Citi is the first financial institution to join the Association for Financial Professionals’ Service Codes Accredited Provider Program using the latest industry standard.
AFP Service Codes
AFP Service Codes are the industry standard for corporate treasury executives and approved by SWIFT to be used in all Bank Services Billing (BSB) files, a part of the ISO 20022 standards.
AFP Service Codes provide the following benefits to corporate treasury:
- Improve visibility of fees to ensure accuracy and adequate control over bank spending
- Reduce resources needed to translate bank codes into a single source comparison
- Enable resource-constrained treasury staff to produce actionable analyses in minimal time
- Facilitate comparison of prices and total spending on cash management services
- Identify banks committed to developing mutually-beneficial relationships with corporate customers.
By joining the AFP Accredited Provider Program for both domestic and global Service Codes Citi is offering improved transparency and service to their corporate treasury partners globally.
“Bank relationship management is one of the toughest challenges corporate treasury executives face and in this increasingly complex world it isn’t getting easier. Citi is to be commended for taking the additional step of joining the AFP Service Codes Accredited Provider Program to provide the highest level of transparency and service to its partners in corporate treasury,” said Jim Kaitz, president and CEO of AFP.
To become an AFP Service Codes Accredited Provider, Citi underwent a rigorous evaluation of its existing service codes to ensure they meet AFP standards and accuracy. To maintain the accreditation, Citi will re-submit and validate its list of codes on a yearly basis.
“Until recently, treasury managers had only limited tools to compare bank services across the industry and on a global scale. The Citi AFP Service Code Global Accreditation is an accomplishment which is expected to provide our clients with transparency, consistency and increased operating efficiency,” said Tapodyuti Bose, Global Head of Channel and Enterprise Services, Citi Treasury and Trade Solutions. “Citi has leveraged the global codes to standardize RFP responses and unify product identification globally. With clients at the center of our strategy, this is a significant step in helping them gain visibility into their day-to-day business operations across our unparalleled network.”
CTMfile take: When are the other major banks going to become accredited members of the AFP Services Codes programme?
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