News and Press

BAFT releases white paper providing guidance on transaction banking sustainable finance products offered to corporate and financial institution clients.

BAFT releases its second white paper in the ISO 20022 series that provides insights, strategies, and recommendations for financial institutions.

BAFT announces new Senior Vice President of Trade, Craig Weeks, to lead its trade-focused policy, practices, and education initiatives.

On September 6, 2024 BAFT made its’ submission to the Board of Governors of the Federal Reserve System in response to the Expansion of...

On September 2, 2024 BAFT made its’ submission to the Financial Stability Board (FSB)  in response to the Recommendations for Regulating and Supervising Bank...

BAFT released a comprehensive white paper offering a thorough examination of the intersection between digital currencies and the challenges posed by financial crimes.

Understanding the impact of Basel III on banks: learn about the global regulatory shift and increased capital requirements.

To discuss the paper and better understand how DTSCF can promote financial stability, risk management, and sustainability, Trade Finance Global (TFG) spoke with Tod...

BAFT and the ADB released a new white paper, "Deep-Tier Supply Chain Finance: Unlocking Potential".

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

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 announces new Vice President of International Policy, Andrew Price, to lead its international policy advocacy efforts.

BAFT announced the graduates of its Future Leaders program class of 2024 at BAFT’s 2024 Global Annual Meeting.

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

BAFT has announced that Suresh Subramanian of BNP Paribas will serve a second term as the chair of its board of directors for the...

BAFT released a new white paper, "Uneven Regulations in the Payments Industry." The paper sheds light on the disparities and challenges in regulatory frameworks...

Hear from Deepa Sinha, VP Payments & Financial Crimes at BAFT on the transforming payments industry and the key topics to look for.

TFG and BAFT have crafted a guide that clarifies the basics of Letters of Credit but also breaks down further intricacies of when to...

On January 16, 2024 BAFT made its’ submission to the Federal Reserve Board, FDIC and OCC in response to the agencies proposed Basel III...

BAFT releases a new white paper, ISO 20022 Migration: Lessons Learned, which offers a deep dive into the experiences, challenges, and best practices from...

BAFT has released an updated version of its guidelines for respondent banks in a bid to better equip them to maintain their correspondent banking relationships...

BAFT has updated its playbook to help respondents establish and maintain correspondent banking relationships — not an easy feat under current stringent financial crime...

Correspondent banking relationships are the linchpin of international trade and finance, enabling cross-border transactions and providing a gateway to foreign financial markets.

This roundtable discussion held at SIBOS with the BAFT Global Trade Industry Council discusses trends in global trade and working capital, trade finance gaps,...

The BAFT "Respondent's Playbook 2.0: A Correspondent Banking Relationship Guide" serves as an update to the 2019 guidance document for respondent banks and users...

In an era marked by technological advancement and rapid digitization, the landscape of financial transactions has undergone a transformative shift. Traditional modes of payment,...

BAFT today announced the launch of its new Certificate in Advanced Trade Finance (CATF) which will offer an in-depth overview of the trade finance business,...

As we move to a new normal post-pandemic, read the results of the 2022 State of Trade Technology Survey to see where the industry...

BAFT has named Daniel Pinho as its new Vice President of Operations and Business Management, who will oversee the association’s business operations, manage strategic...

Advancements in technology have contributed to an acceleration in the trade finance industry’s digitization efforts, but the reality is that many processes are still...

Regulators need to ensure that new rules passed in the wake of the U.S. banking crisis do not increase financial exclusion, Tod Burwell writes...

Trade Finance Global (TFG) is thrilled to launch its dedicated Correspondent Banking hub, in collaboration with BAFT and EBRD, to provide industry-specific content and...

TCH, ABA and BAFT submitted a joint comment letter on the proposed ISO 20022 harmonization requirements for enhancing cross-border payments (the “Proposed Harmonization Requirements”)...

WASHINGTON – BAFT, the leading global financial services association for international transaction banking, today announced the graduates of its Future Leaders program class of...

WASHINGTON — BAFT, the leading global financial services association for international transaction banking, has announced that Suresh Subramanian of BNP Paribas will serve as...

Joy Macknight from The Banker sat down with our very own board chair, Maram Al-Jazireh, SVP and Global Head of Financial Institutions at Arab...

BAFT together with the ICC-UK and several industry associations, has made a joint submission to the UK PRA in response to their proposed Basel...

The World Trade Board launched the ‘Financial Inclusion in Trade’ Roadmap, focusing on fair and equitable access to trade finance to empower MSMEs and...

BAFT has posted updated Legal Opinions (2022) covering BAFT Master Participation Agreements (MPA) issued in accordance with English Law (2008, amended in 2022) &...

This guide examines the state of trade finance, focusing on the two core trade products — letters of credit and documentary collections. It highlights...

WASHINGTON — BAFT, the leading global financial services association for international transaction banking, today announced the launch of its new Certificate in Foreign Exchange...

WASHINGTON — BAFT, the leading global financial services association for international transaction banking, today announced its Future Leaders Program Class of 2023. Now in...

The agreement formalizes an existing relationship with BAFT that supports small business exporters by reducing barriers to accessing capital WASHINGTON – Today, Administrator Isabella...

WASHINGTON – BAFT, the leading global financial services association for international transaction banking, today announced the publication of a new whitepaper, “Perspectives on Evaluating...

On September 29, FinCEN issued a final rule implementing the bipartisan Corporate Transparency Act’s (CTA) beneficial ownership information (BOI) reporting provisions. This rule will...

BAFT announces the launch of its new Certificate in Advanced Cash Management, which includes a series of 8 courses for payments and treasury management...

Digital trade in the U.S. took a big step forward on July 13 when the ULC passed several amendments to the UCC addressing digital assets,...

BAFT advocates for the implementation of the work already done by the Global Legal Entity Identifier Foundation (GLEIF) in the establishment of the Legal...

Trade Finance Global discusses BAFT’s role in implementing ESG best practices for trade and transaction banking; the role of exports in globalization; net-zero and...

In April 2022, BAFT named Deepa Sinha as its new Vice President of Payments and Financial Crime. TFG’s Deepesh Patel, interviewed Sinha to learn...

CBDCs should complement, not replace, existing forms of money, according to leading officials at BAFT's 2022 Global Annual Meeting. As central bankers in advanced...

BAFT announced the graduates of its Future Leaders Program Class of 2022 on May 4. The program – now completing its seventh year –...

BAFT would like to congratulate its officers on their re-election to the 2022-2023 association year and also welcome new board directors from ABSA, Barclays,...

In March 2022, BAFT submitted comment letters to the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) regarding their proposed...

BAFT has named Deepa Sinha as its new Vice President of Payments and Financial Crime. Sinha will lead the association’s payments, cash management and...

BAFT’s Economic Sanctions Resources Hub is a collection of links and documents to various resources across numerous international jurisdictions that can help you and...

Lenders, banking associations, including BAFT, and trade finance users are lobbying the European Commission, European Parliament and member states to scrap planned amendments to...

Sustainability and ESG have become public and private sector priorities, with consumers and corporates alike increasingly focusing on sustainability practices when making financial decisions,...

The BAFT Sustainability Working Group welcomed the ICC’s Standards for Sustainable Trade & Sustainable Trade Finance positioning paper published in November 2021. The roadmap...

On February 1 BAFT’s Board Chair, Maram Al-Jazireh, published her quarterly communication to the wider BAFT membership.

BAFT announced today its Future Leaders Program class of 2022. Now in its seventh year, the program recognizes upcoming talent in the global transaction...

Almost two weeks have passed since the retirement of the world’s most important number: the London Interbank Offered Rate (LIBOR). For almost half a...

The International Chamber of Commerce (ICC) has formed an advisory board comprising intergovernmental, policy and industry actors in the global trade and trade finance...

On November 8 BAFT’s Board Chair, Maram Al-Jazireh, published her quarterly communication to the wider BAFT membership.

As the trade finance industry prepares for the cessation of LIBOR and the transition to alternative reference rates, BAFT together with ITFA and Sullivan...

BAFT (Bankers Association for Finance and Trade) has appointed Scott Stevenson as Senior Vice President of Trade, following the retirement of industry veteran Stacey...

BAFT has named Scott Stevenson as its new senior vice president of trade. Stevenson will lead the association’s trade-focused policy, practices, and education initiatives,...

Commodities purchases worth around $43 million from Peru under the initiative of Mitsubishi Corporation (Americas) were made over multiple transactions using Skuchain's currency agnostic...

New report from BAFT, Baker McKenzie and TXF provides insight on the impact of LIBOR transition for banks and corporations in the trade finance...

Optimism permeated discussions during BAFT's 2021 Global Annual Meeting in June. More than 2,000 attendees from 66 countries actively discussed the status and future...

Decentralized finance (DeFi) is emerging as a tool for smaller businesses in developing markets, particularly for remittances and small loans; the transaction banking industry...

New BAFT whitepaper analyzes the state of trade digitization at the end of 2020, the progress made during the COVID-19 pandemic and highlights necessary...

The first edition of 'LIBOR Transition: Impact to Trade Finance – Frequently Asked Questions Guide' informs and responds to frequently asked questions related to...

TXF News spoke to BAFT President & CEO Tod Burwell to find out what has been the trade organization’s secret to longevity. Read what...

Via Bobsguide Internationalisation of CBDC a Major Design Consideration As the UK joins the list of global players considering issuing central bank digital currencies...

Via Trade Finance Global The macroeconomic impact of the pandemic and its prolonged impact on certain sectors of trade was discussed at length in a panel...

The Class of 2021, comprised of 36 individuals from 26 countries, were recognized today during BAFT’s 2021 Virtual Global Annual Meeting. WASHINGTON – BAFT,...

On June 3 BAFT’s Outgoing Board Chair, Mark Garfield, published his last monthly communication to the wider BAFT membership. During BAFT’s 2021 Virtual Global Annual...

The Bankers Association for Finance and Trade (Baft) has released a new whitepaper that provides recommendations and key considerations for the development of high-speed...

On April 27 BAFT’s Board Chair, Mark Garfield, published his monthly communication to the wider BAFT membership. The recent grounding of a large container...

What does it take to build a cross-border faster payments ecosystem? This whitepaper discusses the cost-benefit analysis involved in moving forward with cross-border faster...

On March 19 BAFT’s Board Chair, Mark Garfield, published his monthly communication to the wider BAFT membership. Tomorrow, March 20, is recognized as the...

BAFT would like to congratulate its new officers on their election to the 2021-2022 association year and also welcome new board directors Paul Taylor,...

On February 18 BAFT’s Board Chair, Mark Garfield, published his monthly communication to the wider BAFT membership. The advance notification for BAFT’s 2021 Virtual Global...

On January 21 BAFT’s Board Chair, Mark Garfield, published his monthly communication to the wider BAFT membership. After eating far too many treats and...

On January 28, The Global Supply Chain Finance Forum (GSCFF) announced plans to update its Standard Definitions for Techniques of Supply Chain Finance to...

BAFT announces the publication of both the Business Best Practices and Technical Best Practices, Version 1.1, for the Distributed Ledger Payment Commitment (DLPC). WASHINGTON...

On December 17 BAFT’s Board Chair, Mark Garfield, published his monthly communication to the wider BAFT membership. Each year at this time, my wife...

On November 24 BAFT’s Board Chair, Mark Garfield, published his monthly communication to the wider BAFT membership. Like many of you, I just attended...

Our recent publication informs the policy community and the industry on the impact of a possible transition to the Secured Overnight Financing Rate (SOFR)...

On November 16, BAFT, along with BPI and others, submitted a letter to FinCEN supporting regulatory action that would permit entities to enhance the...

BAFT and CGI recently conducted a survey of more than 200 BAFT members in an effort to better understand the current state of technological...

Payables Finance Technique – Market Practices in Supply Chain Finance is the second in a series of guidance documents set to further encourage industry-wide...

On November 2 , BAFT announced the formation of its new Global Payments Industry Council (GPIC). WASHINGTON — BAFT, the leading international transaction banking...

On October 23, BAFT’s Board Chair, Mark Garfield, published his monthly communication to the wider BAFT membership. In my history classes in school much...

BAFT has announced Jose Luis Calderon, global head of global transaction banking at Santander, as the new chair of its Transaction Banking Global Leaders...

BAFT today released the Certificate in Introductory Transaction Banking (CITB), an online self-guided study through the basics of global transaction banking (GTB). The certificate...

Leading representatives from the UK and US financial and related professional services industries have joined together to propose a united business vision for future...

On September 18, BAFT’s Board Chair, Mark Garfield, published his monthly communication to the wider BAFT membership. Growing up reading science fiction and watching...

On September 8, BAFT released new criteria for payables finance principles developed by BAFT’s Global Trade Industry Council (GTIC). WASHINGTON — BAFT, an international...

On August 27, BAFT responded to the European Commission’s Action Plan for a comprehensive Union policy on preventing money laundering and terrorism financing. BAFT...

New report from the industry coalition GSCFF addresses head-on the criticisms relating to impact on suppliers, financial reporting and potential credit and liquidity risks....

On August 20, BAFT’s Board Chair, Mark Garfield, published his monthly communication to the wider BAFT membership. I fondly remember my first trip to...

On August 17, BAFT published its 2020 Annual Review Digest covering major activities and achievements for FY2019-2020 including advocacy issues, industry initiatives, thought leadership,...

“When I put out the question about providing comments on this Federal Register notice, we received overwhelming support for submitting a comment letter for...

On August 12, BAFT responded to EXIM’s Federal Register Notice sharing the strategic importance of the EXIM partnership with PEFCO. BAFT has long supported EXIM’s...

On July 20, BAFT, along with the ABA and others, urged House Armed Services Committee leaders to include key AML provisions in the 2021...

On July 09, BAFT’s Board Chair, Mark Garfield, published his monthly communication to the wider BAFT membership. June was an eventful and important month...

On June 19, BAFT’s Board Chair, Mark Garfield, published his monthly communication to the wider BAFT membership. Greetings! Firstly, I’d like to say best...

On June 11, BAFT announced it has created a regional council to provide guidance and leadership for member services in sub-Saharan Africa. The council...

On May 21, BAFT announced the graduates of its Future Leaders Program class of 2020 whose research presentations and papers are now available online....

On May 13, 2020 BAFT and ITFA published wording guidance for Master Participation Agreements (MPAs) during the transition away from LIBOR. BAFT and ITFA...

“We commend U.S. EXIM Bank for facilitating a timely response to the industry’s request during this crisis,” said BAFT President and CEO Tod Burwell....

BAFT would like to congratulate its board officers on their re-election to the 2020-2021 association year and also welcome new directors Maurice Iskandar, Banque...

In a global emergency, international trade may slow but it must not stop. Even as COVID-19 reveals the shortcomings of a paper-based trade system,...

On April 14, 2020 BAFT along with the ITFA, the Berne Union, the IACPM, the IUA and Lloyd’s Market Association filed a joint comment...

BAFT issued comments in response to the ARRC Consultation on Spread Adjustment Methodologies for Fallbacks in Cash Products Referencing USD LIBOR. On March 25,...

BAFT recently updated its chart of information required by over 50 jurisdictions for the processing of both inbound and outbound USD wire transfers. BAFT...

Following recent announcements by regulators and commentary by working groups on the importance of completing the transition to risk-free rates (“RFR”s) by end of...

On February 13, 2020, the Global Supply Chain Finance Forum (GSCFF) made up of the major global associations representing the trade finance market including...

On January 21, 2020, BAFT and other industry associations responded to the Consumer Financial Protection Bureau’s Notice of Proposed Rulemaking that would amend the...

On January 13, 2020, BAFT announced the Future Leaders Program class of 2020, with 32 individuals from member institutions representing 14 different countries. WASHINGTON...

On January 3, 2020, BAFT responded to the European Commission’s Public Consultation on Implementing the Final Basel III Reforms in the EU. As the...

We commend congressional leaders for including EXIM reauthorization in the year-end government funding legislation. Bipartisan passage of this seven-year reauthorization, the longest ever in...

Europe’s leading bank-to-bank forum to be held Jan. 13-15 in Frankfurt, Germany. WASHINGTON — From high-level sessions featuring global transaction banking leaders to a...

BAFT publishes three Article 194 Legal Opinions for the BAFT Master Participation Agreements. New one for the 2019 NY Law BAFT MPA New one for the...

On December 12, BAFT and its members across North America welcome agreement on the USMCA and support its swift passage and implementation. WASHINGTON —...

On October 31, the House Financial Services Committee (HFSC) approved H.R. 4863, the United States Export Finance Agency Act of 2019, that reauthorizes the...

BAFT, the leading global trade association for transaction banking, today announced a partnership with International Finance Corporation which delivered training workshops on BAFT’s Respondent’s...

BAFT joins a coalition of over two-hundred organizations and companies to call on members of the U.S. House and Senate to pass a robust and long-term reauthorization of...

BAFT and several other industry associations responded to a Request for Information regarding Potential Regulatory Changes to the Remittance Rule issued by the Consumer...

On June 27, 2019, the Senate Banking Committee met in an open session to conduct a hearing on the Oversight and Reauthorization of the...

BAFT releases much anticipated Guidance Paper for Auto Extension thanks to the effort of the BAFT North America Standby LC Committee – Auto Extension...

The Global Supply Chain Finance Forum announced today the release of its new guidance document, Market Practices in Supply Chain Finance: Receivables Discounting Technique....

BAFT joined with others in the Industry to file a letter supporting the Corporate Transparency Act. You can read the letter here.

The BAFT Europe Council Intraday Liquidity Working Group today released an Industry Briefing on Intraday Liquidity Management in Europe. The BAFT Europe Council Intraday...

BAFT today announced the release of an updated New York law Master Participation Agreement (MPA). The original was drafted more than 10 years ago,...

BAFT joined with others in the industry to file a letter supporting BSA reform. Read the letter here.

BAFT announced today Mark Garfield of Zions Bancorp will serve as the chair of its board of directors for the 2019-2020 association year. BAFT...

BAFT, an international financial services association, today announced the graduates of its Future Leaders program class of 2019. WASHINGTON – BAFT, an international financial...

BAFT released technical as well as business best practices for a digital ledger payment commitment (DLPC). The documents identify industry-wide specifications for a DLPC,...

BAFT, The Wolfsberg Group, and the International Chamber of Commerce (ICC) jointly announced today the publication of appendices to its 2017 Trade Finance Principles...

On March 13, BAFT joined eight other financial services trade associations in submitting a letter to the House Financial Services Committee leaders highlighting the...

A guidance paper for users of correspondent banking services WASHINGTON — BAFT, the leading global trade association for transaction banking, today released the Respondent’s Playbook...

The European Commission today issued its own list of 23 jurisdictions today that it said have “strategic deficiencies” in their anti-money laundering and counter-terrorist...

IIFM and BAFT announced the release of their joint initiative of creating global master participation agreements to support the development of Islamic trade finance...

BAFT announced its Future Leaders program class of 2019. The program – now in its fourth year – recognizes upcoming leaders in the transaction...