BAFT Launches Financial Technology, Innovation Initiative

ABA’s international finance subsidiary BAFT yesterday announced a new initiative to drive awareness of how innovative technology is transforming cross-border payments, trade finance and other transaction banking areas. Through the initiative, BAFT will address emerging regulatory issues, create a FinTech and Innovation Council and hire a new senior official to lead the effort.

“Emerging technologies such as blockchain technology, distributed ledgers and virtual currencies are redefining how supply chains operate and payments are executed,” said BAFT President and CEO Tod Burwell. “Our members understand the critical impact this will have on our industry and have made it a top priority.”