Transaction Banking

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

BAFT and TFG Launch a Comprehensive Letter of Credit Guide

Washington D.C, February 27, 2024: Trade Finance Global (TFG) and BAFT (the Bankers Association for Finance and Trade) are excited to announce a jointly produced guide on Letters of Credit.

“Everything you need to know about Letters of Credit: A comprehensive guide to Documentary Credits” was launched at the BAFT International Trade and Payments Conference on February 27, in Washington D.C. You can find out more about the conference by following the link here: 2024 International Trade and Payments Conference

In a world where global trade is constantly shaped by shifting economic conditions and geopolitical uncertainties, Letters of Credit stand out as a reliable source of security and trust. With interest rates remaining “higher-for-longer” and financial access tightening for businesses worldwide — coupled with increasing logistics costs, supply chain challenges and geopolitical instability — the need for clear guidance on Documentary Credits has never been more critical.

While Letters of Credit are one of the most vital tools used in international trade, their complexity can create confusion among many practitioners. Recognizing the need to demystify this essential trade finance instrument, TFG and BAFT have come together to craft a guide that not only clarifies the basics of Letters of Credit but also breaks down further intricacies of when to use certain documents.

The aim is to broaden the understanding and use of this tool, removing barriers and fostering a more inclusive global trade environment. The guide is the result of a collaborative effort, drawing on the insights and experiences of industry veterans. Special thanks go to David Meynell, Pradeep Taneja, Deepesh Patel and Scott Stevenson for their contributions, and to the BAFT Commercial Letters of Credit Committee, who have made this publication possible.

Deepesh Patel, Editorial Director, Trade Finance Global said, “Letters of Credit are a vital tool for businesses to manage risk and facilitate trade. There is a strong demand for these financial instruments across many industries all around the world, and these financial guarantees remain crucial during times of uncertainty, changing trade corridors and risk.

“TFG are very excited to publish this important guide with BAFT at the Trade & Payments conference. We continue to break down the barriers in trade, treasury and payments, which is why we’ve launched this educational guide, for free. We want to thank all of the contributors, and especially BAFT for their help in producing this guide. We expect this guide to serve as a focal point for trade finance practitioners for years to come.”

“As the leading global forum for the transaction banking industry and their clients, BAFT is pleased to collaborate with TFG in the publication of this Documentary/Letter of Credit Guide,” said Scott Stevenson, senior vice president of trade, BAFT. “Documentary credits can be complex financial instruments involving multiple parties and intricate terms and conditions. This guide provides clarity and helps all parties, both banks and their corporate and SME clients, understand their rights, obligations and the procedures to follow. Overall this guide is a valuable tool for promoting transparency, efficiency, compliance, and trust in international trade transactions, thereby facilitating smoother and more secure trade relationships between parties across borders.”

Click here to read The BAFT and TFG Comprehensive Letters of Credit Guide. 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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