Trade Treasury Payments

Many small and mid sized businesses are trading internationally more than ever, but their approach to foreign exchange risk has not kept pace. This episode looks at the growing gap between global exposure and the tools available to manage it.We explore why currency volatility can quietly erode margins and cash flow, and why many businesses still rely on basic or reactive strategies. The conversation also touches on the practical challenges SMEs face, from limited in house expertise to a lack of joined up financial systems.With insight into how more accessible technology and smarter treasury approaches are changing the landscape, this episode offers a grounded look at how businesses can take greater control of their FX risk and support more stable growth.

At Trade Treasury Payments Studios, Eleanor Hill, Treasury Editor at Trade Treasury Payments (TTP), spoke with Richard Wulff, Executive Director of the International Credit Insurance and Surety Association (ICISA), to reflect on a century of trade credit insurance and surety, and what lies ahead for the industry.

 In this episode of Trade Treasury Payments, host Carter Hoffman speaks with Michelle Bockmann, Senior Maritime Intelligence Analyst at Windward, about the growing role of shadow fleets in global shipping. Their conversation explores how sanctioned oil from countries such as Russia, Iran and Venezuela moves through maritime trade using tactics designed to conceal its origin and destination. Michelle explains how practices such as false flagging, ship to ship transfers and the manipulation or shutdown of vessel tracking systems allow these ships to operate outside the traditional rules based framework of international shipping. The discussion also looks at how maritime intelligence, satellite data and AI driven analysis are helping analysts identify suspicious behaviour at sea. Along the way, they consider the wider geopolitical forces shaping trade routes, the risks these ageing vessels pose to maritime safety and the environment, and the often overlooked human impact on the seafarers working on board. 

In the first episode from TTP Studios, Trade Treasury Payments Editor in Chief Deepesh Patel sits down with Eleanor Hill, Treasury Editor at TTP, to discuss the shifts reshaping global trade, treasury and payments. The conversation examines the growing use of artificial intelligence in treasury operations, the impact of tariffs and regional blocs on trade flows, and the persistent challenge corporates face managing foreign exchange exposure and cross border liquidity. It also looks at how emerging technologies, including stablecoins, are beginning to enter the conversation around faster international payments. 

In this episode of the Trade Treasury Payments podcast, Carter Hoffman, Trade and Technology Editor at TTP, speaks with Dr Guido Cozzi, Professor of Macroeconomics at the University of St. Gallen, about the potential global economic consequences of rising tensions around the Strait of Hormuz.Their conversation examines the strategic importance of the strait as one of the world’s most critical energy chokepoints and the risks that disruption could pose to global oil and natural gas flows. The discussion also explores how instability in the region could affect energy markets, global supply chains and inflation.As geopolitical tensions continue to reshape the global economy, the episode highlights how energy shocks can ripple through trade systems, influence financial markets and potentially reinforce the role of the US dollar during periods of uncertainty.

In this episode of the Trade Treasury Payments podcast, Carter Hoffman, Trade and Technology Editor at TTP, speaks with Adam Cooper, Director of NextID Limited, and Luca Castellani, author of the UNCITRAL Model Laws on Digital Trade, about the foundations of trust in a borderless digital economy.Their conversation examines how digital trade depends not only on technology, but on reliable identity management and trust services that allow businesses and institutions to verify counterparties across jurisdictions. They also explore the growing importance of metadata, the challenges created by fragmented national identity systems, and how the Two Tier Reliability Model is emerging as a practical framework for building confidence in cross border digital transactions.As global commerce becomes increasingly digital, the discussion highlights why strengthening trust infrastructure will be just as important as technological innovation in shaping the future of trade.

Future of End-to-End Trade Digitalisation features Deepesh Patel in conversation with Luca Castellani, architect of the UNCITRAL Model Law on Electronic Transferable Records, and Bertrand Chen, CEO of the Global Shipping Business Network, on the shift from paper-based trade to legally recognised digital processes. The discussion examines why adoption remains slow despite legal and technological readiness, the importance of MLETR in establishing enforceable electronic trade documents, and the practical steps required to accelerate end-to-end digital trade across global supply chains.

This episode of our podcast series with the Asian Development Bank’s Trade and Supply Chain Finance Program (TSCFP) explores what transparency looks like in trade finance operations and why it is central to tackling trade-based money laundering (TBML).We examine the key challenges banks face, from complex documentation and correspondent banking networks to data silos and inconsistent due diligence standards, as well as how collaboration and information sharing are becoming critical tools in identifying and mitigating TBML risk.To unpack how this works in practice, Joy Macknight, Transaction Banking Editor at Trade Treasury Payments, speaks with Ashutosh Kumar, Managing Director and Head of Global Transaction Banking, Asia Pacific at Mizuho Bank, about holistic approaches to TBML, the role of technology and AI in compliance workflows, and how multilateral initiatives and shared standards can help build a safer and more transparent trade finance ecosystem.

This episode of our podcast series with the Asian Development Bank’s Trade and Supply Chain Finance Program (TSCFP) explores why women-led SMEs across Asia continue to face barriers in accessing trade finance, and how banks are working to address these challenges.We examine the key obstacles, including limited familiarity with trade finance instruments, documentation complexity, collateral constraints, and gaps in financial literacy, as well as the impact these issues have on liquidity, risk management, and growth for women entrepreneurs operating in international markets.To unpack what is changing in practice, we hear from Eleanor Hill, Treasury Editor at Trade Treasury Payments, alongside Lyda Vannak of FTB Bank in Cambodia and Unengerel Chuluunbat of Golomt Bank in Mongolia, who share insights on education, tailored products, and partnerships helping to expand access and build a more inclusive trade finance ecosystem.

This episode of the podcast series explores how legal modernisation and digital public infrastructure are shaping the future of global trade, with a particular focus on developing and emerging markets.We examine the Commonwealth’s new Model Law on Digital Trade and how harmonised, digital-ready legal frameworks can reduce trade friction, unlock transparency, and accelerate cross-border commerce across member states. The conversation also looks at why implementation, not just policy design, is where real economic impact is realised.To unpack what this means in practice, we hear from Vashti Maharaj, Adviser for Digital Trade Policy at the Commonwealth Secretariat, and Neil Shonhard, CEO of MonetaGo. Drawing on Bahrain’s national trade finance registry as a case study, they discuss public private collaboration, fraud reduction, SME financing, and why digital registries are proving to be one of the fastest ways to expand access to trade finance.As 2026 approaches, the episode asks a forward-looking question: with the tools now proven, which partnerships and policy alignments will define the next chapter of digital trade?

As 2025 draws to a close, Trade Treasury Payments looks back at the themes that defined the year across trade, treasury, payments, and risk, and considers what 2026 may bring.In this year end conversation, Trade Treasury Payments’ Deepesh Patel is joined by Carter Hoffman to discuss five major developments that shaped 2025, including tariffs and fragmentation, liquidity engineering and fraud, pressures on corporate treasurers, payments transformation, and the evolving technology landscape. The discussion concludes with four predictions for the year ahead.

This episode of our podcast series with the Asian Development Bank’s Trade and Supply Chain Finance Program (TSCFP) explores how banks are embedding climate and sustainability criteria into trade and supply chain finance.We look at where the biggest opportunities are emerging, from energy transition and certified commodities to circular economy flows, as well as the practical barriers to mainstream adoption, including greenwashing risk, data availability and the lack of consistent standards.To unpack what is changing and what comes next, we hear from Simon Bodeus, Director of Sustainable Business Development at Rabobank, Ara Makarian, Business Development lead at ArmSwissBank in Armenia, and Pablo Perez Montero, who leads sustainable finance activity globally for CaixaBank’s corporate and investment banking.

This episode of our podcast series with the Asian Development Bank’s Trade and Supply Chain Finance Program (TSCFP) takes a closer look at insurance and reinsurance.We shift the conversation toward risk and take a look at some of the partners helping banks reach markets that were once beyond their limits. To help us better understand this often complex world, we spoke with Irene Port, Client Relationship and Risk Manager at Munich Re.

Digital adoption in global trade is accelerating, and the industry is now confronting the three forces that determine whether new technology takes hold inside large organisations: compliance, speed to market and implementation. These pressures are reshaping how banks, corporates and logistics firms design the architecture that will carry the next era of digital trade.To explore how these elements operate in practice, Trade Treasury Payments’ (TTP) Trade and Technology Editor spoke with Przemek Luniewski, Chief Technology Officer at Secro. Drawing on two decades of building and deploying systems across industries, Luniewski explains why trust, identity and security must sit at the core of any digital workflow, how configurability rather than custom development enables rapid change, and why the success of any implementation depends as much on people as on platforms.His perspective provides a clear view of the technical, operational and human considerations that organisations must balance if they are to move beyond paper and build digital systems that are secure, adaptable and fast enough to keep pace with regulatory and commercial change.

With the next TF COP meeting approaching in London, the trade finance community is again being asked to confront the structural forces behind the persistent $2.5 trillion financing gap. Closing it will require not only capital but a redesigned architecture capable of supporting SMEs in the markets where access remains most constrained.To understand why the gap endures and what practical steps must follow, Trade Treasury Payments’ (TTP) Trade and Technology Editor Carter Hoffman spoke with Makiko Toyoda, Global Manager of Trade and Supply Chain Finance at IFC, and Shona Tatchell, Director of the Trade Facilitation Programme at EBRD. Their perspectives shed light on the legal, regulatory, operational and digital bottlenecks that continue to limit liquidity, and the coordinated solutions MDBs, banks and policymakers must now build together.

With COP 30 underway in Belém, governments, development institutions, and investors are now being asked to turn national climate targets into real and deployable investment plans. In practice, that requires a financial architecture capable of directing capital to the sectors and countries where it matters most. To learn more about what needs to happen to meet global climate and development targets, Trade Treasury Payments’ (TTP) Trade and Technology Editor Carter Hoffman spoke with UNDP Sustainable Finance Hub Director Tom Beloe.

The trade finance gap stands at around $2.5 trillion, according to the most recent biennial survey by the Asian Development Bank. At a recent Trade Treasury Payments Breakfast Club, held on 15th October in London, panellists discussed the barriers to attracting more capital to trade finance and treating it as an asset class, as well as potential solutions to address the financing gap. 

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. 

Economist Rebecca Harding’s new book The World at Economic War argues that globalisation has failed to deliver balanced prosperity — and that Western nations must treat economics as a matter of national security. From F-35 supply chain fragility to BRICS’ de-dollarisation push, Harding calls for new ministries of economic war, NATO-level economic coordination, and a shift from complacency to preparedness.

Today, the global economy is surrounded by geopolitical uncertainty and shifting trade patterns. In this, UK Export Finance (UKEF) stands as a critical pillar supporting British exporters as they venture into global markets. UKEF primarily provides guarantees to financial institutions, enabling them to lend to businesses involved in international trade and export. In March 2025, the UK government announced a decision to increase UKEF's capacity by a third to £80 billion, signalling its commitment to positioning British businesses as formidable players on the international stage.To learn more about Britain's export strategy, Deepesh Patel, the editor of Trade Treasury Payment (TTP), spoke with Carl Williamson, the Director for Small and Medium-sized Enterprises (SME) and Trade Finance at UKEF. Williamson has an extensive background of over 30 years in banking before joining UKEF six years ago, and he now oversees the UK's export credit agency's financial support mechanisms. View the article here: 

Over breakfast, Kubiak reflected on the Commission’s legacy and outlined its present focus on the rules that underpin global trade, the principles shaping sustainable finance, the data that underwrites advocacy, and the final regulatory hurdles of Basel 3.1. https://tradetreasurypayments.com/posts/podcast-running-the-distance-why-trade-finance-needs-smarter-regulation-and-broader-voices

Moderated by Merisa Lee Gimpel, founder of Digital Trade Works and a member of the TTP Advisory Council, the live podcast brought together Alex Fenechiu, co-founder and CRO of Finverity, and Chetan Talwar, supply chain finance lead at the Asian Development Bank (ADB)’s Trade & Supply Chain Finance Program (TSCFP). https://tradetreasurypayments.com/posts/podcast-deep-tech-deep-tier-deep-impact-scaling-supply-chain-finance-from-pilot-to-performance 

Ahead of a flurry of trade events taking place in Singapore (including ADB, GTR, BAFT, and ITFA events), Trade Treasury Payments (TTP) hosted a fireside chat with Alexander Malaket, President of OPUS Advisory Services International and founding partner of PRISM Global Partners, and Craig Weeks, Senior Vice President for Trade at BAFT. The conversation focused on the issues rising in importance for the industry, and those that have slipped somewhat from the spotlight.https://tradetreasurypayments.com/posts/podcast-two-up-two-down-trade-finance-themes-shaping-2025 

TTP’s Trade Editor Carter Hoffman sat down with Carlos Kuriyama, Director of the Policy Support Unit at the Asia-Pacific Economic Cooperation (APEC) Secretariat in Singapore, to discuss how APEC is shaping the future of cross-border trade.https://tradetreasurypayments.com/posts/podcast-apecs-agenda-digital-trade-resilient-supply-chains-and-inclusive-growth

🇿🇦 At the Global SME Ministerial Meeting in Johannesburg, South Africa, TTP spoke with Aparna Soni (ADB) and Gregory Sampson (ITC) about a new initiative designed to reshape SME access to sustainable trade and finance. https://tradetreasurypayments.com/posts/podcast-sme-sustainability-toolkit-trade-compliance-and-access-to-finance

While at the International Trade Centre’s (ITC) SME Ministerial in Johanessburg, South Africa, Trade Treasury Payments (TTP) spoke with Matthew Wilson, the Ambassador of Barbados to the WTO, the United Nations, and other international organisations in Geneva, to learn more about the perspective of small island states and their place in large international institutions.https://tradetreasurypayments.com/posts/podcast-leveraging-trade-to-support-small-island-states 

At the Lansdowne Club in London on 15 July 2025, Trade Treasury Payments (TTP), in collaboration with Sullivan, held our first-ever Breakfast Club. With the scent of coffee still hanging in the air, a select audience gathered to explore a deceptively simple question: Who can really grow supply chain finance, and how?https://tradetreasurypayments.com/posts/podcast-unlocking-scale-can-supply-chain-finance-reach-its-sme-tipping-point 

What do letters of credit, MRPA agreements, URTEPO rules and credit insurance all have in common?They’re all part of the trade finance toolkit, and in this special podcast edition, we break them down in plain English.🎙️ Recorded live at the ITFA Educational Seminar at A&O Shearman in London, Trade Finance Terms Explained brings together short, punchy explainers from ITFA board members and experts across the field. Each guest answers one question in five minutes or less, covering everything from how trade finance works in practice, to ESG-linked transactions, supply chain regulations, and digital instruments.https://tradetreasurypayments.com/posts/podcast-trade-finance-terms-explained-a-crash-course-for-the-industry 

Pamela Mar, Managing Director of the ICC DSI and a member of the TTP Editorial Board, joined a recent TTP podcast to discuss the vision. “Everyone agrees on the end goal,” she says. “Seamless data exchange, insights, and financing. But there’s still massive divergence on how to get there.” https://tradetreasurypayments.com/posts/podcast-in-roadmaps-we-trust 

At the Grand Hyatt in Rio de Janeiro, Trade Treasury Payments (TTP) Editor-in-Chief Deepesh Patel sat down with Franklin Nogueira, SVP, Regional Leader, Trade Credit, Global Clients Group, Latin America & Caribbean (LAC) at Marsh. 

Trade Treasury Payments (TTP) Managing Director and Editor-in-Chief Deepesh Patel spoke with Odile Renaud-Basso, President of the European Bank for Reconstruction and Development (EBRD).  https://tradetreasurypayments.com/posts/video-in-conversation-with-odile-renaud-basso

To learn more about the structural forces shaping the current state of play in cross-border payments, Trade Treasury Payments (TTP) Trade and Technology Editor Carter Hoffman spoke with Alan Koenigsberg, Founder of Koenigsberg Insights and TTP Editorial Board Member.https://tradetreasurypayments.com/posts/podcast-cross-border-payments-at-a-crossroad  

Fraud in international trade once involved swapping out cargo, misreporting shipments, or falsifying the port of call. For today’s breed of fraudster, however, the manipulation lies within the documents themselves. According to data from the International Maritime Bureau (IMB), the number of suspicious documents identified by by its worldwide banking membership was 17.3% higher in Q1 2025 than it was in Q1 2024, which itself was 12.3% higher than Q1 2023.To learn more about how fraud is evolving in trade finance and what the industry can do about it, Trade Treasury Payments (TTP) Editorial Director Deepesh Patel spoke with David Cuckney, Assistant Director of the IMB.https://tradetreasurypayments.com/posts/podcast-invisible-cargo-visible-risk-the-new-reality-of-detecting-trade-finance-fraud 

 At the European Bank for Reconstruction and Development (EBRD) Trade Facilitation Programme (TFP) Day and Awards Ceremony in London, Trade Treasury Payments (TTP) Editor Deepsh Patel spoke with Tamara Khizanishvili from TBC Bank in Georgia and Arda Türerer from Burgan Bank in Türkiye.https://tradetreasurypayments.com/posts/podcast-regional-resilience-trade-finance-factoring-and-innovation-in-georgia-and-turkiye 

After a century-long hiatus, tariffs have returned to the centre of global trade discussions as the policy signals coming from Washington are louder than ever, but clarity remains elusive.As new tariffs roll out, companies are being forced to react on the fly. There are announcements without details. Policy shifts without warning. Each decision sets off a chain reaction through supply chains, financial models, and trade operations. Such is the backdrop to Trade Treasury Payments’ (TTP) livestream, The Triple T: Tariffs, Treasury, and Trade Finance, where TTP Editor Deepesh Patel spoke with Dmitry Grozoubinski, Trade Consultant and Author of ‘Why Politicians Lie About Trade’, George Riddell, Managing Director of Goyder Ltd, and Leah Scarpelli, Partner at Arentfox Schiff LLP.

In an interview with Trade Treasury Payments (TTP), Yuichiro Akita, President of the Berne Union, discussed how ECAs must adapt strategically to this new environment. Key priorities include supporting climate and clean-tech projects even in high-risk markets, shoring up supply chain resilience amid geopolitical fragmentation, deepening collaboration with development finance institutions (DFIs) through blended finance, innovating in underwriting and risk management post-pandemic, and recalibrating risk appetite to enable critical projects.https://tradetreasurypayments.com/posts/podcast-berne-union-president-export-finance-at-a-crossroads-ecas-pivoting-to-climate-resilience-and-risk 

To help unpack what this shift means for banks, regulators, and compliance teams today, Trade Treasury Payments’ (TTP) Carter Hoffman spoke with Deepa Sinha, SVP, Payments and Financial Crimes at BAFT and Elizabeth Rosenberg from the Wolfsberg Group. 

To learn more about how financial institutions globally assess and improve their accessibility across employment, culture, product access and partnerships, Trade Treasury Payments (TTP) Editor Deepesh Patel spoke with Maka Bochorishvili, Environmental, Social and Governance Coordinator at TBC Bank; Mirza Muhammad Asim Baig, Senior Executive Vice President & Group Chief - Human Resource Management Group at National Bank of Pakistan; and Catherine Holloway, Co-founder & Academic Director of the Global Disability Innovation Hub (GDI Hub) and a Professor at University College Londonhttps://tradetreasurypayments.com/posts/podcast-banking-on-everyone-why-inclusion-is-the-next-competitive-advantage

TTP’s Transaction Banking and Payments Editor, Joy Macknight, had a timely discussion with Dr. Rebecca Harding (Centre for Economic Security) and Gabi Reid (Pangea-Risk) on what comes next after the collapse of the global trade order.From “Liberation Day” and the end of Bretton Woods, to protectionism, debt risks, and regional integration — this broadcast explored how shifting US doctrine, strategic competition, and economic fragmentation are reshaping the global landscape.With practical insights for banks, treasurers, and trade professionals, the conversation highlights both the vulnerabilities and opportunities ahead for emerging markets, Africa, and beyond. This episode was recorded and livestreamed on Wednesday, 16 April 2025.

Trade lending between financial institutions has traditionally depended on structured agreements to operate efficiently. The BAFT Master Trade Loan Agreement (MTLA), first launched in 2014, was one such framework, aimed at streamlining interbank trade finance for practitioners.While it served the industry well for a period, the evolving financial landscape eventually began to outpace the original document. The launch of the 2025 MTLA English Law version marks a timely and necessary update.At the 2025 BAFT Europe Bank to Bank Forum in Amsterdam, Deepesh Patel, Editor at Trade Treasury Payments (TTP), sat down with Geoff Wynne, Partner at Sullivan, for a live podcast recording to explore what’s new, why it matters, and how this updated model better reflects cross-border finance as it stands today.

Geopolitical risk is evolving from sudden shocks to long-term shifts—TTP’s Deepesh Patel speaks with ING’s Marieke Blom on a podcast, on how corporates and economists interpret and respond to these changes