Here’s what you need to know

On June 11, 2021, the Association for Financial Professionals (AFP) released the largest update to its service codes since the organization introduced them more than 30 years ago.

The updated codes provide treasury departments the ability to perform cross-bank comparisons for internal benchmarking, industry-standard request for proposals, and a wide variety of analytics on their treasury organizations use of cash management services. The industry has evolved rapidly and the billing codes were in desperate need of a makeover.

To learn more about the changes in this new set, see our deep dive on the 2020 AFP Service Codes.

Only 32% of the codes remain unchanged. Figure 1 shows a breakdown of the update.

Breakdown AFP service code updates

Here are the biggest changes you need to know about:

  • Integrated Funds Transfer Services: The task force added a new product family, 33 Integrated Funds Transfer Services, to the 2020 code set, which includes services related to integrated payables and receivables.
  • Trade Finance Services: The task force added a second new product family, 65 Trade Finance Services, to the revised code set.
  • Instant Payments: New codes were added for real-time payments (RTP) and all forms of instant payments.
  • Imaging: Banks are moving toward more centralized image platforms for reporting of images so multiproduct imaging codes were added to the code set.
  • APIs: Banks are starting to figure out how to charge for API transmission of data. The new code set clarifies how these services should be mapped.

What these changes mean for you

If you are a Redbridge HawkeyeBSB customer, we have you covered. Regardless of the bank you use, all HawkeyeBSB AFP codes will be updated this fall by Redbridge as a user benefit.

If you are not a HawkeyeBSB customer, you should ask your banks when they plan to update their billing systems to the new code set.

Bank billing is confusing enough. When banks use different versions of the AFP codes, it only creates more confusion and impossible analytics.

Receive our publications

Select your location