainable finance, IBOR transitions and faster payments systems.

“BAFT is proud to welcome yet another impressive class of transaction banking professionals to the Future Leaders program,” said Tod Burwell, president and CEO, BAFT. “It’s an honor to be recognized by your institution as a leader in the industry, and we look forward to supporting program participants as they work together to address some of the most pressing issues facing transaction banking.”

The class of 2020 will begin the program at BAFT’s Global Annual Meeting-Europe in Frankfurt, Germany and will conclude in May at the BAFT 2020 North America Annual Meeting in Orlando, Florida. Several future leader council members will support the current class as mentors, joining BAFT board members who will again serve as project sponsors.

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

Suzan Al (Imam) Husseini, Arab Bank
Caitlin Blasi, CoBank
Carine Cremona, Banque Libano Francaise
Carla Dodds, Banco Santander
Fadel Elassa, Standard Chartered Bank
Maria I Galvez, BBVA
Brian Goldwasser, Commerzbank
Andrew Hale, ANZ Banking Group
David Hehlen, UBS
Lewis Heptonstall, Wells Fargo Bank
Adrian Hofer, Credit Suisse
Venkata P Javaji, Visa
Tarun Khosla, Citibank
Kamna Krishnan, BMO
Alfred Lam, Shanghai Commercial Bank
Jing Wei Joel Lim, Bank of America
Steven Liu, HSBC
Lynn Malka, J.P. Morgan
Tania Markovic, Royal Bank of Canada
Lee Phahladira, Rand Merchant Bank
Harro Prins, ING Bank
Luis Quilico, UniCredit
Alexander Rakhmanin, Société Générale
Yasminie Ramos, Barclays
Harsh Shah, Deloitte Transactions and Business Analytics
Terence Tan, BNY Mellon
Akshat Tiwari, MUFG
Huy Tran, BNP Paribas
Niels Brand Van Duinen, INTL FCStone
Michael Walker, Finastra
Hebe Wildi, Lloyds Banking Group
Hoor Yar, Deutsche Bank

Learn more about BAFTs Future Leader Program here.

January 10, 2020 by Jessica Moore

On January 3, 2020, BAFT responded to the European Commission’s Public Consultation on Implementing the Final Basel III Reforms in the EU.

As the European Union begins the process of developing a Commission proposal to implement the final Basel III reforms ahead of the 2020 deadline, BAFT encouraged the Commission to take into consideration the impact on trade activities and consider utilizing discretion when implementing the Basel III framework. The response to the consultation follows a meeting BAFT held on October 31, 2019 with the European Commission to preview BAFT’s trade finance priorities for the implementation of the final Basel III package.

BAFT’s Europe Council’s Basel working group will remain engaged in the coming months. For further information, please contact Diana Rodriguez, Senior Director of International Policy, at [email protected].

To view the BAFT response visit our Library of Documents under the Comment Letters section.

December 19, 2019 by Jessica Moore

We commend congressional leaders for including EXIM reauthorization in the year-end government funding legislation. Bipartisan passage of this seven-year reauthorization, the longest ever in EXIM history, heralds a new era for the agency.

WASHINGTON — BAFT, the leading global trade association for transaction banking, applauds Congress for passing government funding legislation that includes a seven-year reauthorization of the Export-Import Bank (EXIM). BAFT President and CEO, Tod Burwell issued the following statement:

“We commend congressional leaders for including EXIM reauthorization in the year-end government funding legislation. Bipartisan passage of this seven-year reauthorization, the longest ever in EXIM history, heralds a new era for the agency. Since EXIM was last reauthorized, foreign export credit agencies have continued to grow and expand the scope of their work. Passing a long-term reauthorization, which includes alternative procedures during a Board quorum lapse, provides market certainty, supports U.S. jobs, and ensures that American companies can compete globally. Our member banks work with EXIM to fill required financing gaps, and ensure the availability and affordability of trade finance for businesses of all sizes. We look forward to partnering with EXIM to deliver trade finance products that are crucial to international commerce and the growth of the U.S. economy.”

Media should contact Blair Bernstein at [email protected] for any inquiries.

December 17, 2019 by Jessica Moore

Europe’s leading bank-to-bank forum to be held Jan. 13-15 in Frankfurt, Germany.

WASHINGTON — From high-level sessions featuring global transaction banking leaders to a showcase highlighting emerging platforms in the cross-border international payments space, BAFT’s 2020 Global Annual Meeting – Europe will bring together more than 250 senior banking and financial services professionals for Europe’s leading bank-to-bank forum. During the conference – which will be held Jan. 13-15, 2020 in Frankfurt, Germany – leading experts will address the most important topics and trends that will shape the banking industry in the coming decade.

The three-day event will feature a keynote address by Dr. Beata Javorcik, chief economist of the European Bank for Reconstruction and Development (EBRD), who will examine the key changes affecting international trade in the next 10 years. In addition, a keynote fireside chat featuring Yves Mersch, member of the executive board and vice chair of the supervisory board of the European Central Bank, will look at the future of the European banking industry and key issues for European banks in the next decade.

This year’s conference co-chairs are Ulf-Peter Noetzel, chairman of trade finance-financial institutions at Deutsche Bank and Stephen Everett, head of payments and global transaction banking at Lloyds Banking Group. As co-chairs Noetzel and Everett lead discussions with fellow committee members to determine content and set programming for the conference.

“Frankfurt is the ideal location to host the 2020 Global Annual Meeting given the city’s established financial sector, and the increasing role it is playing on the continent with major banks moving staff to the city after the announcement of Brexit,” said Noetzel.

“In hosting this conference, BAFT plays a tremendously important role bringing together Europe’s leading bankers to discuss the future of the European banking industry,” said Everett.

The conference will feature more than 13 sessions covering cross-border payments, trade finance, IBOR transition, compliance, instant payments, cybersecurity, transaction banking and more.

In cooperation with Global Finance, the conference will close with the awards ceremony for the Trade and Supply Chain Finance Awards 2020 presented by Global Finance. Global Finance will name the best bank for trade finance globally and eight global regions, as well as the best banks in various service categories, such as document management and export finance. The supply chain finance awards will include winners in nine global regions, as well as global winners for supply chain financing, customer implementation, and other categories.

For the first year, the entirety of the Global Annual Meeting-Europe is open to members of the press. Media should contact Blair Bernstein at [email protected] in order to register for the event.

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