BAFT Applauds New York for Modernizing Trade Laws 

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WASHINGTON, D.C. (December 10, 2025) – New York enacted major legislation to support and increase the digitalization of trade finance. BAFT (Bankers Association for Finance and Trade), the leading global industry association for international transaction banking, applauds Governor Kathy Hochul for signing, Sen. Brad Hoylman-Sigal, and NY Assemblyman Alex Bores for their efforts to bring legal clarity and recognition for digital trade payment instruments. 
 
“New York Law governs a significant volume of international commerce, so this was particularly important for the United States to maintain its leading role in international trade. This update will provide interoperability with the global community that have already adopted or are currently considering similar legislation,” said President and CEO Tod Burwell, BAFT. 
 
A large obstacle to trade digitalization is the lack of recognition for electronic trade documents under various legal frameworks. Much of the trade finance process is to this day physical paper dependent. The law allows for interoperability between New York and is compatible with electronic records contemplated by UNCITRAL’s Model Law of Electronic Transferable Records (MLETR), which is the basis for many legal frameworks around the world. Thirty-three states in the United States have adopted similar legislation. 
 
With New York being one of the leading and most influential states for commercial transactions in the world, the passage of this legislation marks a significant advance in digitalizing the trade finance process. 
 
BAFT will continue its efforts to bring all 50 states to adopt similar legislation as well as continuing its efforts globally to bring acceptance of digital trade finance documents. A link to the bill can be viewed here. 

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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.

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Via Trade Finance Global (TFG)

From a TFG and BAFT roundtable, this whitepaper examines the evolving role of banks in global trade as they navigate unprecedented disruption. Based on a discussion held during the BAFT Global Councils Forum 2025, it features insights from leaders in major global banks and institutions covering tariffs, shifting ESG priorities, regulatory complexity, financial crime, and rapid digitization in 2025.

Download the whitepaper here.

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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.

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To explore how far the industry has come since the G20 Roadmap for Cross Border Payments was endorsed in 2020, and how much more remains to be done, Trade Treasury Payments (TTP) spoke with Deepa Sinha, Senior Vice President for Payments and Financial Crimes at BAFT, and Shriyanka Hore, Global Head of Industry Engagement at Swift.

Via Trade Treasury Payments by Deepa Sinha

Amid four packed days at Sibos 2025 in Frankfurt, experts from across the transaction banking space came together to discuss (among many other topics from a long agenda) how to make cross-border payments better. Today, trillions of dollars move across borders each day and global commerce has become more digital than ever, which means that implementation is becoming a central priority.

In the final hours of the conference, Trade Treasury Payments (TTP) made time to sit down with Deepa Sinha, Senior Vice President for Payments and Financial Crimes at BAFT, and Shriyanka Hore, Global Head of Industry Engagement at Swift, to discuss how far the industry has come and how far it still has to go.

The G20 roadmap for cross-border payments, endorsed in 2020, set a collective goal of making international payments faster, cheaper, more transparent, and more accessible by 2027. Even in 2025, fragmented regulations and differing market practices mean that a cross-border payment can look very different depending on where it starts and ends.

Read the article and listen to the full episode here.

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The US Department of Treasury issued a request for comment on the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act. Read the full and detailed response of BAFT on this request for comment.

READ MORE HERE >

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Via Trade Finance Global by Doga Usanmaz

  • Geopolitical tensions and shifting trade corridors are requiring banks to adapt to political risks and regional economic changes.
  • Europe’s focus on financial sovereignty is driving strategic investment into sectors like energy and defense.
  • Regarding digitalisation, challenges remain in balancing technological innovation with social impacts, particularly in developing regions

Rerouted trade corridors, regional fragmentation, a currency arms race… these are no longer distant possibilities. They are active geopolitical and macroeconomic forces, reshaping transactional banking. 

At this year’s BAFT Global Council’s Forum in Frankfurt, Germany, a panel of senior leaders from prominent global and regional banks explored how shifting political tensions and economic dynamics are creating deep uncertainty for the industry, and how banks are adapting their strategies, infrastructure, and client relations in response.

The panel, moderated by Nick Smit, head of financial institutions at ING Bank and chair of BAFT’s board, found that transactional banks are being rewired to confront political risk, digitisation, and technological disruption. The panel provided a region-by-region exploration of the subject, and some interesting parallels came up.

Read the full article here.