Maryland – February 28, 2012 – 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.
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.
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
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.
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
One Bank is used as a trade name of Capital One, N.A., and does not refer to a
separately insured institution. ©2012 Capital One. All rights reserved.