BAFT Congratulates Graduates of the 2024 Future Leaders Program

May 7, 2024 by Sarah Myers

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, 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.

May 7, 2024 by Sarah Myers

Officially announced at the 2024 Global Annual Meeting, BAFT is honored to recognize the following individuals as Ambassadors of the Year for their invaluable contribution to the association and for continuously driving the mission and vision forward.

Kenneth Wong, Director, Global Transaction Banking, TD Bank
Renata Vilanova Lobo, Managing Director & Global Clearing Head of Payments, JP Morgan
Amy Sahm, Senior Vice President and Manager, International, Fulton Bank
Brian Gordon, Senior Vice President and Manager, International Banking, Commerce Bank

Ambassador of the Year Honorees are individuals representing member organizations recognized by BAFT on an annual basis. Following nomination submissions, annual honorees are chosen through a weighted voting process by BAFT staff.

We would like to thank each of the award recipients for their dedication and recognize their organization’s commitment to the advancement of transaction banking.

Honorees received their official awards at the 2024 Global Annual Meeting.

May 7, 2024 by Sarah Myers

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

May 6, 2024 by Sarah Myers

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

May 6, 2024 by Sarah Myers

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

April 4, 2024 by Sarah Myers

Hear from Deepa Sinha, VP Payments & Financial Crimes at BAFT on the transforming payments industry and the key topics to look for.

Via Trade Finance Global by Deepa Sinha

The payments industry is undergoing a profound transformation, fuelled by technological advancements, shifting consumer expectations, and regulatory developments.

ISO implementations, instant and real-time Payments, digital currencies, regulatory compliance, and financial crime concerns are all on the top of the agenda this year and for the near future.

As we navigate this complex ecosystem, it’s essential to reflect on the lessons learned, anticipate future challenges, and embrace opportunities for innovation. In this thought leadership article, we look at key initiatives and insights shaping the payments landscape, drawing from recent publications by BAFT (Bankers Association for Finance and Trade).

ISO 20022 Migrations: Lessons Learned

In January 2024, BAFT released a white paper highlighting lessons learned from ISO 20022 migrations. The adoption of ISO 20022, a global messaging standard for financial transactions, represents a significant milestone in modernising payment systems worldwide.

However, the migration process comes with its share of challenges, including technical complexities, data mapping issues, and coordination among stakeholders.

The paper’s target audience are those banks who have not yet started their ISO migration journey, or those who are in the middle of it. The paper is the collaborative work of several banks’ experiences to guide others through these challenges.

A key insight from the white paper highlights the significance of robust project management and the need for effective collaboration among institutions.

Effective communication and coordination help mitigate risks and ensure a smooth transition to ISO 20022 standards. Additionally, investing in training and education for staff members is vital to enhance awareness and proficiency in handling the new messaging format.

Uneven regulations in the payments industry

Despite the progress made in standardisation, regulatory frameworks governing the payments industry remain fragmented and uneven. BAFT is actively engaged in addressing these regulatory disparities to foster a more cohesive and transparent environment for payments players, including banks and non-bank financial institutions.

By advocating for harmonised and even regulations across jurisdictions, and among banks and non-bank financial institutions, BAFT aims to facilitate collaboration and promote financial inclusion on an even playing field for all.

The payments roadmap and G20 initiatives

BAFT’s Payments Roadmap aligns with the priorities outlined by the G20 to enhance the efficiency, resilience, and security of payment systems globally. This strategic initiative encompasses a range of objectives, including promoting interoperability, leveraging emerging technologies, and enhancing cybersecurity measures.

By aligning with G20 initiatives, BAFT seeks to drive consensus and collaboration among policymakers, regulators, and industry stakeholders. It is also the first of its kind as a collaborative effort among banks to outline their payments initiatives in place now, and what they have planned in the near future.

Digital currencies and financial crime concerns

The proliferation of digital currencies presents both opportunities and challenges for the payments industry. BAFT is actively researching the implications of digital currencies on financial crime prevention and compliance measures. As digital payment methods gain traction, concerns about money laundering, terrorist financing, and fraud have become more pronounced.

BAFT’s white paper on Digital Currencies and Financial Crimes, which will be published by summer 2024, will aim to provide insights into mitigating risks associated with the adoption of digital currencies.

By leveraging advanced analytics, artificial intelligence, and blockchain technology, financial institutions can enhance their ability to detect and prevent illicit activities. Moreover, collaboration between the public and private sectors is essential to develop robust regulatory frameworks that balance innovation with security.

ISO 20022 Migrations: Guidance and best practices

As a sequel to the lessons learned paper, BAFT is developing a guidance and best practices white paper, which will include use cases, for ISO 20022 migrations to support financial institutions throughout the transition process.

This comprehensive resource will offer practical insights into data mapping, testing procedures, and change management strategies. By leveraging the collective expertise of industry stakeholders, BAFT aims to provide a guide to facilitate a seamless migration to ISO 20022 standards.

Sanctions: Lessons learned

In its ongoing commitment to fostering best practices and enhancing compliance standards within the financial industry, BAFT will release a groundbreaking white paper focusing on “Sanctions: Lessons Learned.”

This publication will serve as a guide, drawing from real-world experiences and case studies, to illuminate the complexities and nuances surrounding sanctions compliance.

The new guide will take insights and best practices and focus on providing financial institutions with knowledge and practical strategies to manoeuvre through the constantly changing sanctions regulations landscape.

From mitigating risks associated with sanctions violations to implementing robust compliance frameworks, this white paper will offer guidance for industry professionals striving to uphold the highest integrity and regulatory compliance standards.

Key drivers for shaping the future of payments

The payments industry is undergoing a period of unprecedented change, driven by technological innovation, regulatory reform, and evolving customer preferences. As we navigate this dynamic landscape, collaboration, innovation, and adaptability are essential to driving progress and ensuring the resilience of payment systems.

By harnessing insights from these various white papers, and fostering collaboration and cooperation, financial institutions can navigate challenges, capitalise on opportunities, and shape the future of payments. Together, we can build a more inclusive, efficient, and secure payments ecosystem that meets the needs of a rapidly evolving digital economy.

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