AFP Service Codes
Since 1986, AFP Services Codes© have been recognized as the standard for identifying balances and charges that appear on account analysis statements and in responding to RFPs.
The 2013 AFP Services Codes© include 247 new codes for banking services that have become more widely adopted in recent years in addition to revisions to over 443 codes to reflect changes since the 2008 edition. In addition to new and modified codes, AFP has identified a number of outdated codes for services that banks no longer offer; in these cases, we refer users to a more appropriate code. This edition is produced as part of AFP's continuing commitment to promote standardization in treasury practices and banking reporting.
Corporate treasury places a premium on the rapid and efficient processing of information. AFP Service Codes© are tools that bring efficiency to the analysis of bank compensation. Standardized service codes:
- Enable resource-constrained treasury staff to produce actionable analyses in minimal time.
- Help treasury managers track the increasing number of services they receive from banks.
- Guide cost-sensitive treasury managers in receiving value for price in their banking services.
- Organize, rationalize and automate a complex, tedious chore.
In today's increasingly complex treasury management environment, businesses and banks have concluded that using AFP Service Codes© in bank reporting provides value to both parties. The 2013 AFP Service Codes are available by subscription and are available to AFP members at a discounted price.
Purchase a subscription to the AFP Domestic Service Codes ($349 for AFP members / $449 for non-members).
Subscribers Access the Domestic Service Codes.
Designed specifically to work with the TWIST BSB format, the 2011 AFP Global Service Codes© includes over 800 codes for banking services that are widely adopted across Europe, the Middle East, Africa and the Pacific Rim. The new AFP Global Service Codes were produced as part of AFP's continuing commitment to promote the global standardization in treasury practices and bank reporting. One important difference between the Global and domestic codes is the length of the code field. Due to the differences between the ANSI X12 and TWIST BSB formats, AFP Global Service codes are 8 digits while the domestic codes are 6 digits. Below are some of the highlighted product categories included in the AFP Global Service Codes:
- General Account Services, Custody Services, and Credit Services.
- Lockbox Services, Electronic Funds Transfer, and Depository Services.
- Automatic Investment Services, SWIFT Services, and Disbursement Reconciliation Services.
- Information Reporting and Electronic Data Interchange (EDI).
The AFP Service Codes and AFP Global Service Codes are available by subscription and are available to AFP members at a discounted price - each product is offered individually and as a package when purchased together at the same time. As a bonus, a mapping tool is provided for those who purchase the AFP Global Service Codes to match them with the corresponding domestic service code or codes* where applicable.
Purchase a subscription to the AFP Global Service Codes ($449 for AFP members / $549 for non-members).
Purchase a bundled subscription to the Domestic and Global AFP Service Codes ($749 for AFP members / $849 for non-members).
Subscribers Access the Global Service Codes.
*Please note that only the corresponding domestic code will be given and not other information such as description.
Whitepaper: Decoding the New AFP Global Service Codes
The Association for Financial Professionals published the first set of standardized bank billing codes called the AFP Global Service CodesTM in November 2011. This whitepaper discusses the history of their development, the intended users of the new codes, the suggested implementation, the ultimate goal, and the benefit of the codes to the global corporate treasurer across their domestic and foreign bank relationships.