US-based Capital One has been named as the
official provider of codes which the corporate treasury industry
uses to evaluate and compare bank services.
The Association for Financial Professionals
(AFP), which accredits the AFP Codes, named Capital One the
accredited provider after it reviewed several banks’ service
codes.
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The AFP will now back Capital One in
implementing the codes, as well as clearing “discrepancies and
handling service fee anomalies created by bank mergers or other
events,” the AFP said.
The AFP has a global distribution network
of 150,000+ treasurers and other financial professionals.
The AFP Service Codes enables treasures to
compare over 800 bank services. Treasurers can use the codes for
tracking bank services, or to organise, rationalise and automate
billing statements.
Tom Hunt, AFP’s director of treasury
services, said:
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By GlobalData“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.”
