Payments

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

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.

Financial Inclusion in Trade Roadmap Launched

The World Trade Board launched the ‘Financial Inclusion in Trade’ Roadmap, focusing on fair and equitable access to trade finance to empower MSMEs and SMEs, and calling for industry feedback and collaboration. Please submit feedback to [email protected].

The Financial Inclusion in Trade Roadmap identifies five key areas where coordinated action can make a significant impact. These include digital infrastructure, legal/regulatory infrastructure, data infrastructure, technical assistance and new funding sources. Crucially, the Roadmap aims to accelerate the pace of change by providing a holistic framework for public and private sector collaboration.

BAFT is one of the key contributors in the development of this roadmap, together with other notable industry partners, namely the ICC UK, IFC, FCI, and ITFA.

Digital Euro Could Be in Circulation by 2027, ECB Tells Bank Forum

During the recent BAFT Europe Bank to Bank Forum, an esteemed panel of experts led by Lee Braine, Head of Advanced Technology, Barclays; Xiaonan Zou, Head of Innovation and Digital Assets, UBS AG, Group Treasury; and Jürgen Schaaf, Advisor to the Senior Management Market Infrastructure and Payments, European Central Bank (ECB) discussed retail vs wholesale CBDCs, synthetic digital currencies, possible digital euro circulation date and more. Read the full article here.

BAFT Launches Foreign Exchange Certificate

WASHINGTON — BAFT, the leading global financial services association for international transaction banking, today announced the launch of its new Certificate in Foreign Exchange (CFX), which includes a series of eight courses that offer an overview of a financial institution’s foreign exchange department and services. The certificate is tailored for junior to intermediate level transaction banking professionals, as well as those who have already completed the Certificate in Introductory Transaction Banking.

This course will provide an understanding of the foreign exchange market, what foreign exchange products are most commonly used by financial institutions, and a working knowledge of foreign exchange as it pertains to a client’s business, including global differences and risk and compliance concerns. Participants will also review the importance of complying with local country regulations that restrict payments to certain parties in a transaction.

“As a finance professional with more than 20 years of progressive responsibilities in both banking and corporate treasuries, I know that foreign exchange is a complex business,” said Deepa Sinha, vice president of payments and financial crime, BAFT. “This comprehensive new certification will provide other transaction banking professionals with the skills and expertise necessary to master this important area of industry focus.”

The courses will be led by Matt Porio, a recognized foreign exchange expert who has worked with top international financial institutions within the risk management, investment management and financial products areas. Porio is an adjunct professor of finance at the University of Connecticut and Sacred Heart University in Fairfield, Conn.

The certificate courses will be available through BAFT’s Learning Management System and take about 15 hours of study to complete.

Click here for more information on the Certificate in Foreign Exchange.

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 in a wide range of topics affecting transaction banking, including trade finance, payments, and compliance.

SBA and BAFT Announce Strategic Collaboration to Support Small Business Exporters

The agreement formalizes an existing relationship with BAFT that supports small business exporters by reducing barriers to accessing capital

WASHINGTON – Today, Administrator Isabella Casillas Guzman, head of the U.S. Small Business Administration (SBA) and the voice for America’s 33 million small businesses in President Biden’s Cabinet, announced the signing of the Strategic Alliance Memorandum (SAM) with BAFT (Bankers Association for Finance and Trade,) the leading global financial services association for international transaction banking, which will formalize the SBA’s existing relationship with the association. BAFT and SBA strive to tackle challenges both lenders and small businesses face when seeking the trade financing that is essential to international trade. Together, the SBA and BAFT will work to educate small businesses and their lenders on the export financing solutions available in the marketplace.

“SBA’s new agreement with BAFT recognizes the impact and ingenuity of our small business exporters and the important role our lending partners play in funding their growth,” said Administrator Guzman. “Our joint efforts to strengthen resources to BAFT members, and increase the number of lenders offering SBA international trade products, will expand access to capital and help deliver on the Biden-Harris Administration’s commitment to create opportunities for small businesses and strengthen our economy for all of us.”

“Financing is an important element in helping small businesses expand their customer base internationally and has been a persistent challenge,” said Tod Burwell, President and CEO of BAFT. “SBA is helping to ease that challenge, and with the leverage of the global BAFT network, we hope to collectively make a positive difference.”

Through its Office of International Trade, the SBA works to support small and midsized exporters with a goal of increasing both the number of businesses exporting and the dollar value of those exports. This work is done across the Agency by offering access to education and technical assistance, access to capital, and trade policy to support market access for small businesses.

BAFT serves as a worldwide forum for analysis, discussion, and advocacy in international financial services and provides support to members that are active in trade finance, supply chain finance, credit insurance, and export credits. Specifically, BAFT is the voice of the global trade finance community. In addition to tracking strategic global trade policy developments, BAFT provides practical guidance papers and tools including standardized legal documentation as well as a forum for discussion on topical trade finance challenges.

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About the U.S. Small Business Administration  

The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov. 

About the Bankers Association for Finance and Trade

BAFT is the leading international financial services association whose membership includes large global and regional banks, service providers, and fintech companies headquartered around the world. BAFT provides advocacy, thought leadership, education, and a global forum for its members in transaction banking, including international trade finance and payments. For over 100 years, BAFT has expanded markets, shaped policy, developed business solutions, and preserved the safety and soundness of the global financial system. Learn more at www.baft.org.

BAFT Launches Certificate in Advanced Cash Management

WASHINGTON — BAFT, the leading global financial services association for international transaction banking, today announced the launch of its new Certificate in Advanced Cash Management (CACM), which includes a series of nine courses designed for individuals seeking to learn more about payments and treasury management. The certificate is tailored to those interested in expanding their careers in transaction banking, who have three or more years of cash management experience or have already completed the Certificate in Introductory Transaction Banking.

CACM will provide an in-depth understanding of cash management tools, techniques and best practices needed to be successful in various cash management disciplines. Learners will gain a deep understanding of treasury management and its impact on the financial ecosystem. The courses will also cover topics like liquidity management, information reporting, foreign exchange, correspondent banking and innovation.

“As someone with more than 20 years of experience in cash management and treasury, I believe this is an essential certification for Treasury professionals at both banks and mid-to-large-sized companies,” said Deepa Sinha, Vice President of Payments and Financial Crime, BAFT. “Transaction banking is a complex business, and it takes demonstrated expertise to master it. This course can help professionals reach the next level.”

The courses will be led by Barry Tooker, a recognized expert in wholesale banking who has been involved in payment operations and treasury services for global banks for more than 45 years.

The certificate courses will be available through BAFT’s Learning Management System and are expected to take 10 hours to complete. The final assessment will include 80 multiple choice questions and students must answer 80% correctly to pass and receive the certificate.

Click here for more information on the Certificate in Advanced Cash Management.

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

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