With AFPs bank pricing data in BRM, treasury professionals can benchmark the competitiveness of the prices offered to them in response to requests for proposals (RFPs) and the current prices charged on their organizations account analysis statements.
The commercial services bank pricing data is compiled by Informa Research Services. The AFPs exclusive agreement with Informa provides tiered access to the data for AFP members. The new agreement between AFP and WFG now allows access to average prices for nearly 200 of the most frequently-used cash management services offered by banks.
WFG leads the market in setting a higher standard for analysis systems, commented Pat Weiland, president of WFG. The commercial services pricing data in Bank Relationship Manager provides another method for treasury specialists to improve their effectiveness in negotiating the best prices for their companies. By using the AFP Service Codes in conjunction with the benchmarking data, cash management specialists will be able to compare the rate offered by a bank with the average price for the same commercial service.
The Association for Financial Professionals in Bethesda, Maryland supports more than 14,000 individual members from a wide range of industries through all stages of their careers in treasury and financial management.
AFP is the preferred resource for financial professionals for continuing education, financial tools and publications, career development, certification, research, representation to legislators and regulators and the development of industry standards. For more information about AFP visit www.afponline.org.
WFG is an AFP Service Codes Licensed Provider, and is the only vendor to specialize in account analysis and signatory solutions both for corporations and financial institutions. WFG has served on both the AFP Paper Statements Standards Committee and the Electronic ANSI X12/822 Committee. The most widely used account analysis system, Bank Relationship Manager, established the standard in analysis for treasury in 1991. BRM enables Fortune 1000 corporations to manage account analysis relationships, easily detect overcharges, effectively negotiate lower bank prices, and successfully reduce bank fees. WFG also offers Bank Administrator to manage day-to-day signatory and account maintenance tasks while meeting Sarbanes-Oxley legislation requirements. WFG provides web-based, ASP, and client-server systems including support, training, outsourcing and consulting.