Innovation

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, 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:
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

BAFT Launches New Women in Transaction Banking Initiative at 2024 Global Annual Meeting

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

BAFT White Paper Explores Uneven Regulations in the Payments Industry

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

BAFT Announces Future Leaders Program Class of 2024

Launched in 2015, the 2024 Future Leaders class includes 40 individuals from 16 countries representing a variety of disciplines within transaction banking around the globe.

WASHINGTON — BAFT, the leading global financial services association for international transaction banking, announced today its Future Leaders Program class of 2024. Now in its ninth year, the program recognizes upcoming talent in the global transaction banking industry.

Nominated by their respective member institutions, the class of 2024 includes 40 individuals from 16 countries across six continents representing a variety of disciplines within transaction banking.

This year’s group will be divided into five project teams to address current industry issues including developing 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.

The class of 2024 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 Leaders Council members will support the current class as mentors, joining BAFT board members who will continue to serve as project sponsors.

“The continued record growth in applicants for this program underscores the value in both recognition and leadership development for tomorrow’s future leaders, and led us to expand this year’s class,” said Tod Burwell, President & CEO, BAFT. “The participants step outside of their day-to-day jobs to learn more about important industry topics and contribute a diverse perspective on how we can collectively approach them. I’m excited to hear their views on this year’s projects.”

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

Tommy Babos, Barclays
Alyazia Bin Suwaidan, Commercial Bank of Dubai
Christophe Bock, Société Générale
Bridget Bonilla, BNP Paribas
Frank Burgman, Barclays
Adolfo Canales, StoneX
Christian Khouri Chalouhi, Intesa Sanpaolo
Iris Chen, ING Bank
Michael Chong, Standard Chartered Bank
Ana Laura Contelli, American International Group (AIG)
Pablo de Bacco, ANZ Banking Group
Mónica Dörr, Banco Santander
Jagoda Dul, Citibank
Amro El-Far, Arab Bank
Christopher Finan, BNY Mellon
Hilary Freedenberg, HSBC Bank
Carolina Gonzalez Marino, UBS
Petra Gross, UniCredit
Kubra Guler, Bank of America
Revina Guma, BMO (Bank of Montreal)

Sivine Halwani, JP Morgan Chase Bank
Oskar Jerrå, Skandinaviska Enskilda Banken (SEB)
Natalija Katic, Banco Santander
Jialing Li, Deloitte
Kaylee Karumanchi Lord, Bank of America
Anjana Mary Menasis, Surecomp
Antonio Muñoz, Deutsche Bank
Sarah Bachwitz Mruk, HSBC Bank
Giovanni Paolini, UniCredit
Astrid Perrin-Megret, BNP Paribas
Grayson Prickett, First Citizens Bank
Diego Puron Kelleher, Banco Mercantil del Norte (Banorte)
Maria Fernanda Quevedo, Deutsche Bank
Jose Reynoso, Umpqua Bank
Angel Spanos, PNC Bank
Cameron Stanton, Lloyds Banking Group
Amin ur Rehman, Standard Chartered Bank
Daniel Vallance, RBC Capital Markets
Patrick Wodetzki, Crédit Agricole CIB
Lianlian Zhao, BNY Mellon

About BAFT

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

BAFT Releases New White Paper on Lessons Learned from ISO 20022 Migrations

White paper analyzes several banks’ experiences with ISO 20022 Migrations, identifies lessons learned, and highlights do’s and don’ts for future migrations.

WASHINGTON, DC – BAFT, the leading global financial services association for international transaction banking, today released a new white paper, ISO 20022 Migration: Lessons Learned, which offers a deep dive into the experiences, challenges, and best practices from organizations that have successfully navigated the transition to ISO 20022.

The International Organization for Standardization (ISO) introduced ISO 20022 as a global standard for financial messaging. This migration promises greater efficiency, interoperability, and enhanced data-rich capabilities, but it also comes with its own unique challenges.

The white paper is intended to be a valuable resource for financial institutions, payment service providers, corporations, and technology vendors that are in the process of migrating to ISO 20022 or planning to do so in the near future. It provides actionable guidance and best practices to help organizations ensure a successful transition and maximize the benefits of ISO 20022 adoption.

“Implementing ISO 20022 is a complex endeavor that demands careful planning, execution and continuous improvement,” said Deepa Sinha, Vice President, Payments and Financial Crime, BAFT. “That’s why we chose to feature insights and key takeaways from industry leaders, experts and organizations that have already undergone the migration process in our white paper. We hope this will become an essential tool for those preparing for migration in the year ahead.”

The white paper covers the essential aspects of migration:

High-level Governance: Solid governance is the key to any successful project, and includes organization planning, communications, operations, technology and external engagement.
Data Strategy and Adoption: Understand the importance of data transformation and integration and how organizations have managed data harmonization during the migration. Discover how innovative technology solutions and infrastructure enhancements played a vital role in ensuring smooth transition.
Business Phasing Strategy: Explore the strategies employed by successful organizations in approaching the ISO 20022 migration, from project initiation to final execution.
Testing and Validation Strategies: Gain insights into the validation strategies and comprehensive testing methodologies that have proven effective in reducing potential disruptions.
ISO 20022 Post Implementation and Evolution: Benefit from real-world experiences, successes, and challenges encountered by organizations throughout their ISO 20022 migration journeys.

Click here to read ISO 20022 Migration: Lessons Learned. 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

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