Association for Financial Professionals (AFP) have announced that Hanse Orga has been licensed to integrate the AFP Service Codes© within its FinanceSuite eBAM (electronic Bank Account Management) solution. The AFP Service Codes©, see, are the global standard for analysing and comparing the services and fees that are included in the account analysis statements which companies receive from their banks.
Hanse Orga have integrated the Domestic and Global AFP Service Codes© within Hanse Orga’s Bank Performance Analysis and Bank Account Administration software FinanceSuite eBAM.
“We consider it the utmost importance in providing our customers with the necessary tools to meet today’s challenges in the corporate environment. Account analysis is a topic that is gaining visibility from companies world-wide; the potential to increase efficiencies in this area is great. We are pleased to be able to include the AFP Service Codes© in our FinanceSuite eBAM solution and, thus, to empower corporate treasurers in the managing and controlling of their banking relationships, and in striving for optimal bank services at competitive rates”, said Sven Lindemann, Chief Executive Officer of Hanse Orga.
Now that Hanse Orga’s eBAM software incorporates the AFP Service Codes©, they believe that corporate treasury departments will have the necessary technology and the base set of domestic and global service codes to:
- automate and standardize their account analysis processes
- minimize the effort and time in obtaining, reconciling, and comparing of data for bank services and fees
- simplify other functions as well, and to achieve better value and/or prices for their banking services
- be able to issue more effective Requests for Proposals to banks, as they will be able to categorize and group like services for comparing price quotes offered by the bidding banks.
Not surprisingly, AFP President and CEO Jim Kaitz, is pleased that “that through the integration of the AFP Service Codes© within their software, another step towards greater standardization in account analysis is made world-wide”.
CTMfile take: This is a big deal. The incorporation of the Domestic and Global AFP Service Codes© within TMS is a vital step in improving bank account management and evaluating banks’ overall performance. When the majority of TMS suppliers incorporate these codes, the sooner the banks will have to start to use them.
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