BAFT, ABA’s global transaction banking subsidiary, announced today it has launched a Global Payments Industry Council to drive strategy on global payments issues and to develop best practices for real-time payments participants.
The council’s other priorities over the next two years are to work with international regulators on the information traveling with funds for transparent payments and ensuring that the same standards are applied to all entities wishing to participate in real time payments systems. “The GPIC serves as the cornerstone of BAFT’s new payments strategy, which the board approved earlier this year,” said BAFT SVP Samantha Pelosi.
The council will be chaired by David Kretz, head of global transaction services strategy and payments at Bank of America. Jean-François Mazure, head of cash clearing services at Societe Generale, will be vice chair.