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TheStreet Open House

Hancock Holding Company Becomes Accredited Provider Of AFP Service Codes™

Stocks in this article: HBHC

BETHESDA, Md., March 26, 2014 /PRNewswire/ -- The Association for Financial Professionals (AFP) today announced that Hancock Holding Company 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 1,000 identifiers for a wide range of 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.  

AFP recently updated the codes to include 247 identifiers for banking services that have become more widely adopted in recent years in addition to revisions to over 443 existing codes.

By displaying 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.

"Corporate 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, Hancock Holding Company clearly supports fee transparency and simplification of processes so that treasury teams can devote more time to managing their cash positions."

We are pleased that we are among only a few banks nationwide that have the ability to offer our clients this valuable service," said Kerrie Duvernay, Treasury Products and Services Manager for Hancock Bank and Whitney Bank. "It is an example of our ongoing commitment to providing new services to our business customers that can be used to streamline processes and perform treasury functions efficiently and effectively."

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, reconciling discrepancies, and handling service fee anomalies created by bank mergers or other events.

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