Capital One Becomes Accredited Provider of AFP Service Codes™ Standard demonstrates high level of transparency for corporate banking partners
BETHESDA, Md., Feb. 28, 2012 /PRNewswire/ -- The Association for Financial Professionals (AFP) today announced that Capital One Bank has become an accredited provider of the AFP Service Codes™ ––the standard that corporate treasury departments use for comparing bank services.
The codes give companies over 800 identifiers for many banking services. Global corporations use the codes to track bank services and to organize, rationalize, and automate their monthly review of account analysis (billing) statements.
By displaying the AFP codes in corporate account statements, accredited banks demonstrate to their corporate banking partners that they are following the highest global standard of fee reporting and enhanced customer service.
"Corporate treasury staff are resource-constrained and must produce statement analyses in quickly," said Tom Hunt, AFP's director of treasury services. "By becoming an accredited provider, Capital One clearly supports fee transparency and simplification of processes so that treasury teams can devote more time to managing their cash positions."
"Our goal is to create an environment where customers can confidently make decisions about their treasury management needs," said Colleen Taylor, Executive Vice President and Head of Treasury Management & Merchant Services at Capital One Bank. "Implementing the AFP service codes goes a long way towards creating a transparent and streamlined process for our clients, letting them easily identify the best options for their businesses."
To become accredited, banks submit their service codes for review by AFP and demonstrate compliance with the standard. Once approved, they receive support from AFP in implementing the codes, cleaning up discrepancies, and handling service fee anomalies created by bank mergers or other events.
AFP Service Codes™ is a trademark of the Association for Financial Professionals. For more information about bank accreditation, see www.afponline.org/bankcodes or contact Tom Hunt at 301.907.2862 or firstname.lastname@example.org
ABOUT AFP® (www.afponline.org)
The Association for Financial Professionals (AFP) is the daily resource for a network of more than 16,000 treasury and finance professionals. Headquartered outside Washington, DC, AFP provides members with news, economic research and data, treasury certification programs, networking events, financial analytical tools, training, and public policy representation to legislators and regulators.
AFP's global reach extends to over 150,000 treasury and financial professionals worldwide, including AFP of Canada; London-based gtnews, an on-line resource for the treasury and finance community; and bobsguide, a financial IT solutions network.
Capital One Bank is used as a trade name of Capital One, N.A., and does not refer to a separately insured institution.
SOURCE Association for Financial Professionals