Press Releases

BAFT Releases White Paper on Managing Liquidity, Operational, and Financial Crimes Risks in Instant Payments

WASHINGTON, D.C. (November 5, 2025) – BAFT, the leading global industry association for international transaction banking, has released a new white paper titled “Liquidity, Operational, and Financial Crimes Risks in Instant Payments.” As instant payment systems gain momentum worldwide, this timely publication addresses the evolving risk landscape tied to the speed, irrevocability, and complexity of these transactions.

The white paper outlines critical considerations for financial institutions, including the need for enhanced real-time monitoring, proactive liquidity management, and tailored financial crime controls. It provides actionable insights for banks to develop a risk-based approach, ensuring safe and resilient instant payment services while maintaining innovation and customer confidence.

“Instant payments are reshaping the global payments ecosystem, but with their benefits come heightened risks,” said Deepa Sinha, SVP for Payments and Financial Crimes at BAFT. “This white paper equips institutions with the tools and strategies necessary to mitigate these risks and operate responsibly in the new real-time environment.”

To access the full white paper, visit www.baft.org

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About BAFT
BAFT is the leading global industry association for international transaction banking. Bringing together financial institutions, service providers, and the regulatory community, BAFT provides thought leadership, advocacy, education, and a platform for collaboration to promote sound financial practices that foster innovation, efficiency, and commercial growth. The association engages in a broad range of issues affecting transaction banking, including trade finance, payments, and compliance, helping members navigate a rapidly evolving global landscape. For more information about BAFT, visit baft.org, or follow BAFT on X (Formally Twitter), LinkedIn, and YouTube.

BAFT Launches White Paper on G20 Roadmap to Strengthen Global Economic Resilience and Payments Modernization

WASHINGTON, D.C. (September 23, 2025) – BAFT, the leading global financial services association for international transaction banking, has released a groundbreaking white paper titled “The BAFT G20 Global Roadmap: Accelerating Economic Stability for a Resilient Future.” Developed by the BAFT G20 Principles in Payments Working Group, the paper demystifies the structure, purpose, and measurable goals of the G20, while outlining its critical influence on global financial stability, sustainable growth, and the transformation of cross-border payments.

As economic interconnectedness and digital innovation reshape the global financial system, the white paper provides clarity on the G20’s evolving priorities—from fostering macroeconomic coordination and climate resilience to driving real-world progress in payments cost reduction, speed, transparency, and accessibility.

“This white paper is the first in a series that underscores BAFT’s commitment to advancing financial system modernization in line with global public policy goals,” said Deepa Sinha, SVP of Payments & Financial Crimes of BAFT. “By unpacking the G20 principles and cross-border payments roadmap, we aim to empower financial institutions, regulators, and payment providers to collaborate more effectively in building a resilient, inclusive, and interoperable global payments ecosystem.”

Key highlights of the white paper include:

A comprehensive overview of the G20’s history, structure, and principles in areas such as digital transformation, sustainable development, financial consumer protection, and anti-corruption.

An in-depth look at the 2020 G20 Roadmap for Enhancing Cross-Border Payments, including the roles of the Financial Stability Board (FSB) and the Committee on Payments and Market Infrastructures (CPMI).

Progress and ongoing challenges in meeting the G20’s four key metrics—cost, speed, access, and transparency.

Practical implications for both public and private sector actors, including banks, non-bank payment providers, market infrastructures, and regulatory authorities.

The paper also aligns BAFT’s advocacy and education efforts with the G20’s global objectives, highlighting the importance of harmonized standards, regulatory consistency, and public-private partnership in delivering meaningful outcomes for economies and end users alike.

BAFT invites stakeholders across the payments and trade finance communities to engage with this timely white paper, and to participate in the ongoing dialogue as the series continues with deeper dives into each of the G20 cross-border goals.

To access the full white paper, visit www.baft.org

About BAFT
BAFT is the leading global industry association for international transaction banking. Bringing together financial institutions, service providers, and the regulatory community, BAFT provides thought leadership, advocacy, education, and a platform for collaboration to promote sound financial practices that foster innovation, efficiency, and commercial growth. The association engages in a broad range of issues affecting transaction banking, including trade finance, payments, and compliance, helping members navigate a rapidly evolving global landscape. For more information about BAFT, visit baft.org, or follow BAFT on X (Formally Twitter), LinkedIn, and YouTube.

BAFT Becomes Independent Association, Strengthening Global Mission

WASHINGTON, D.C. (September 2, 2025) – It is with great excitement that BAFT (Bankers Association for Finance and Trade) formally announces its independence as a separate association from the American Bankers Association (ABA).

As the leading global industry association for international transaction banking, BAFT brings together financial institutions, service providers, and the regulatory community to promote sound financial practices that support innovation, efficiency, and commercial growth. Through its advocacy, thought leadership, best practice guidance, and professional development, BAFT helps members navigate a rapidly changing global environment in areas such as trade finance, payments, and compliance.

“Establishing BAFT as an independent association is a strategic step toward deepening our global impact and positions BAFT to represent our members’ interests with greater agility,” said Tod Burwell, BAFT president and CEO. “As the voice of the transaction banking community, we are committed to advancing best practices, innovation, resilience, and excellence on a truly global scale.”

At a time when policy and regulatory developments continue to evolve, BAFT’s independence enables the association to maintain geopolitical neutrality and better represent the diverse interests of its international membership. Independence also provides BAFT members with greater influence over the association’s long-term strategic direction and services.

“While organizational structures may have changed, BAFT’s mission remains resolute. We will continue to provide the high-impact advocacy, insight, and global engagement our members rely on. As an independent entity, we are better able to adapt to the shifting demands of international commerce and provide leadership with global impact,” said Burwell.

Founded in 1921 by 10 midwestern U.S. bankers, BAFT became a wholly owned subsidiary of the ABA in 2001 and later merged with the International Financial Services Association (IFSA) in 2010. Since then, BAFT has grown significantly in scope, reach, and impact—today, more than 70% of BAFT’s member banks are headquartered outside of the United States. With members in over 60 countries, BAFT operates five regional councils that support the global transaction banking community.

BAFT Releases Third White Paper in ISO 20022 Series Focused on Lessons Learned in Sanctions and Compliance

Washington, D.C. – BAFT, the leading global industry association for international transaction banking, has published a new white paper titled “ISO 20022 Migrations: Lessons Learned in Sanctions & Compliance.” This latest publication is part of BAFT’s ongoing efforts to support the financial industry in navigating the complex landscape of global payment modernization and regulatory compliance.

The white paper captures practical insights from early adopters of ISO 20022, specifically focusing on the challenges and strategies related to sanctions screening and financial crime compliance. As financial institutions transition to richer data formats and structured messaging, the paper highlights both the operational and regulatory implications, and provides actionable recommendations for compliance professionals and technology teams.

“ISO 20022 has introduced new dimensions to data quality, transparency, and risk management,” said Deepa Sinha, senior vice president of payments & financial crimes, BAFT. “This white paper addresses a critical area—how the migration impacts sanctions and compliance operations—and offers lessons that can benefit banks still undergoing or preparing for the transition.”

Key themes explored in the white paper include data truncation and translation issues, evolving regulatory expectations, technology enablement, and the need for cross-functional collaboration between compliance, operations, and IT. The white paper is available to BAFT members and the broader industry community on the BAFT website.

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, 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 Congratulates Graduates of the 2025 Future Leaders Program

WASHINGTON – BAFT, the leading global financial services association for international transaction banking, today announced the graduates of its Future Leaders program class of 2025. The program – now completing its 10^th year – recognizes upcoming leaders in the global transaction banking industry. The Future Leader graduates were honored at an in-person ceremony in Washington, D.C. on May 6 as part of BAFT’s 2025 Global Annual Meeting.

Nominated by their respective institutions, the class of 2025 included 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.

“This program has exceeded our expectations when we started it 10 years ago,” said Tod Burwell, BAFT president and CEO. “I continue to be impressed with the caliber of participants and value of their work. Congratulations to this year’s class for extending the traditions.”

BAFT congratulates the following graduates from the class of 2025:

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

The whitepapers from each project team are available for members to download for free by the end of May, and a series of webinars on each project will run in June.

About BAFT

BAFT Elects ING’s Nick Smit to Lead Board of Directors

WASHINGTON — BAFT, the leading global financial services association for international transaction banking, has announced that Nick Smit of ING will serve as the chair of its board of directors for the 2025-2026 association year. Smit is the global lead of financial institutions banks at ING.

Based in New York, Smit heads a team of relationship managers covering U.S., Canada, Latin America and global banks, and their in-house asset managers. His specific areas of sales expertise are financial markets, global transaction banking, sector-based finance, and debt capital markets.

“I really appreciate this vote of confidence by the BAFT community,” said Smit. “BAFT has grown into the leading global forum for not only trade, but payments and cash management, and working capital solutions, too. I am very much looking forward to continuing the good work done in the past as we operate and grow further as an independent organization in the future. I value the thought leadership that BAFT brings and also the wonderful networking opportunities it creates.”

Smit has held several roles throughout his 30-year career with ING including lead positions in New York, Amsterdam, Brussels and Geneva. He has served on the BAFT board since 2022. Additionally, Smit has served on the Board of Friends of the University of Stellenbosch in the USA since 2000. Smit received postgraduate degrees in law and economics from University of Stellenbosch (South Africa), as well as a master’s in economics from Cambridge University.

Also re-elected to serve on the BAFT board as officers were:

Vice Chair: Michelle Knowles, ABSA
Secretary / Treasurer: Miriam Ratkovicova, Deloitte

Other directors include:

Suresh Subramanian, BNP Paribas

Tod Burwell, BAFT

Ashutosh Kumar, Mizuho

Julie Patterson, National Bank of Australia

Jean François Mazure, Société Générale

Dean Sposito, Deutsche Bank

Ricardo Velázquez, Banco Mercantile del Norte SA (Banorte)

Andy Arduini, Huntington Bank

Oscar Sanz-Paris, CQUR

Ayaz Kamlani, First Abu Dhabi Bank (FAB)

Derryn Faure, Investec

John Kinyangi, Standard Bank

Patrick Devilbiss, CGI

Dyanne Carenza, Scotiabank

Paolo Muzzarelli, UBS

Rob Hostler, Citi

Brian Gordon, Commerce Bank

Mike Katergaris, JPMorgan

Maurice Iskandar, Banque Libano Française

Patrik Havander, Visa

Amy Sahm, Fulton Bank

George Lee, Standard Chartered

About BAFT

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

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