BAFT—the American Bankers Association’s global transaction banking subsidiary—released a white paper today on the disparities and challenges in the regulatory frameworks governing global payments. Titled “Uneven Regulations in the Payments Industry,” the paper examines the complexities of payment regulation and its implications for financial institutions, fintech firms, regulators and consumers.
“In an era of rapid technological advancement and evolving payment methods, the regulatory environment has struggled to keep pace, resulting in a patchwork of regulations across jurisdictions,” said Deepa Sinha, BAFT’s VP for payments and financial crimes.
Highlights of the white paper include an overview of payment regulations; regulatory challenges and inconsistencies; analysis of the compliance burden, operational costs and market access barriers imposed by divergent regulations; potential pathways for collaboration among domestic and international regulators; and industry recommendations.
BAFT also has reelected Suresh Subramanian to serve a second term as the chair of its board of directors for the 2024-2025 association year. Subramanian is managing director and head of transaction banking for the Americas at BNP Paribas. ING Bank’s Nick Smit was reelected as vice chair, and Absa Group’s Michelle Knowles was reelected as secretary and treasurer.
