News and Press
- Press Releases
Trade Digitization in Post Pandemic World
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...
- Press Releases
BAFT Releases FAQ on LIBOR Transition, Impact to Trade Finance
The first edition of 'LIBOR Transition: Impact to Trade Finance – Frequently Asked Questions Guide' informs and responds to frequently asked questions related to...
- Media Appearances
TXF News: BAFT: One Hundred Not Out
TXF News spoke to BAFT President & CEO Tod Burwell to find out what has been the trade organization’s secret to longevity. Read what...
- Member News
BAFT Announces 2021 Ambassadors of the Year at Global Annual Meeting
Officially announced at BAFT’s 100th Anniversary celebration, BAFT is pleased to recognize the following individuals for their tireless commitment and contribution to the association....
- Media Appearances
Bobsguide: Cross-Border Interoperability will be a Key Test for CBDCs, BIS and BoE Specialists Warn
Via Bobsguide Internationalisation of CBDC a Major Design Consideration As the UK joins the list of global players considering issuing central bank digital currencies...
- Media Appearances
Trade Finance Global: Global Market Overview at 2021 BAFT Global Annual Meeting
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...
- Press Releases
BAFT Congratulates Graduates of the 2021 Future Leaders Program
The Class of 2021, comprised of 36 individuals from 26 countries, were recognized today during BAFT’s 2021 Virtual Global Annual Meeting. WASHINGTON – BAFT,...
- Blog
A Message from the Outgoing Chair
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...
- Media Appearances
Global Trade Review: Why BAFT Has Faster Cross-Border Payments in its Sights
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...
- Blog
A Message from the Chair | April 2021
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...
- Policy News
BAFT Releases Whitepaper on Cross-Border Faster Payments
What does it take to build a cross-border faster payments ecosystem? The paper discusses the cost-benefit analysis involved in moving forward with cross-border faster...
- Blog
A Message from the Chair | March 2021
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...
- Press Releases
BAFT Elects Arab Bank’s Maram Al-Jazireh to Lead Board of Directors
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,...
- Blog
A Message from the Chair | February 2021
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...
- Blog
A Message from the Chair | January 2021
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...
- Policy News
GSCFF Announces Update to its Standard Definitions to Include Description of Corporate Payment Undertaking
On January 28, The Global Supply Chain Finance Forum (GSCFF) announced plans to update its Standard Definitions for Techniques of Supply Chain Finance to...
- Policy News
BAFT Releases Best Practices for New Financial Asset on Distributed Ledger Technology
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...
- Blog
A Message from the Chair | December 2020
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...
- Blog
A Message from the Chair | November 2020
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...
- Member News
BAFT Announces Ambassadors of the Year for 2020
Officially announced at the 2020 Virtual International Convention and for the third year running, BAFT is honored to recognize individuals for their invaluable assistance...
- Policy News
BAFT Releases SOFR: Trade Finance Priorities White Paper at 2020 International Convention
Our recent publication informs the policy community and the industry on the impact of a possible transition to the Secured Overnight Financing Rate (SOFR)...
- Policy News
Response to FinCEN ANPR on Anti-Money Laundering (AML) Program Effectiveness
On November 16, BAFT, along with BPI and others, submitted a letter to FinCEN supporting regulatory action that would permit entities to enhance the...
- Press Releases
BAFT and CGI Launch Trade Technology Survey at 2020 Virtual International Convention
BAFT and CGI recently conducted a survey of more than 200 BAFT members in an effort to better understand the current state of technological...
- Policy News
Global Supply Chain Finance Forum Issues Payables Finance Guidance to Drive Further Clarity on Terms and Techniques
Payables Finance Technique – Market Practices in Supply Chain Finance is the second in a series of guidance documents set to further encourage industry-wide...
- Press Releases
BAFT Launches Global Payments Industry Council
On November 2 , BAFT announced the formation of its new Global Payments Industry Council (GPIC). WASHINGTON — BAFT, the leading international transaction banking...
- Blog
A Message from the Chair | October 2020
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...
- Press Releases
BAFT Names New Chair of Transaction Banking Global Leaders Group
BAFT has announced Jose Luis Calderon, global head of global transaction banking at Santander, as the new chair of its Transaction Banking Global Leaders...
- Press Releases
BAFT Launches Online E-Learning University with Certificate in Introductory Transaction Banking
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...
- Policy News
UK and US Finance Industries Join Forces to Propose a Vision for Closer Regulatory Cooperation
Leading representatives from the UK and US financial and related professional services industries have joined together to propose a united business vision for future...
- Blog
A Message from the Chair | September 2020
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...
- Policy News
BAFT Announces New Payables Finance Principles
On September 8, BAFT released new criteria for payables finance principles developed by BAFT’s Global Trade Industry Council (GTIC). WASHINGTON — BAFT, an international...
- Policy News
BAFT Response to EC Public Consultation on AML Action Plan
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...
- Policy News
Misuse of Supply Chain Finance Worrying but not Widespread, says Global Supply Chain Finance Forum (GSCFF)
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....
- Blog
A Message from the Chair | August 2020
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...
- Press Releases
BAFT 2020 Annual Review Digest Now Available
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,...
- Policy News
EXIM Board of Directors Hosts Meeting as Part of First-Ever Public Assessment of 50-Year EXIM-Private Export Funding Corporation (PEFCO) Public-Private Partnership
“When I put out the question about providing comments on this Federal Register notice, we received overwhelming support for submitting a comment letter for...
- Policy News
BAFT Calls on EXIM to Renew Partnership with Private Export Funding Corporation (PEFCO)
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...
- Policy News
Letter Supporting Anti-Money Laundering (AML) Reform Provisions in National Defense Authorization Act
On July 20, BAFT, along with the ABA and others, urged House Armed Services Committee leaders to include key AML provisions in the 2021...
- Blog
A Message from the Chair | July 2020
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...
- Blog
A Message from the Chair | June 2020
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...
- Press Releases
BAFT Launches Africa Council
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...
- Press Releases
BAFT Congratulates Graduates of the 2020 Future Leaders Program
On May 21, BAFT announced the graduates of its Future Leaders Program class of 2020 whose research presentations and papers are now available online....
- Policy News
BAFT / ITFA Guidance on Accommodation of LIBOR Transition in MPAS
On May 13, 2020 BAFT and ITFA published wording guidance for Master Participation Agreements (MPAs) during the transition away from LIBOR. BAFT and ITFA...
- Policy News
EXIM Increases U.S. Exporter Access to Capital and Supply Chain Financing During COVID-19 by Raising Lender Guarantee Coverage Option to 95 Percent
“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....
- Press Releases
BAFT Re-elects Zion’s Mark Garfield to Lead Board of Directors
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...
- Policy News
BAFT Publishes Joint Paper Covering Digital Rapid Response Measures Taken By Banks Under COVID-19
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,...
- Policy News
BAFT Files Joint Association Comment Letter to EU Policy Makers Regarding Credit Insurance During COVID-19
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...
- Policy News
BAFT Comments in response to the ARRC Consultation on Spread Adjustment Methodologies for Fallbacks in Cash Products Referencing USD LIBOR
BAFT issued comments in response to the ARRC Consultation on Spread Adjustment Methodologies for Fallbacks in Cash Products Referencing USD LIBOR. On March 25,...
- Policy News
BAFT Updates USD Payments Information Chart
BAFT recently updated its chart of information required by over 50 jurisdictions for the processing of both inbound and outbound USD wire transfers. BAFT...
- Policy News
LIBOR Transition Progress Note: Impact on the BAFT Master Participation Agreement (MPA)
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...
- Policy News
BAFT Jointly Publishes Paper on the SCF Payables Finance Technique
On February 13, 2020, the Global Supply Chain Finance Forum (GSCFF) made up of the major global associations representing the trade finance market including...
- Policy News
BAFT Responds to CFPB’s Proposed Amendment of the Remittance Rule
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...
- Press Releases
BAFT Announces Future Leaders Program of 2020
On January 13, 2020, BAFT announced the Future Leaders Program class of 2020, with 32 individuals from member institutions representing 14 different countries. WASHINGTON...
- Policy News
BAFT Responds to EC’s Basel III Consultation
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...
- Policy News
BAFT Applauds Passage of Long-Term Reauthorization of the U.S. Export-Import Bank
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...
- Press Releases
Global Transaction Banking Leaders to Gather in Germany for BAFT’s 2020 Global Annual Meeting
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...
- Policy News
BAFT publishes three Article 194 Legal Opinions for the BAFT Master Participation Agreements
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...
- Policy News
BAFT Welcomes Agreement on USMCA
On December 12, BAFT and its members across North America welcome agreement on the USMCA and support its swift passage and implementation. WASHINGTON —...
- Policy News
BAFT Signs Onto a Letter in Support of EXIM
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...
- Press Releases
BAFT Announces Training Workshops on Correspondent Banking in Africa
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...
- Policy News
BAFT joins a Coalition to call on Members Congress to pass Reauthorization of the U.S. Export-Import Bank
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...
- Policy News
Industry Response to CFPB
BAFT and several other industry associations responded to a Request for Information regarding Potential Regulatory Changes to the Remittance Rule issued by the Consumer...
- Policy News
BAFT Issues a Statement on the Senate Hearings on “Oversight and Reauthorization of the Export-Import Bank of the United States.”
On June 27, 2019, the Senate Banking Committee met in an open session to conduct a hearing on the Oversight and Reauthorization of the...
- Policy News
BAFT Releases Guidance Paper for Auto Extension
BAFT releases much anticipated Guidance Paper for Auto Extension thanks to the effort of the BAFT North America Standby LC Committee – Auto Extension...
- Policy News
Global Supply Chain Finance Forum Issues Receivables Discounting Guidance to Drive Further Clarity on Terms and Techniques
The Global Supply Chain Finance Forum announced today the release of its new guidance document, Market Practices in Supply Chain Finance: Receivables Discounting Technique....
- Policy News
BAFT Joins Letter Supporting the Corporate Transparency Act
BAFT joined with others in the Industry to file a letter supporting the Corporate Transparency Act. You can read the letter here.
- Policy News
BAFT Publishes Industry Briefing: Intraday Liquidity Management in Europe
The BAFT Europe Council Intraday Liquidity Working Group today released an Industry Briefing on Intraday Liquidity Management in Europe. The BAFT Europe Council Intraday...
- Policy News
BAFT Releases Updated New York Law Master Participation Agreement
BAFT today announced the release of an updated New York law Master Participation Agreement (MPA). The original was drafted more than 10 years ago,...
- Policy News
BAFT Joins Industry Letter to Support BSA Reform
BAFT joined with others in the industry to file a letter supporting BSA reform. Read the letter here.
- Press Releases
BAFT Elects Zion’s Mark Garfield to Lead Board of Directors
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...
- Press Releases
BAFT Congratulates 2019 Graduates of Future Leaders Program
BAFT, an international financial services association, today announced the graduates of its Future Leaders program class of 2019. WASHINGTON – BAFT, an international financial...
- Policy News
BAFT Releases Best Practices for Digital Ledger Payment Commitments
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,...
- Policy News
International Trade Organizations Release Additional Compliance Guidance for Trade Transactions
BAFT, The Wolfsberg Group, and the International Chamber of Commerce (ICC) jointly announced today the publication of appendices to its 2017 Trade Finance Principles...
- Policy News
BAFT, Trade Groups Call for National Beneficial Ownership Registry and Reform of AML Framework
On March 13, BAFT joined eight other financial services trade associations in submitting a letter to the House Financial Services Committee leaders highlighting the...
- Policy News
BAFT Releases Respondent’s Playbook
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...
- Policy News
EU List of AML-Deficient Jurisdictions Includes U.S. Territories
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...
- Policy News
IIFM and BAFT Publish MPA’s for Islamic Trade Finance
IIFM and BAFT announced the release of their joint initiative of creating global master participation agreements to support the development of Islamic trade finance...
- Press Releases
BAFT Announces Future Leaders Program Class of 2019
BAFT announced its Future Leaders program class of 2019. The program – now in its fourth year – recognizes upcoming leaders in the transaction...
- Member News
BAFT Announces 2021 Ambassadors of the Year at Global Annual Meeting
Officially announced at BAFT’s 100th Anniversary celebration, BAFT is pleased to recognize the following individuals for their tireless commitment and contribution to the association....
- Member News
BAFT Announces Ambassadors of the Year for 2020
Officially announced at the 2020 Virtual International Convention and for the third year running, BAFT is honored to recognize individuals for their invaluable assistance...
- Press Releases
Trade Digitization in Post Pandemic World
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...
- Press Releases
BAFT Releases FAQ on LIBOR Transition, Impact to Trade Finance
The first edition of 'LIBOR Transition: Impact to Trade Finance – Frequently Asked Questions Guide' informs and responds to frequently asked questions related to...
- Press Releases
BAFT Congratulates Graduates of the 2021 Future Leaders Program
The Class of 2021, comprised of 36 individuals from 26 countries, were recognized today during BAFT’s 2021 Virtual Global Annual Meeting. WASHINGTON – BAFT,...
- Press Releases
BAFT Elects Arab Bank’s Maram Al-Jazireh to Lead Board of Directors
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,...
- Press Releases
BAFT and CGI Launch Trade Technology Survey at 2020 Virtual International Convention
BAFT and CGI recently conducted a survey of more than 200 BAFT members in an effort to better understand the current state of technological...
- Press Releases
BAFT Launches Global Payments Industry Council
On November 2 , BAFT announced the formation of its new Global Payments Industry Council (GPIC). WASHINGTON — BAFT, the leading international transaction banking...
- Press Releases
BAFT Names New Chair of Transaction Banking Global Leaders Group
BAFT has announced Jose Luis Calderon, global head of global transaction banking at Santander, as the new chair of its Transaction Banking Global Leaders...
- Press Releases
BAFT Launches Online E-Learning University with Certificate in Introductory Transaction Banking
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...
- Press Releases
BAFT 2020 Annual Review Digest Now Available
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,...
- Press Releases
BAFT Launches Africa Council
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...
- Press Releases
BAFT Congratulates Graduates of the 2020 Future Leaders Program
On May 21, BAFT announced the graduates of its Future Leaders Program class of 2020 whose research presentations and papers are now available online....
- Press Releases
BAFT Re-elects Zion’s Mark Garfield to Lead Board of Directors
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...
- Press Releases
BAFT Announces Future Leaders Program of 2020
On January 13, 2020, BAFT announced the Future Leaders Program class of 2020, with 32 individuals from member institutions representing 14 different countries. WASHINGTON...
- Press Releases
Global Transaction Banking Leaders to Gather in Germany for BAFT’s 2020 Global Annual Meeting
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...
- Press Releases
BAFT Announces Training Workshops on Correspondent Banking in Africa
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...
- Press Releases
BAFT Elects Zion’s Mark Garfield to Lead Board of Directors
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...
- Press Releases
BAFT Congratulates 2019 Graduates of Future Leaders Program
BAFT, an international financial services association, today announced the graduates of its Future Leaders program class of 2019. WASHINGTON – BAFT, an international financial...
- Press Releases
BAFT Announces Future Leaders Program Class of 2019
BAFT announced its Future Leaders program class of 2019. The program – now in its fourth year – recognizes upcoming leaders in the transaction...
- Policy News
BAFT Releases Whitepaper on Cross-Border Faster Payments
What does it take to build a cross-border faster payments ecosystem? The paper discusses the cost-benefit analysis involved in moving forward with cross-border faster...
- Policy News
GSCFF Announces Update to its Standard Definitions to Include Description of Corporate Payment Undertaking
On January 28, The Global Supply Chain Finance Forum (GSCFF) announced plans to update its Standard Definitions for Techniques of Supply Chain Finance to...
- Policy News
BAFT Releases Best Practices for New Financial Asset on Distributed Ledger Technology
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...
- Policy News
BAFT Releases SOFR: Trade Finance Priorities White Paper at 2020 International Convention
Our recent publication informs the policy community and the industry on the impact of a possible transition to the Secured Overnight Financing Rate (SOFR)...
- Policy News
Response to FinCEN ANPR on Anti-Money Laundering (AML) Program Effectiveness
On November 16, BAFT, along with BPI and others, submitted a letter to FinCEN supporting regulatory action that would permit entities to enhance the...
- Policy News
Global Supply Chain Finance Forum Issues Payables Finance Guidance to Drive Further Clarity on Terms and Techniques
Payables Finance Technique – Market Practices in Supply Chain Finance is the second in a series of guidance documents set to further encourage industry-wide...
- Policy News
UK and US Finance Industries Join Forces to Propose a Vision for Closer Regulatory Cooperation
Leading representatives from the UK and US financial and related professional services industries have joined together to propose a united business vision for future...
- Policy News
BAFT Announces New Payables Finance Principles
On September 8, BAFT released new criteria for payables finance principles developed by BAFT’s Global Trade Industry Council (GTIC). WASHINGTON — BAFT, an international...
- Policy News
BAFT Response to EC Public Consultation on AML Action Plan
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...
- Policy News
Misuse of Supply Chain Finance Worrying but not Widespread, says Global Supply Chain Finance Forum (GSCFF)
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....
- Policy News
EXIM Board of Directors Hosts Meeting as Part of First-Ever Public Assessment of 50-Year EXIM-Private Export Funding Corporation (PEFCO) Public-Private Partnership
“When I put out the question about providing comments on this Federal Register notice, we received overwhelming support for submitting a comment letter for...
- Policy News
BAFT Calls on EXIM to Renew Partnership with Private Export Funding Corporation (PEFCO)
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...
- Policy News
Letter Supporting Anti-Money Laundering (AML) Reform Provisions in National Defense Authorization Act
On July 20, BAFT, along with the ABA and others, urged House Armed Services Committee leaders to include key AML provisions in the 2021...
- Policy News
BAFT / ITFA Guidance on Accommodation of LIBOR Transition in MPAS
On May 13, 2020 BAFT and ITFA published wording guidance for Master Participation Agreements (MPAs) during the transition away from LIBOR. BAFT and ITFA...
- Policy News
EXIM Increases U.S. Exporter Access to Capital and Supply Chain Financing During COVID-19 by Raising Lender Guarantee Coverage Option to 95 Percent
“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....
- Policy News
BAFT Publishes Joint Paper Covering Digital Rapid Response Measures Taken By Banks Under COVID-19
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,...
- Policy News
BAFT Files Joint Association Comment Letter to EU Policy Makers Regarding Credit Insurance During COVID-19
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...
- Policy News
BAFT Comments in response to the ARRC Consultation on Spread Adjustment Methodologies for Fallbacks in Cash Products Referencing USD LIBOR
BAFT issued comments in response to the ARRC Consultation on Spread Adjustment Methodologies for Fallbacks in Cash Products Referencing USD LIBOR. On March 25,...
- Policy News
BAFT Updates USD Payments Information Chart
BAFT recently updated its chart of information required by over 50 jurisdictions for the processing of both inbound and outbound USD wire transfers. BAFT...
- Policy News
LIBOR Transition Progress Note: Impact on the BAFT Master Participation Agreement (MPA)
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...
- Policy News
BAFT Jointly Publishes Paper on the SCF Payables Finance Technique
On February 13, 2020, the Global Supply Chain Finance Forum (GSCFF) made up of the major global associations representing the trade finance market including...
- Policy News
BAFT Responds to CFPB’s Proposed Amendment of the Remittance Rule
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...
- Policy News
BAFT Responds to EC’s Basel III Consultation
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...
- Policy News
BAFT Applauds Passage of Long-Term Reauthorization of the U.S. Export-Import Bank
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...
- Policy News
BAFT publishes three Article 194 Legal Opinions for the BAFT Master Participation Agreements
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...
- Policy News
BAFT Welcomes Agreement on USMCA
On December 12, BAFT and its members across North America welcome agreement on the USMCA and support its swift passage and implementation. WASHINGTON —...
- Policy News
BAFT Signs Onto a Letter in Support of EXIM
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...
- Policy News
BAFT joins a Coalition to call on Members Congress to pass Reauthorization of the U.S. Export-Import Bank
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...
- Policy News
Industry Response to CFPB
BAFT and several other industry associations responded to a Request for Information regarding Potential Regulatory Changes to the Remittance Rule issued by the Consumer...
- Policy News
BAFT Issues a Statement on the Senate Hearings on “Oversight and Reauthorization of the Export-Import Bank of the United States.”
On June 27, 2019, the Senate Banking Committee met in an open session to conduct a hearing on the Oversight and Reauthorization of the...
- Policy News
BAFT Releases Guidance Paper for Auto Extension
BAFT releases much anticipated Guidance Paper for Auto Extension thanks to the effort of the BAFT North America Standby LC Committee – Auto Extension...
- Policy News
Global Supply Chain Finance Forum Issues Receivables Discounting Guidance to Drive Further Clarity on Terms and Techniques
The Global Supply Chain Finance Forum announced today the release of its new guidance document, Market Practices in Supply Chain Finance: Receivables Discounting Technique....
- Policy News
BAFT Joins Letter Supporting the Corporate Transparency Act
BAFT joined with others in the Industry to file a letter supporting the Corporate Transparency Act. You can read the letter here.
- Policy News
BAFT Publishes Industry Briefing: Intraday Liquidity Management in Europe
The BAFT Europe Council Intraday Liquidity Working Group today released an Industry Briefing on Intraday Liquidity Management in Europe. The BAFT Europe Council Intraday...
- Policy News
BAFT Releases Updated New York Law Master Participation Agreement
BAFT today announced the release of an updated New York law Master Participation Agreement (MPA). The original was drafted more than 10 years ago,...
- Policy News
BAFT Joins Industry Letter to Support BSA Reform
BAFT joined with others in the industry to file a letter supporting BSA reform. Read the letter here.
- Policy News
BAFT Releases Best Practices for Digital Ledger Payment Commitments
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,...
- Policy News
International Trade Organizations Release Additional Compliance Guidance for Trade Transactions
BAFT, The Wolfsberg Group, and the International Chamber of Commerce (ICC) jointly announced today the publication of appendices to its 2017 Trade Finance Principles...
- Policy News
BAFT, Trade Groups Call for National Beneficial Ownership Registry and Reform of AML Framework
On March 13, BAFT joined eight other financial services trade associations in submitting a letter to the House Financial Services Committee leaders highlighting the...
- Policy News
BAFT Releases Respondent’s Playbook
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...
- Policy News
EU List of AML-Deficient Jurisdictions Includes U.S. Territories
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...
- Policy News
IIFM and BAFT Publish MPA’s for Islamic Trade Finance
IIFM and BAFT announced the release of their joint initiative of creating global master participation agreements to support the development of Islamic trade finance...
- Blog
A Message from the Outgoing Chair
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...
- Blog
A Message from the Chair | April 2021
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...
- Blog
A Message from the Chair | March 2021
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...
- Blog
A Message from the Chair | February 2021
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...
- Blog
A Message from the Chair | January 2021
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...
- Blog
A Message from the Chair | December 2020
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...
- Blog
A Message from the Chair | November 2020
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...
- Blog
A Message from the Chair | October 2020
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...
- Blog
A Message from the Chair | September 2020
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...
- Blog
A Message from the Chair | August 2020
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...
- Blog
A Message from the Chair | July 2020
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...
- Blog
A Message from the Chair | June 2020
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...
- Media Appearances
TXF News: BAFT: One Hundred Not Out
TXF News spoke to BAFT President & CEO Tod Burwell to find out what has been the trade organization’s secret to longevity. Read what...
- Media Appearances
Bobsguide: Cross-Border Interoperability will be a Key Test for CBDCs, BIS and BoE Specialists Warn
Via Bobsguide Internationalisation of CBDC a Major Design Consideration As the UK joins the list of global players considering issuing central bank digital currencies...
- Media Appearances
Trade Finance Global: Global Market Overview at 2021 BAFT Global Annual Meeting
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...
- Media Appearances
Global Trade Review: Why BAFT Has Faster Cross-Border Payments in its Sights
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...