Capital One Becomes Accredited Provider of AFP Service Codes
Capital One Bank has become an accredited provider of Association for Financial Professionals (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 organise, rationalise, 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 (EVP) and head of treasury management and 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.”