Trade Treasury Payments

Building the legal foundations for MSME finance

Wed, 26 Aug 2026 07:00:00 +0100

This episode explores how modern legal infrastructure is reshaping access to finance for micro, small, and medium‑sized enterprises. Drawing on insights from Ignacio Tirado of UNIDROIT and Marek Dubovec of the International Law Institute, the discussion unpacks why receivables sit at the heart of MSME liquidity and how the UNIDROIT Model Law on Factoring is designed to remove long‑standing barriers. As the article notes, “the ability for micro, small, and medium-sized enterprises to secure financing is one of the biggest drivers of economic growth” . The conversation highlights how a century of legal harmonisation work is now converging with practical needs in emerging markets.

The episode also examines the futureproofing built into the Model Law and its Guide to Enactment, from digital technologies and tokenised receivables to fraud mitigation and registry design. As Dubovec explains, “the Guide to Enactment has a supplement that deals specifically with digital technologies” , ensuring the framework remains relevant as trade finance evolves. The result is a clear message to policymakers and industry stakeholders: the tools for a more inclusive, efficient, and lower‑cost factoring ecosystem already exist, and global adoption is the next step.

André Casterman on what trade finance needs next

Mon, 24 Aug 2026 11:00:00 +0100

The conversation with André Casterman explores how trade finance has moved beyond experimentation and into a phase where adoption is the real test of progress. After years spent building legal and technological foundations, the industry is now focused on proving that digital negotiable instruments, tokenisation, artificial intelligence and stablecoins can scale across markets. As Casterman notes, “we have learned from our mistakes… and engaged regulators to do the appropriate legal upgrade of national laws” . This shift marks a decisive moment where digital trade is no longer a future ambition but an operational reality that needs widespread uptake.

Casterman also highlights the growing importance of liquidity and diversified financing. While banks remain central, he argues that long‑term growth will increasingly depend on capital markets and non‑bank lenders, especially for SMEs and open account trade. His view is clear: “This is where the liquidity will come from over time” . With the legal groundwork in place and digital infrastructure maturing, the next phase is about successful implementations that make digital trade the standard rather than the exception.

Investing in emerging markets: EBRD TFP's "Magic Shield" Kyrgyzstan

Wed, 19 Aug 2026 14:00:00 +0100

Kyrgyz Investment and Credit Bank’s long standing partnership with the European Bank for Reconstruction and Development has become a defining example of how emerging market banks can build trust and secure their place in global trade. In this episode, Chynara Alybaeva and CEO Arif Ali reflect on twenty five years of collaboration under the Trade Facilitation Programme, explaining how the EBRD has helped KICB navigate de‑risking pressures, strengthen correspondent banking relationships and complete complex cross border transactions that would otherwise be out of reach.

They also share a detailed look at a multi country educational procurement project, illustrating how the TFP provided the coverage needed to support suppliers in Italy, Turkey, China and India. With KICB now stepping into a new role as a confirming bank, the conversation explores what this evolution means for regional trade, how the bank is sharpening its capabilities and why reputation remains central to its mission as Kyrgyzstan’s economy continues to grow.

Unlocking India’s factoring potential

Mon, 17 Aug 2026 10:00:00 +0100

India’s factoring market holds significant untapped potential. In this conversation, Deepesh Patel, Editor at Trade Treasury Payments, speaks with Ravi Valecha, CEO of India Factoring, at the FCI 58th Annual Meeting in Lisbon about the changing landscape for receivables finance and the opportunity ahead. Despite an estimated $140 billion domestic factoring market, adoption remains relatively low, leaving a substantial gap in open account finance.

The discussion explores how TReDS, regulatory reforms and Priority Sector Lending recognition are helping bring factoring further into the mainstream. Ravi Valecha shares why these developments could improve access to liquidity for MSMEs, reduce reliance on traditional lending and support India’s wider ambition to reach $2 trillion in exports by 2030. The conversation also looks at the role of FCI in supporting the growth of the sector through education, advocacy and industry expertise.

Navigating the risk landscape in trade credit insurance

Wed, 12 Aug 2026 10:00:00 +0100

he trade credit and surety market is navigating a more complex risk environment, with volatility, currency fluctuations, trade tensions, supply chain fragility and the climate transition changing how businesses assess risk. In this podcast, Ivan González, CEO of Swiss Re Corporate Solutions and a member of the Swiss Re executive committee, discusses how the role of risk managers is evolving beyond coverage and price towards a more holistic approach to risk management.

González also explores how technology and global coverage capabilities are shaping the future of the industry, while highlighting the opportunities emerging from this period of transformation. Speaking with TTP at the ICISA 100th AGM in Vienna, he shares his outlook for the trade credit and surety market and offers advice to the next generation of professionals entering the sector.

C-Suite insurance series: Atradius bets on connectivity to transform credit insurance

Mon, 10 Aug 2026 08:00:00 +0100

As the credit insurance industry marks its centenary, the sector is looking ahead to a period shaped by rapid change, new technologies and evolving risks. In this TTP podcast, Treasury Editor Eleanor Hill speaks with Andreas Tesch, Chief Risk Officer at Atradius, about how credit insurers can continue to support businesses as the risk landscape becomes more complex. Drawing on his 25 years in the industry, Tesch reflects on how the sector has evolved and why its role as a trusted partner in risk mitigation remains as important as ever.

The conversation explores the growing role of AI, the importance of stronger connectivity between insurers and their clients, and the need for robust data management and security. Tesch also discusses the impact of regulation and why technology should support rather than replace human judgement. As credit insurance becomes increasingly digital, the industry will need a balance of technical expertise and strong relationships to navigate what lies ahead.

SMBC's Kawamura on risk, resilience, and the future of trade finance

Wed, 05 Aug 2026 15:00:00 +0100

In this episode, we explore how SMBC is reshaping trade finance in an era defined by geopolitical tension, supply chain disruption, and shifting corporate priorities. Mitsuhiro Kawamura, Global Head of Trade Finance at SMBC, shares how the bank’s global footprint is strengthened by regional nuance, from balance sheet optimisation in developed markets to foundational funding and risk mitigation in emerging economies. As he notes, “Customers’ financing needs are quite different by region,” a theme that runs through SMBC’s approach to partnership, liquidity, and structured support.

Kawamura also reflects on the bank’s role in the energy transition, where supply chain and receivables finance are helping project companies navigate capital‑intensive construction phases. He explains how SMBC’s end‑to‑end view of trade flows enables treasurers to build resilience amid geopolitical uncertainty, while digitalisation opens the door to new client segments. With SMBC recognised as the Best Trade Finance Bank globally and in Latin America, this conversation captures how innovation, collaboration, and local intelligence are shaping the future of trade finance.

Founder Spotlight: Mariya George, Cleareye.ai

Mon, 03 Aug 2026 13:00:00 +0100

Mariya George, co‑founder and CEO of Cleareye.ai, joins Deepesh Patel in the TTP Studios to explore how AI is reshaping the realities of trade finance. Drawing on her long career in banking technology, she reflects on the early days of commercialising AI, the leap into founding Cleareye.ai, and the resilience required to build an enterprise platform during the uncertainty of the pandemic. As she explains in the article, “My job earlier on in my career was to understand what the banking customer's needs are and, as a tech company, how to help them with their tech needs” . Her story charts the shift from experimentation to execution, culminating in the pivotal partnership with J.P. Morgan that accelerated the company’s global scale.

The conversation also examines the evolving expectations placed on AI in banking, from sandbox testing to board‑level mandates for explainability and governance. George outlines why domain‑based AI is now essential for handling the complexity of trade finance, noting that “You cannot use general purpose LLMs to solve a trade finance problem” . She shares her perspective on leadership in a male‑dominated sector, the discipline required to build a sustainable company, and the long‑term potential of autonomous systems once regulatory confidence catches up. Together, the discussion offers a clear view of how Cleareye.ai is positioning itself to help close the multi‑trillion‑dollar trade finance gap.

How digital infrastructure is transforming risk domestically and across borders

Wed, 29 Jul 2026 08:00:00 +0100

In this episode of the Trade Treasury Payments Podcast, Deepesh Patel sits down with Neil Shonhard, CEO of MonetaGo, during the FCI 58th Annual Meeting in Lisbon to discuss how digital infrastructure is reshaping risk management across domestic and cross border trade finance. The conversation explores why tackling fraud is no longer just about preventing losses, but about creating the confidence that financial institutions need to extend more credit. Neil explains how trusted digital infrastructure is helping unlock liquidity for MSMEs, strengthen transparency, and support economic growth through more secure lending.

The discussion also examines the growing importance of interoperability, the role of governments and central banks in building trusted financial ecosystems, and why national digital infrastructure could provide the foundation for safer cross border trade. As artificial intelligence makes financial fraud more sophisticated, Neil shares why trusted data, real time verification, and privacy preserving technology are becoming essential for the future of trade finance. This episode offers valuable insights for banks, policymakers, technology providers, and anyone following the digital transformation of global trade.

Becoming AI-first, with the human still in the loop

Mon, 27 Jul 2026 14:00:00 +0100

The conversation with Karol Leszczyński, Product Development Manager at Comarch, explores how a technology provider approaches AI within its own walls before taking it to clients. Leszczyński reflects on the internal education needed to roll out AI across different professions, from developers to analysts, and explains why Comarch built a company wide certification programme rather than leaving adoption to chance.

Across the discussion, Leszczyński shares a grounded view of automation's limits, noting that even as AI closes the gap on invoice reconciliation, the final decision stays with a person. As the industry moves toward real time expectations, he outlines the challenge ahead: building conversational, instant systems while keeping human judgement at the centre of the process. This episode offers a clear, practical perspective on where factoring technology is heading next.

C-Suite insurance series: Coface Group CEO on pushing AI agentic to its limit

Thu, 23 Jul 2026 14:00:00 +0100

The conversation with Xavier Durand, Group CEO of Coface, explores how credit insurance is evolving at a moment when AI acceleration, shifting trade flows and new market frontiers are reshaping the industry. Durand reflects on the sector’s long history of adapting to technological change and explains why AI now represents a strategic discipline rather than a passing trend. He also highlights the vast global opportunity in SMEs and emerging markets, where credit insurance remains largely untapped and misunderstood.

Across the discussion, Durand shares a grounded view of global trade’s resilience despite geopolitical pressures, noting that “trade is like water; it finds a way”. As the industry marks its centenary, he outlines the dual challenge ahead: deploying advanced technology with purpose while proving the value of credit insurance to businesses that have yet to adopt it. This episode offers a clear, expert perspective on where the next century of growth will come from.

Local currency, global impact: Inside Ameriabank's green leasing model

Wed, 15 Jul 2026 12:00:00 +0100

Armenia’s leading trade finance institution, Ameriabank, shares how it delivered a first‑of‑its‑kind green leasing transaction in local currency under the EBRD Trade Facilitation Programme. In this conversation, Gayane Mirzoyan, Head of Payment Instruments Division, explains how the deal was structured, why it mattered for women‑owned businesses and SMEs, and how local currency financing can remove foreign‑exchange risk while supporting sustainable investment.

She also reflects on the wider shift towards ESG‑linked financing in Armenia, the role of development finance partnerships, and how banks can use trade instruments to accelerate green growth across the region. With more than $300 million invested in renewable energy and efficiency projects since 2009, Ameriabank’s experience offers a practical view of how sustainability, innovation, and local currency solutions can scale across Armenia and the CEE market.

C-Suite insurance series: Swiss Re’s Chief People Officer, on closing the skills and talent gap

Mon, 13 Jul 2026 14:00:00 +0100

This conversation with Nicole Pieterse van der Velde, Global Chief People Officer at Swiss Re, explores how credit insurance and reinsurance are navigating a pivotal shift in workforce expectations. As AI reshapes routine work and accelerates decision cycles, the industry is redefining what it means to be a modern professional in a sector built on complex risk and client centred judgement. Nicole reflects on the growing fluidity of roles, the move towards outcome driven work, and the importance of maintaining a clear narrative that resonates with younger talent who value both technological efficiency and deeply human, collaborative environments.

She also highlights the rising importance of coachability and learning agility as core traits for future leaders, especially as teams adapt to decentralised structures and rapid technological change. The discussion examines the cognitive load created by AI driven workflows and the evolving social contract between employers and employees as expectations accelerate. Nicole’s message is ultimately one of agency and responsibility. The future of the industry will be shaped not only by technology, but by the collective ability of professionals to use it wisely, uphold human judgement, and foster cultures that support continuous growth.

What is reshaping the factoring industry, with FCI’s Betul Kurtulus?

Mon, 06 Jul 2026 12:00:00 +0100

At the FCI 58th Annual Meeting in Lisboa, Deputy Secretary General Betul Kurtulus joins Trade Treasury Payments to unpack the latest developments shaping the global receivables finance industry. She reflects on the resilience of receivables finance, the sharp rise in activity across emerging markets, and the notable growth in regions such as the United States, India, Indonesia and parts of Africa. As she explains, “from the last five years, we are seeing 50 percent of increase in the Indian market,” a trend mirrored by strong gains in Egypt, Eastern Europe and other fast‑developing economies. The conversation also explores the newly launched UNIDROIT guide to enactment, designed to support countries strengthening or establishing their factoring frameworks.

Betul goes on to discuss FCI’s expanding collaboration with multilateral development banks, including IFC, Afreximbank and EBRD, and the joint global mapping study on receivables finance infrastructure. She highlights India as a priority market, supported by digital systems such as TREDS and upcoming FCI initiatives to help financial institutions and corporates deepen their understanding of supply chain finance. Looking ahead, she emphasises that the future of receivables finance will be shaped collectively, through shared digitalisation efforts and a focus on closing the trade finance gap. As she notes, “we will be together, all together,” aiming to lift access to finance from around five percent to potentially fifteen percent in the coming years.

The Taiwan advantage: AI, semiconductors, and ICT

Wed, 01 Jul 2026 09:00:00 +0100

Taiwan’s growing influence in artificial intelligence and advanced manufacturing sits at the heart of this conversation with Vincent Chin Hsiang Yao, Taiwan’s Representative to the United Kingdom. Speaking at the EBRD Trade Facilitation Programme event in Riga, he outlines how Taiwan has managed to deliver strong economic results despite global tensions and supply chain pressures. The country’s central role in semiconductors and next generation communications continues to shape its success, supported by a clear industrial strategy and major investment in areas such as silicon photonics, robotics and quantum computing.

Yao also highlights Taiwan’s expanding partnerships across Europe, particularly with the Baltic states and Central and Eastern Europe. These regions have become important destinations for Taiwanese investment thanks to their focus on innovation and digital transformation. With dedicated funds, active engagement across seven EBRD managed initiatives and a growing presence of Taiwanese AI companies in markets such as Poland and the Czech Republic, Taiwan is positioning itself as both a manufacturing hub and a trusted partner for countries accelerating their digital and industrial transitions.

The world is a bit upside down – but that is exactly our function

Mon, 29 Jun 2026 12:00:00 +0100

The centenary of ICISA offers a rare look into an industry that quietly supports global trade. In this conversation, Jan Müller reflects on the scale and invisibility of trade credit insurance, an essential mechanism that covers trillions in receivables and keeps supply chains moving when risks materialise. He discusses how ICISA has evolved from its European roots into a global association, with newer members seeking support to build regulatory understanding and market foundations.

Müller also addresses rising insolvencies, geopolitical friction and what he calls the polycrisis, where risks arrive in overlapping waves rather than isolated shocks. His view is clear. The industry exists to absorb uncertainty so trade can continue, even when the world feels upside down. As he puts it, “The world is a bit upside down, but that is exactly our function.” This episode offers a grounded introduction to an industry that has been stabilising global commerce for a century.

Meet Swift for carbon data, and why this matters for trade and treasury

Mon, 22 Jun 2026 10:00:00 +0100

As carbon reporting moves from a compliance exercise to a core business priority, the infrastructure behind sustainability data is becoming just as important as the data itself. In this episode, Joy Macknight speaks with Naama Avni Kadosh, Director of the Partnership for Carbon Transparency at the World Business Council for Sustainable Development, to explore how PACT is building what many now see as the equivalent of Swift for carbon data. Together, they unpack why reliable product level carbon data is becoming essential for global trade, and why the era of relying on estimates and industry averages is rapidly coming to an end.

The conversation also examines the growing commercial impact of carbon across trade finance and treasury, as regulation tightens and businesses face increasing pressure to understand carbon exposure across supply chains. From the rise of carbon as a new cost variable to the importance of interoperability in fragmented reporting frameworks, this episode looks at how better carbon data is reshaping decision making, risk management, and competitive advantage across international commerce. For treasury and trade professionals, understanding this shift is quickly becoming business critical.

Who is drawing Africa's new trade finance map?

Wed, 17 Jun 2026 08:00:00 +0100

Africa’s trade finance landscape is shifting in ways that challenge long held assumptions. In this episode, Carter Hoffman speaks with Eugene Bempong Nyantakyi and Lamin Drammeh from the African Development Bank to unpack the findings of the Bank’s latest survey, the only systematic view of how African banks are supporting trade on the ground. They discuss why unmet demand has fallen from an estimated one hundred and twenty billion dollars a decade ago to seventy four billion today, even through a pandemic and a period of severe supply chain stress. The conversation explores how African banks have stepped into spaces international lenders left behind, why default rates do not justify the risk perceptions applied to small businesses, and what the data reveals about the parts of the market that remain invisible.

The discussion also turns to the pressures that could reverse recent gains. Foreign exchange liquidity constraints are rising, the dollar still dominates invoice flows, and global regulatory changes may tighten the room for international banks to operate. Drammeh and Nyantakyi reflect on the growth of regional banking groups, the role of PAPSS in reducing the cost of cross border payments, and the practical consequences when small firms are turned away or choose not to apply at all. Through stories such as a Mauritanian fishing business transformed by access to finance, the episode brings the data to life and asks whether the continent’s new financial cartographers can hold their ground when the next disruption arrives.

Fess up time: Is digital trade finally changing?

Mon, 15 Jun 2026 08:00:00 +0100

The latest episode brings Oswald Kuyler back to TTP Studios, five years after he first used an avocado to illustrate the absurd volume of paperwork behind a simple shipment. This conversation picks up where that moment left off, exploring what has genuinely changed in digital trade and why progress on legal reform has not yet translated into day‑to‑day reality. As Kuyler notes, “On the legal reform side, things have actually gone considerably well,” yet the harder problem of system compatibility still holds the industry back. The discussion cuts through the noise with clear, practical insights on platforms, digital identity, and the real barriers that stop businesses from working digitally at scale.

The episode also delves into the Asian Development Bank’s push for a new approach built around the save button rather than another platform. Kuyler explains why the future depends on embedding structured, verifiable trade documents directly into the tools used by 160 million businesses, and why collaboration with 140 global technology firms is now the critical path to scale. From the rise of agentic AI to the coming milestones in 2026 and beyond, this is a grounded, forward‑looking conversation about what it will take for digital trade to finally deliver on its promise.

The wheel of risk: Navigating geopolitical transition and the future of trade

Mon, 08 Jun 2026 11:00:00 +0100

As global power dynamics shift and economic uncertainty reshapes trade flows, understanding geopolitical risk has become a business imperative. In this episode of Trade Treasury Payments, we explore how political transitions, strategic competition, economic fragmentation and regional conflicts are influencing the future of global commerce. From changing trade corridors and supply chain resilience to sanctions, regulation and market volatility, our guests examine the forces redefining international trade and what they mean for businesses operating across borders.

Join us for an insightful discussion on navigating risk in an increasingly complex world. We unpack the interconnected challenges facing corporates, financial institutions and policymakers, while highlighting the opportunities emerging from a rapidly evolving global landscape. Whether you work in trade, treasury, payments or risk management, this episode offers valuable perspectives to help you stay informed, adapt with confidence and make better decisions in a period of profound geopolitical transition.

The missing rails behind the $2.5 trillion trade finance gap

Fri, 05 Jun 2026 16:00:00 +0100

The latest episode explores the structural pressures behind the two point five trillion dollar trade finance gap and why the industry’s long‑standing explanations no longer hold. Drawing on insights from Ayo Ojerinola, Founder and CEO of NOBO Finance, the discussion looks at why SMEs remain locked out of essential capital even when they are creditworthy. As Ojerinola notes, “the cost of compliance and due diligence stays the same,” a reality that makes smaller transactions economically unviable and leaves many businesses unable to scale or compete.

The conversation then turns to the deeper issues shaping emerging markets, from fragmented data and misaligned regulatory frameworks to the absence of interoperable digital infrastructure. With intra African trade still at fourteen per cent, the episode examines the missing rails that prevent capital from flowing where it is most needed and why interoperability and scalable architecture are central to building a more inclusive global trading system. It is a clear, grounded look at the barriers that persist and the opportunities that remain within reach when the right foundations are in place.

Premeditated Industrial Destruction: Is energy policy throttling UK industry?

Mon, 01 Jun 2026 11:00:00 +0100

Is the UK deliberately pricing its own industries out of existence? In this video, we examine the growing debate around Britain’s energy policies, industrial competitiveness, and the long-term consequences of Net Zero legislation. Drawing on arguments presented in the Great British Business Council’s report Premeditated Industrial Destruction, the discussion explores how rising energy costs, carbon taxes, regulatory pressures, and increasing reliance on imported fuel may be impacting sectors such as steel, chemicals, manufacturing, cement, and heavy industry.

We break down the economic, political, and strategic questions surrounding UK energy policy, including claims that deindustrialisation is weakening domestic production, reducing investment, and shifting emissions overseas rather than reducing them globally. Whether you agree or disagree with the report’s conclusions, this conversation offers an in-depth look at one of the most controversial issues facing Britain’s economy today. Watch, share your thoughts in the comments, and subscribe for more analysis on trade, energy, industry, and economic policy.

Multilateralism 2.0

Thu, 14 May 2026 15:00:00 +0100

Multilateralism is no longer confined to governments, closed door negotiations, and legacy institutions. In this conversation, we explore how a new era of global cooperation is taking shape through what many are calling “Multilateralism 2.0” — a more connected, decentralised, and network driven approach to solving cross border challenges. From trade and finance to digital infrastructure and geopolitical coordination, the discussion looks at how institutions, businesses, and communities are adapting to a rapidly changing global order.

As global trade becomes increasingly fragmented and interconnected at the same time, the need for practical collaboration has never been greater. This episode examines the role of technology, emerging markets, financial innovation, and public private partnerships in shaping the future of international cooperation. Expect thoughtful insights, honest perspectives, and meaningful discussion from leaders working at the centre of trade, treasury, payments, and global policy. Brought to you by Trade Treasury Payments, the independent platform delivering the conversations that matter across transaction banking and global commerce.

Commodity finance in 2026: Bigger deals, fewer players

Tue, 12 May 2026 11:00:00 +0100

Commodity finance is changing fast. In 2026, deal sizes are rising, the lender pool is shrinking, and market segmentation is becoming more pronounced. In this conversation, industry experts break down what’s driving the shift — from billion‑dollar structures and tighter onboarding to traders increasingly financing each other as banks pull back.

We explore how access to capital is reshaping global commodity flows, why fewer players now dominate the market, and what this means for liquidity, counterparty risk and working‑capital resilience. The discussion also looks at how Basel IV, risk appetite, and recent stress events are influencing the availability and structure of financing across the commodity supply chain.

Closing the FX risk gap for SMEs and mid-market companies

Tue, 07 Apr 2026 11:00:00 +0100

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.

Celebrating 100 years of credit insurance and surety

Mon, 30 Mar 2026 11:00:00 +0100

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.

Handing over the baton - Sian Aspinall former Group CEO BPL

Mon, 23 Mar 2026 09:00:00 +0000

The next generation of treasury intelligence

Fri, 20 Mar 2026 09:00:00 +0000

Inside the shadow fleet and the new era of maritime enforcement

Tue, 17 Mar 2026 08:00:00 +0000

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.

Introducing Trade Treasury Payments Studios

Thu, 12 Mar 2026 13:00:00 +0000

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.

Hormuz crisis threatens global trade stability

Thu, 05 Mar 2026 16:00:00 +0000

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.

Rebuilding trust for a borderless digital economy

Thu, 05 Mar 2026 07:00:00 +0000

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.

Breaking the paper chain: Insights from the “Future of End-to-End Trade Digitalisation”

Mon, 16 Feb 2026 13:00:00 +0000

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.

Transparency in trade finance and the fight against TBML

Tue, 13 Jan 2026 11:00:00 +0000

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.

Expanding access to trade finance for women-led SMEs across Asia

Tue, 13 Jan 2026 11:00:00 +0000

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.

Advancing digital trade with the Commonwealth’s model law

Sun, 04 Jan 2026 23:00:00 +0000

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?

2025 year-end review: tariffs, liquidity engineering, payments, and what comes next

Wed, 31 Dec 2025 15:00:00 +0000

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.

Sustainability as the new licence to operate in global trade

Fri, 19 Dec 2025 15:00:00 +0000

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.

The insurance–MDB partnership reshaping emerging-market trade

Wed, 17 Dec 2025 06:00:00 +0000

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.

The holy trinity of trade technology: compliance, time-to-market, and implementation

Thu, 27 Nov 2025 10:00:00 +0000

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.

TF COP’s moment of truth for closing the trade finance gap

Thu, 20 Nov 2025 11:00:00 +0000

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.

Road to Belém | UNDP’s plan to mobilise sustainable finance

Wed, 12 Nov 2025 09:00:00 +0000

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.

How to make trade finance assets more investable

Mon, 03 Nov 2025 13:00:00 +0000

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.

The G20 roadmap and the future of cross-border payments

Thu, 30 Oct 2025 10:00:00 +0000

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.

No old normal: Inside the West’s economic war

Thu, 16 Oct 2025 07:00:00 +0100

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.

UK defence finance boosts support for British exporters, says UKEF Director Carl Williamson

Mon, 13 Oct 2025 16:00:00 +0100

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:

Running the distance: Why trade finance needs smarter regulation and broader voices

Tue, 23 Sep 2025 14:00:00 +0100

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

Deep Tech, Deep Tier, Deep Impact: scaling supply chain finance from pilot to performance

Fri, 19 Sep 2025 10:00:00 +0100

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

Two up, two down: trade finance themes shaping 2025

Wed, 17 Sep 2025 14:00:00 +0100

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

APEC’s agenda: Digital trade, resilient supply chains, and inclusive growth

Tue, 16 Sep 2025 14:00:00 +0100

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

SME Sustainability Toolkit: Trade, compliance, and access to finance

Mon, 18 Aug 2025 12:00:00 +0100

🇿🇦 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

Leveraging trade to support small island states

Wed, 13 Aug 2025 12:00:00 +0100

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

Unlocking scale: Can supply chain finance reach its SME tipping point?

Mon, 11 Aug 2025 16:00:00 +0100

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

Trade finance terms explained – A crash course for the industry

Tue, 05 Aug 2025 12:00:00 +0100

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

In roadmaps we trust

Mon, 21 Jul 2025 09:00:00 +0100

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

Trade credit insurance in Latin America: unlocking finance, managing risk, and scaling access

Fri, 11 Jul 2025 12:00:00 +0100

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.

In conversation with Odile Renaud-Basso

Thu, 26 Jun 2025 10:00:00 +0100

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

Cross-border payments at a crossroad

Sat, 07 Jun 2025 11:00:00 +0100

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

Invisible cargo, visible risk: The new reality of detecting trade finance fraud

Wed, 04 Jun 2025 09:00:00 +0100

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

Regional resilience: Trade finance, factoring, and innovation in Georgia and Türkiye

Wed, 28 May 2025 14:00:00 +0100

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

The Triple T: Tariffs, Treasury and Trade Finance

Tue, 27 May 2025 22:00:00 +0100

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.

Berne Union President: Export finance at a crossroads, ECAs pivoting to climate, resilience, and risk

Fri, 16 May 2025 16:00:00 +0100

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

The deepfake dilemma: AI, fraud, and the future of finance

Thu, 15 May 2025 14:00:00 +0100

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.

Banking on everyone: Why inclusion is the next competitive advantage

Fri, 02 May 2025 11:00:00 +0100

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 London

https://tradetreasurypayments.com/posts/podcast-banking-on-everyone-why-inclusion-is-the-next-competitive-advantage

Emergency broadcast | The day after: Global trade in freefall?

Sun, 20 Apr 2025 14:00:00 +0100

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.

2025 BAFT MTLA explained: How a new framework is modernising trade lending

Thu, 17 Apr 2025 13:00:00 +0100

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.

From shocks to shifts: how corporates and economists interpret geopolitical risk

Sat, 12 Apr 2025 09:00:00 +0100

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