U.S. Bank Appoints El-Yafi to Lead Global Transaction Services
U.S. Bank has appointed Tarek El-Yafi as the head of its newly launched Global Transaction Services group. The creation of this new division is aimed at addressing the growing global and payment needs of U.S. businesses. El-Yafi brings with him over 25 years of experience in international banking, having held senior positions at Standard Chartered Bank and Citi. His expertise spans across the U.S., UK, Asia, Africa, and the Middle East, with a strong background in transactions, payments, foreign exchange (FX), treasury management, and trade services.
El-Yafi’s appointment is part of strategy to enhance its global banking and payments solutions. “We’ve built strong global banking and payment solutions that many firms utilize to operate more efficiently across the world. The Global Transaction Services group will interconnect our expertise from across the to meet the growing international financial services needs of U.S. businesses,” said Gunjan Kedia, President of U.S. Bancorp. “Tarek is an accomplished leader with a strong track record of delivering innovative global money movement solutions,” he added.
The newly formed Global Transaction Services team will work closely with across all business segments, partnering with existing departments such as Global Treasury Management, Working Capital Finance, Foreign Exchange, and Elavon, the bank’s payment processing subsidiary. The aim is to bring together the global expertise and provide businesses with efficient, streamlined services for international transactions. One of the key focuses will be helping U.S.-based clients reduce cross-border payment costs by offering efficient currency conversion to more than 60 currencies, reaching over 100 countries.
El-Yafi emphasized the importance of optimizing cross-border trade working capital solutions, foreign deposit accounts, and payment acceptance systems. “U.S. has very deep relationships with the nation’s leading companies. With Global Transaction Services, we’ll work together to help them operate more efficiently around the globe by optimizing areas like cross-border payments, foreign deposit accounts, and broader working capital solutions,” El-Yafi said.
The launch of the Global Transaction Services division further builds upon U.S. expanding global banking and payments capabilities. The has significantly grown its foreign exchange (FX) hedging business in recent years, now serving an increasing number of businesses with cross-border payment solutions. In addition to FX, has a strong presence in European fund administration services and is a leader in trustee and agency services. These efforts help financial institutions and corporations manage overseas trust assets and navigate European debt and loan markets.
also boasts an extensive global reach through its subsidiary, Elavon, which provides payment acceptance and processing services in more than 36 countries, supporting transactions in over 100 currencies. Elavon’s global footprint strengthens U.S. Bank’s ability to serve international clients and helps meet the needs of businesses operating across borders.
The establishment of Global Transaction Services is a strategic move for positioning it to better meet the needs of businesses that are increasingly engaging in international trade and operations. With a strong focus on offering cost-effective, flexible, and efficient solutions for cross-border transactions, the division is poised to support U.S. businesses as they expand and navigate the complexities of global markets.
As the head of the new division, El-Yafi will lead efforts to integrate U.S. global payment solutions across various business lines, making international banking more seamless for clients. His extensive international experience and knowledge of the complexities of global markets will help shape the future direction of the global banking services.
About U.S. Bank
It, headquartered in Minneapolis, is the parent company of National Association, with over 70,000 employees and $678 billion in assets as of December 31, 2024. The company offers a wide range of services to customers locally, nationally, and globally, including consumer banking, business banking, commercial banking, institutional banking, payments, and wealth management. U.S. Bancorp has received recognition for its commitment to digital innovation, customer service, and community partnerships.
In 2024, it was named one of the “World’s Most Ethical Companies” and recognized by Fortune as one of the most admired superregional It continued focus on global banking solutions and investments in international payment systems shows its commitment to helping businesses navigate the increasingly interconnected world of finance.
