Comment on Proposed ISO 20022 Harmonization Requirements for Cross-Border Payments

by

The Clearing House Payments Company L.L.C. (“TCH”), the American Bankers Association (ABA), and BAFT (Bankers Association for Finance and Trade) (together the “Associations”) submitted a joint comment letter on the proposed ISO 20022 harmonization requirements for enhancing cross-border payments (the “Proposed Harmonization Requirements”) issued by the Committee on Payments and Market Infrastructures (“CPMI”).

The Associations are supportive of the G20 effort to enhance cross-border payments and understand the important benefits that common messaging standards, especially for the ISO 2022 format, could provide for cross-border payments.

At the same time, we believe there are many practical considerations that must be taken into account when developing standards and that without the appropriate balance of flexibility and uniformity, standards can have unintended consequences. We are concerned that overall the Proposed Harmonization Requirements have not struck the right balance and, if finalized and mandated in their current form, would make cross-border payments slower, more expensive, and less accessible than they are today.

Read and/or download the full comment letter below.

READ MORE HERE >

by

WASHINGTON – BAFT, the leading global financial services association for international transaction banking, today announced the graduates of its Future Leaders program class of 2023. The program – now completing its eighth year – recognizes upcoming leaders in the global transaction banking industry. The Future Leader graduates were honored at an in-person ceremony in San Francisco on May 2 as part of BAFT’s 2023 Global Annual Meeting.

Nominated by their respective institutions, the class of 2023 included 38 individuals from 20 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 developing a hub banking concept, banking in the metaverse, sustainability, fraud in trade finance, and a future of transaction banking business model.

“Congratulations to the 2023 graduating class of Future Leaders,” said Tod Burwell, president and CEO, BAFT. “We are grateful for your impactful work and know that you will continue to drive the transaction banking industry forward through your leadership.” 

BAFT congratulates the following graduates from the class of 2023:

  • Adriana Seidl, Deutsche Bank AG
  • Adrien Laniau, Société Générale
  • Ahmad Muhaisen, Arab Bank
  • Ambar Mardikar, Scotiabank
  • Amresh Jagessar, ING Bank N.V.
  • Anathi Mkhize, ABSA CIB
  • Anna Ries, UniCredit S.p.A.
  • Beatrice Cheng, Standard Chartered
  • Celina Andrioti, JP Morgan
  • Charlotte Fryer, JP Morgan
  • Colin Allshouse, Bank of America
  • Dipika Surana, Bank of America
  • Elcin Onat, Citibank
  • Haitham Hassan, African Export-Import bank
  • Ines Weibel, UBS Switzerland AG
  • Jason Haley, BMO Capital Markets
  • Johnny Chung, BNY Mellon
  • Jorge Gomez, BNY Mellon
  • Marko Motika, StoneX
  • Maxwell Chesky, MUFG
  • Melinda Jih, HSBC
  • Mouloud Bouaziz, Credit Agricole CIB
  • Natalie Patura, PNC Bank NA
  • Natasa Pudic, ING Bank N.V.
  • Neslihan Gökmen, Danske Bank
  • Nicholas Lewis, Barclays
  • Paolina Stoilova, Banco Bilbao Vizcaya Argentaria (BBVA)
  • Pia Reyes, American International Group (AIG)
  • Rebecca Connor, PNC Bank NA
  • Sabri Riache, Deutsche Bank AG
  • Samer Mansour, Housing Bank for Trade and Finance
  • Sarah Zedar, KeyBank National Association
  • Sue Ellen Hearn, Royal Bank of Canada
  • Swati Shahani, Barclays
  • Tebogo Phosiwa, Rand Merchant Bank
  • Weaam Muaddi, Arab Bank
  • Yasemin Ozcan, BNP Paribas SA
  • Zachary Byrne, Deloitte

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.

by

Announced at the 2023 Global Annual Meeting in San Francisco, CA on May 1, BAFT is pleased to recognize the following individuals for their tireless commitment and contribution to the success of association and its work.

To publicly acknowledge individuals from member organizations who have volunteered their time and worked tirelessly with the association throughout the prior association calendar year, BAFT annually awards select members with the BAFT Ambassador of the Year Award.

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

Officially announced at the 2023 Global Annual Meeting, BAFT is honored to recognize the following individuals for the invaluable assistance they have provided to the association throughout the past year and for helping to continually drive the mission and vision of the organization forward.

·      Baishali (Poppy) Biswal, Vice President, Senior Relationship Manager, Key Bank N.A.

·      Okechukwu Ihejirika, Senior Manager, Trade Services, African Export-Import Bank

·      Sabry Salman, Managing Director, Global Head of Financial Institutions & FinTech’s (Non-Bank PSPs) Barclays

We would like to thank each of the awardees for their time and recognize their organization’s commitment to the advancement of transaction banking. Each honoree has been recognized respectively for their contributions to the advancement of sustainability and support of the association’s work in the Middle East; leadership in the LIBOR Transition Working Group and Future Leaders Program; and development of BAFT education and training programs.

Honorees received their official awards at the BAFT Ambassador of the Year awardee ceremony in San Francisco, CA on May 1, 2023.

by

WASHINGTON — BAFT, the leading global financial services association for international transaction banking, has announced that Suresh Subramanian of BNP Paribas will serve as the chair of its board of directors for the 2023-2024 association year. 

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

“After many years of service to the BAFT board of directors, I am honored to continue that work as chair for the upcoming association year,” Subramanian said. “I look forward to collaborating with my fellow officers and board members as we work to advance the goals and priorities of the transaction banking industry.”

Suresh 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.

BAFT board officers include:

  • 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, Commerical Bank of Dubai
  • Tod Burwell (CEO), BAFT
  • Dyanne Carenza, Scotiabank
  • Mark Doctoroff, MUFG
  • Derryn Faure, Investec
  • Jean-Francois Mazure, Societe Generale
  • Patrick Havander, Visa
  • Darryl Hendricks, UBS
  • Maurice Iskander, Banque Libano-Française
  • Ayaz Kamlani, First Abu Dhabi Bank
  • John Kinyangi, Standard Bank Group
  • George Lee, Standard Chartered Bank
  • Sriram Muthukrishnan, DBS Bank
  • Miriam Ratkovicova, Deloitte
  • Amy Sahm, Fulton Bank
  • Sabry Salman, Barclays
  • Karin Walchshofer, BMO (Bank of Montreal)
  • Peter Zotos, JPMorgan Chase
  • Aaron Zynczak, First Citizens Bank

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.

by

BAFT recently formed the Global Regional Bank Council to bring regional banks – those with total assets of USD$250bn or less, regardless of geographic location – together as a community to discuss issues that matter most to this group and amplify their collective voices. Joy Macknight from The Banker sat down with our very own board chair, Maram Al-Jazireh, SVP and Global Head of Financial Institutions at Arab Bank, for a closer look at the new council, and top-of-mind issues of regional banks today.

Back to Top
Address

1333 New Hampshire Avenue NW
Washington, DC 20036, U.S.

Phone

+1 (202) 663-7575

Contact Us
Sitemap
Social
Sign In
Join BAFT

© 2025 BAFT (Bankers Association for Finance and Trade)