WASHINGTON — BAFT, the leading international transaction banking association, announced today the formation of its Global Payments Industry Council (GPIC). The GPIC’s primary purpose is to set BAFT’s strategic agenda with respect to global payments and to ensure proper alignment of BAFT’s payments committees and working groups.

The council will be led by Chair David Kretz, head of GTS global strategy and payments for Bank of America and Vice-Chair Jean-François Mazure, head of cash clearing services for Societe Generale.

“The GPIC serves as the cornerstone of BAFT’s new payments strategy, which the Board approved earlier this year,” said Samantha Pelosi, senior vice president for payments and innovation, BAFT. “We look forward to the council’s direction and guidance in this increasingly important area of transaction banking.”

The GPIC’s top three priorities for the next two years include interfacing with key regulators around the globe about the information traveling with funds for transparent payments, ensuring that the same standards are applied to all entities wishing to participate in real-time payments systems, and developing best practices for those real-time payments participants, such as origination, on-boarding an entity to platform, expediting the resolution of exceptions in processing, and effectively leveraging the new technology.

The GPIC is made up of 20 bankers comprised of executives leading the cash management, payments and liquidity business lines of BAFT member organizations. The GPIC’s geographic representation includes Africa, Asia-Pacific, Europe, MENA, and North America.