Innovation

BAFT Announces Future Leaders Program Class of 2025

Launched in 2015, the 2025 Future Leaders class includes 40 individuals from 17 countries representing a variety of disciplines within transaction banking around the globe.

WASHINGTON — BAFT, the leading global financial services association for international transaction banking, today announced its Future Leaders Program class of 2025. Now in its tenth year, the program recognizes upcoming talent in the global transaction banking industry.

This year’s pool of applicants who were nominated by their respective institutions broke last year’s previous record. The selected class of 2025 includes 40 individuals from 17 countries across the Americas, Europe, Asia, MENA and Africa, representing a variety of disciplines within transaction banking.

The class of 2025 was divided into five project teams tasked with addressing current industry issues, including artificial intelligence threats for trade finance fraud, accelerating cross-border real-time payments across major corridors, BRICS, operating model for corresponding banking, and an update on the almost 300 graduates from the program.

BAFT board and regional council members serve as project sponsors and future leader alumni support the teams as mentors. The class will meet in person at the BAFT Europe Bank to Bank Forum in March and will graduate at the BAFT’s Global Annual Meeting in May.

“Over the last decade, this program has recognized and facilitated the continued growth of some of the top talent in our industry,” said Tod Burwell, president and CEO, BAFT. “The participants have a unique opportunity to expand their knowledge of industry topics outside the scope of their day-to-day responsibilities and provide insights that collectively lead to innovative approaches.”

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

Elif Seray Akin, ING Bank
Adel AlZarooni, First Abu Dhabi Bank (FAB)
Mafalda Arnaud, Société Générale
Viktor Bakkioui, Skandinaviska Enskilda Banken (SEB)
Ayush Bhandari, Crown Agents Bank
Peyton Boles, First-Citizens Bank
Daranee Bolger, NatWest
Saad Chemseddine, BNP Paribas
Kevin Chu, RBC Capital Markets (Royal Bank of Canada)
Maximillian Chua, Standard Chartered Bank
James Deneault, TD Securities
Olivia Ellis, BNP Paribas
Laura Ernst, StoneX
Serena Fazzini, UniCredit
Harrison Gutman, PNC Bank
Gentiana Halimi, Banka Kombetare Tregtare Kosove
Jeronimo Hernandez, Bank of America
Ajay Joshi, Credit Agricole Corporate & Investment Bank
Tina Kim, JPMorgan Chase Bank
Srushthi Kshirsagar, ANZ Bank
Tapiwa Kuipa, African Export-Import Bank (Afreximbank)

Carmen Landeras Cabrero, Santander Corporate & Investment Banking
Audrey Lees, HSBC Bank
Xiaosu (Charles) Liang, American International Group (AIG)
Yuriy Lobanov, Commerzbank
Carlos Martínez Illán, Banco Bilbao Vizcaya Argentaria (BBVA)
Wan Chung Arick Ng, Bank of America
Awuzhaer Nijiati, ING Bank
Abigale Ning, Standard Chartered Bank
Oskar Nordlander, Skandinaviska Enskilda Banken (SEB)
Álvaro Ocampo, Banorte (Banco Mercantil del Norte)
Israel Ortigas, Bank of New York
Heidi Pun, ANZ Bank
Carmen Maria Ramirez Ortiz, Asian Development Bank
William Rattray, JPMorgan Chase Bank
Renan Reinoso, SMBC
Erik Rost, Citi
Elena Rozas, Santander Corporate & Investment Banking
Christopher Selfe, Barclays
Yang Wu, Bank of China

Learn more about BAFTs Future Leader Program here.

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.

BAFT Media Contact:
Mike Townsend
Senior Director, Public Relations
[email protected]
+1 (202) 663-5471

BAFT Releases New White Paper on Transaction Banking Sustainable Finance Product and Reporting Matrix

WASHINGTON – BAFT, the leading global financial services association for international transaction banking, today released a new white paper, Transaction Banking Sustainable Finance Product and Reporting Matrix. The paper provides guidance on transaction banking sustainable finance products currently being offered to both corporate and financial institution clients.

The reporting matrix is intended to capture, consolidate and display in a simplified, readable format the industry best practice for labeling sustainable finance transaction banking products. Similarly, it highlights the types of reporting necessary for each type of ESG-labeled product.

“The transaction banking industry needs more refined standards tailored to our specific products,” said Andy Price, vice president, international policy, BAFT. “Our hope is that this matrix will serve as a starting point for framework development and ultimately, improve the design of sustainable finance transaction banking products.”

“We believe this resource is the first of its kind, specific to the transaction banking industry, and can be used by transaction banking practitioners and clients looking to further educate themselves on what is currently available in the market, as well as novices looking to learn more about sustainable transaction banking best practices”, said Anna Plewinska-Pijl, director, FI transaction services Europe, ING .

The white paper and reporting matrix were completed with the help of BAFT’s working group on sustainable finance, as well as several industry professionals, including:

Nataša Kovač, ING
Natasa Pudic, ING
Anna Plewinska-Pijl, ING
Dorene Martinez, BNP Paribas
Kaushik Mukherjee, Wells Fargo
Laura Wilson, Investec
Maxwell Chesky, MUFG
Chithra Badri, CICB
Riaan Meyer, Royal Bank of Canada

BAFT intends to update the document as industry developments occur. Click here to read Transaction Banking Sustainable Finance Product and Reporting Matrix, or visit BAFT’s Library of Documents under BAFT Guidance and Industry Practice section at www.BAFT.org.

About BAFT

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

BAFT Releases Second White Paper in ISO 20022 Series Focused on Best Practices and Guidance

The comprehensive report offers practical insights for a seamless transition to the global financial messaging standard

Washington, DC – BAFT, the leading global financial services association for international transaction banking, today announced the release of its second white paper in the ISO 20022 series, “BAFT ISO 20022 Migrations: Best Practices and Guidance.” The report provides critical insights, strategies, and recommendations for financial institutions navigating the migration to the ISO 20022 standard for electronic data interchange between financial institutions.

As the global financial services sector undergoes a major shift toward ISO 20022 adoption, this new white paper builds upon BAFT’s first publication in the series and aims to guide stakeholders through the complexities of the migration process. With the upcoming deadlines and global implementation efforts already underway, the white paper serves as an essential resource for financial institutions, fintechs, and payment service providers at different stages of the transition.

Key highlights from the white paper include:

Roadmap for Migration: A step-by-step guide outlining key phases of ISO 20022 migration, from preparation to execution.
Best Practices: Practical examples and case studies from industry leaders who have successfully migrated to ISO 20022.
Risk Management: Identification of potential risks and mitigation strategies to ensure a seamless transition.
Cross-border and Regional Considerations: Tailored advice for managing regional and jurisdictional differences during migration.
Technology and Infrastructure: Insights on how to update and future-proof existing infrastructure to comply with the new standard.

“We are committed to supporting the global financial industry as it transitions to the ISO 20022 messaging standard,” said Deepa Sinha, vice president of payments and financial crimes, BAFT. “This white paper offers not just guidance, but actionable strategies that institutions of all sizes can leverage to ensure a smooth migration. It also highlights the importance of collaboration between industry players to drive standardization and interoperability in the global payments ecosystem.”

ISO 20022 has emerged as the global standard for financial messaging due to its enriched data format, improved processing efficiency, and ability to support new products and services. The “BAFT ISO 20022 Migrations: Best Practices and Guidance” white paper focuses on how organizations can unlock these benefits while minimizing disruptions during the migration phase.

Click here to read BAFT’s ISO 20022 Migrations: Best Practices & Guidance. 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 White Paper Analyzes Digital Currencies and Financial Crimes Concerns

Washington, DC – BAFT, the leading international transaction banking association, has released a comprehensive white paper titled “Digital Currencies and Financial Crimes Concerns,” offering a thorough examination of the intersection between digital currencies and the challenges posed by financial crimes. This timely publication explores the evolving landscape of digital currencies and their implications for anti-money laundering (AML) and counter-terrorism financing (CTF) efforts.

As digital currencies continue to gain prominence in the global financial ecosystem, stakeholders are increasingly grappling with the potential risks associated with their use in illicit activities. BAFT’s white paper serves as a vital resource for financial institutions, regulatory bodies, policymakers, and other industry participants seeking to navigate this complex terrain.

“Digital currencies present both opportunities and challenges for the financial industry,” said Deepa Sinha, vice president of payments and financial crimes, BAFT. “While they offer innovative solutions for cross-border transactions and financial inclusion, they also pose significant risks in terms of financial crimes. Our white paper aims to provide a comprehensive analysis of these issues and offer practical recommendations for stakeholders to enhance their AML and CTF efforts in the digital currency space.”

The white paper delves into several key areas:

Overview of Digital Currencies: It includes an examination of digital currencies, as well as central bank digital currencies (CBDCs), including their characteristics, mechanisms, and adoption trends. By understanding the diverse nature of digital currencies, stakeholders can better appreciate their implications for financial crimes.

Risks and Challenges: Recognizing the inherent anonymity, borderless nature, and decentralization of many digital currencies, the paper identifies the risks they pose in facilitating money laundering, terrorist financing, fraud, and other illicit activities. It also highlights the challenges associated with effectively detecting and mitigating these risks within the existing regulatory framework.

Regulatory Landscape: The paper explores the efforts of global regulators to address AML and CTF concerns. It examines various regulatory approaches, including licensing requirements, transaction monitoring, customer due diligence (CDD), and information-sharing mechanisms, and evaluates their effectiveness in combating financial crimes.

Technological Solutions: It includes a discussion of the role of advanced analytics, blockchain analytics tools, artificial intelligence (AI), and machine learning algorithms.

Collaboration and Partnerships: BAFT examines the benefits of a collaborative approach to tackling financial crimes associated with digital currencies and the importance of partnership among financial institutions, regulatory bodies, law enforcement agencies and technology providers.

Future Outlook: The paper offers insights into emerging trends, regulatory developments, and technological advancements for digital currencies and financial crimes.

Click here to read BAFT’s Digital Currencies and Financial Crimes Concerns. 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 Releases New White Paper on Deep-Tier Supply Chain Finance

WASHINGTON – BAFT, the leading global financial services association for international transaction banking, and the Asian Development Bank (ADB) today released a new white paper, Deep-Tier Supply Chain Finance: Unlocking Potential, which highlights the potential for deep-tier supply chain finance (DTSCF) to bridge the trade finance gap, drive liquidity to the most underserved segments of the trade market and enhance visibility within global supply chains.

Deep-tier supply chain finance is an innovative financial solution with the potential to unlock financing for deeper tier suppliers, where small and medium-sized enterprises (SMEs) are prevalent, by allowing access to finance by leveraging the credit risk of the anchor buyer. DTSCF not only unlocks finance at favorable rates for deeper tiers in a supply chain, but it also promotes an ecosystem of financial stability, risk management, and sustainability throughout the entire supply chain.

BAFT and ADB developed this white paper to provide a shared view of DTSCF, to outline its features as a new technique in financing trade and supply chains, to define what DTSCF is and what it is not, and to offer necessary definitions and legal frameworks to make it a success at scale.

“We’re pleased to have been able to build on the initial work done by ADB on this subject to help identify the key considerations to successful deployment of deep-tier supply chain finance, which can be a useful tool to help address the persistent trade finance gap,” said Tod Burwell, president and CEO, BAFT.

“Deep-tier supply chain finance is an exciting innovation that has the potential to drive greater resilience in supply chains and unlock the potential for SME-led economic growth, job creation, and prosperity,” said Steven Beck, ADB’s Head of Trade and Supply Chain Finance Program. “The publication details the next steps required to overcome the challenges in scaling this innovation and we’re excited to tackle these with our public and private sector partners.”

Click here to read BAFT’s Deep-Tier Supply Chain Finance. 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 New Vice President of International Policy

WASHINGTON – BAFT, the leading global financial services association for international transaction banking, has named Andrew Price as its new vice president of international policy. Price will lead the association’s international policy advocacy efforts and relevant councils and committees.

“We are delighted to welcome Andrew to the BAFT team,” said Tod Burwell, President & CEO of BAFT. “His legal background coupled with his international advocacy experience will serve him well in this role and we look forward to working alongside him.”

Prior to joining BAFT, Price was senior vice president of advocacy and general counsel for the World Council of Credit Unions. In that role, he led the group’s global advocacy before various international standard setting bodies, including the Basel Committee, Financial Stability Board, Financial Action Task Force, and others. He simultaneously served as an adjunct professor for Florida State University’s College of Law. Price also held positions with the Credit Union National Association, First Commerce Credit Union in Tallahassee, Fla. and the state’s Office of Financial Regulation.

Price earned his bachelor’s degree from the University of Central Florida and his J.D. from Nova Southeastern University.

About BAFT

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

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