Payments

BAFT Announces New Women in Transaction Banking Initiative 2024 Global Annual Meeting

BAFT has launched its Women in Transaction Banking (WTB) initiative during its 2024 Global Annual Meeting in Orlando.

Via Trade Finance Global by Brian Canup

BAFT, the leading global financial services association for international transaction banking, has launched its 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.

BAFT Launches Initiative to Bridge Gender Gap in Transaction Banking

Via Global Trade Review by Shannon Manders

BAFT (Bankers Association for Finance and Trade) has launched a Women in Transaction Banking initiative to promote gender diversity and inclusion within the industry.

BAFT’s Women in Transaction Banking (WTB) programme will provide networking, mentorship and professional development opportunities for women professionals to enable them to thrive in transaction banking roles, the association says.

“By addressing the gender gap in the industry, we aim to foster innovation, drive profitability, attract more talent and create a more inclusive environment within transaction banking,” it says.

Deepa Sinha, BAFT’s vice-president of payments and financial crimes, will oversee the initiative as secretariat. Under her guidance, a governance council is being formed, currently consisting of 18 women from around the world who will drive the programme’s activities.

Sinha tells GTR that the council will gather in the coming weeks to appoint leadership positions and establish the framework for the mentorship programme as its primary focus.

The initiative was formally launched last week at a WTB breakfast meeting during BAFT’s Global Annual Meeting in Orlando, Florida. Meeting attendees engaged in informal group discussions covering topics such as unequal pay, microaggressions and biases, and strategies for career advancement.

“We see women enter trade and cross-border payments, and as some rise through the ranks, others fall away. There’s a lot of attrition. Often, the reasons for that are because they don’t have a clear career path, they may face obstacles, and they may not have a mentor or someone who can give them the guidance that they need. They may not find assistance within their organisations or have the required skill set,” said Sinha, speaking on the sidelines of the event. “I want WTB to fill that gap.”

WTB is open to women at all levels of their careers, from all of BAFT’s member organisations.

“This initiative is intended to be driven by our members, mirroring the structure of our other councils and committees,” said Sinha. “These bodies exist for the benefit of our members and are shaped by their input.”

Commenting on the initiative, Caryn Pace Messenger, managing director, global trade and supply chain finance at Bank of America and member of the WTB council, tells GTR: “BAFT continues to impress with the launch of the WTB, which will strengthen our community by providing women with opportunities to expand their industry connections and amplify our collective voice through the global Baft network. This is really exciting.”

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, 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 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.

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

Keeping Pace With Payments: Lessons Learned From a Dynamic Landscape

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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