Association of Financial Professionals Interview - Sept, 2008

Association of Financial Professionals Interview - Sept, 2008
www.AFPonline.org Copyright © 2008 Association for Financial Professionals, Inc. All Rights Reserved Page 1 Getting credit cards from consumers for online transactions is usually no more difficult than taking candy from a baby. But David Bowden, senior development manager in global payments and services for Amazon.com, says that’s not the point. “Taking (credit cards) in a manner that provides the consumer with the best customer experience possible while guarantying the highest margin on the transaction is the more difficult task to tackle,” he said. “Since online e-commerce is maturing to a point where new, high-value functionality is already present, the future is focusing on optimizing the business, the systems and the terms with service providers.” Bowden said another important concept that companies often overlook in their drive to bring features and functionality to customers is that payments and the payments industry are a business. He said mature financial organizations and retailers should spend more time worrying about optimizing costs and focusing on the various aspects of business rather than just functionality. “By focusing on the cost of payments we insure a greater margin for the company and better benefits and rates to the consumer,” he said. “Companies often leave money lying on the floor by not taking the time to optimize their services, negotiate with service providers or by integrating substandard payment options. When you focus on the total customer experience from back-end system to integration with a payment provider, you can optimize the system such that your return is higher and the value provided to the consumer is also higher.” Bowden said this can be accomplished in a variety of ways including providing level III Payments September 2008 In this issue of Payments, AFP presents the second of a two-part look at the Metavante Payment Progress Index.The first half of the study appeared in the August issue of the newsletter. The Index charts the trend of e-payment use in the U.S. Also this month, AFPtalkstoDavidBowden,theSeniorDevelopmentManagerinGlobalPaymentsand Services for Amazon.com. Arlene Chapman looks at a pending NACHA rule change that will require all international ACH transactions to be identified. And Ken McCarthy writes about companies dealing with the issue of making vendor payments to countries other than where the work was completed. s AFP—Your Daily Resource Continued on page 2 International ACH Transactions: Amazon.com’s Global Payments Manager Says Some Companies too Focused on Functionality Ken McCarthy Complying with NACHA Rules and U.S. Law Arlene Chapman To ensure compliance with U.S. government sanctions policies, a NACHA rule effective Sept. 18, 2009, will require all international ACH transactions to be identified so that they can be screened for unlawful entries. U.S. law prohibits trade or financial transactions with targeted foreign countries and individuals such as terrorists and narcotics traffickers. The sanctions are enforced by the U.S. Treasury Department’s Office of Financial Assets Control (OFAC). All financial institutions are now preparing to implement the new NACHA rule, which calls for additional information about ACH transactions in an expanded format. If you originate or receive ACH transactions, you should under- stand the new rules for international ACH transactions to determine whether they apply to you. Today, many international ACH payments are classified as domestic transactions because they enter the U.S. through correspondent banking relationships or bank proprietary systems. They are identified with the Standard Entry Class (SEC) Codes CCD or PPD. This makes it difficult to distinguish them and comply with OFAC sanctions. The NACHA rule creates a new type of cross-border transaction, the International ACH Transaction, identified by the SEC Code IAT. The IAT will apply to both consumer and business accounts. Previous distinctions between these two types of transactions will be eliminated. This summary of the NACHA rule will help you decide whether your payments should be classified as International ACH Transactions and the information that you will need to provide to comply with the rules. Click here for the summary. http://www.afponline.org/mbr/reg/pdf/iatfacts.pdf s AFP sits down with: David Bowden David Bowden
Page 2 Copyright © 2008 Association for Financial Professionals, Inc. All Rights Reserved September 2008 Payments Published by the Association for Financial Professionals, Inc. Editor Ken McCarthy Senior Consultant,Technical Services Arlene Chapman, CTP Managing Director, Communications Elizabeth Johns President and CEO Jim Kaitz Publications Specialist Amy Cooley Payments Editorial Advisory Board Tom Burrow Landsbanki Canada Anne Marie Gill Jacques Whitford Gary Kawka Cytec Industries Inc. Colin Kerr Microsoft Corp. Delores Ratliff Target Corporation Rossana Salaris The Clearing House Payments Company Advertising Advertise in Payments to reach out to decision makers seeking new payments technology. To reserve space today, contact the AFP Sales Team at 301.961.8826. Subscriptions www.AFPonline.org/newsletters Copyright © 2008 Association for Financial Profession- als, Inc. Copying and redistributing prohibited without permission of the publisher. This information is provided with the understanding that the publisher is not engaged in rendering legal, accounting or other professional services. If legal or other expert assisteance is required, the services of a competent professional person should be sought. Association for Financial Professionals 4520 East-West Highway, Suite 750 Bethesda, MD 20814 Phone 301.907.2862 Fax 301.907.2864 Website www.AFPonline.org Email AFP@AFPonline.org Join the Distribution List Each month, Payments will bring you timely news on payments. Sign up today at http:www.AFPonline.org/afppayments. Newsletter Archive http://www.AFPonline.org/newsletterarchive David Bowden continued from page 1 data direct to processor integrations, negotiating better terms and conditions with card and service providers and by taking proactive fraud measures. The primary focus for Amazon is always customers and the customer experience, he said. “We pride ourselves on creating systems that serve our customers well and that are responsive and easy to use,” he said. Bowden said technology in the payments realm has not changed much in the past few years. While offerings from payment provides have improved or changed, the core business of taking credit or debit cards remains essentially the same. He said there are always new and better ways of doing things but that in essence working with banks, transactional providers and the like has not changed much. He said Amazon constantly reviews its systems and adds incremental improvements and optimizations to make them faster and more reliable. Bowden manages teams responsible for the design, development and delivery of merchant payments services for the company. His teams have a wide range of responsibilities ranging from paying the 2.2 million registered merchants that leverage the Amazon infrastructure for conducting their online business to providing the systems that allow customers to make purchases in localized currency. Amazon.com handled more than $2 billion in payments last year alone to its merchant partners. Its systems process over $18 billion a year in transactions. Additionally, Bowden’s teams provide service for securing all of the transactional and PCI compliant data used in the Amazon payments systems. Bowden, who has worked in the software business for 18 years, has also held executive and/or senior management positions at companies including Vignette, Symantec, Install Shield and Puzzled Software. He is a contributing author on two books about Windows software development, and he designed a project which flew on the space shuttle in 1985. He began working in the payments business 12 years ago when he started developing and managing transactional Web sites. Since then his work has evolved to include development of Symantec’s global Web site, which generated over $6 billion a year in revenue. Bowden has a bachelor’s degree in architecture from Texas Tech University as well as a master’s degree from the University of Phoenix in computer science with additional post-graduate studies at Midwestern State University and from the Jesse H. Jones Graduate School of Man- agement at Rice University. Bowden is a certified Scrum Master and has his PMP certification from the Project Management Institute. In his spare time, Bowden works as a professional photographer shooting primarily fine art and landscapes. He is a member of the National Association of Photoshop Professionals and the Professional Photographers of America. He lives in Seattle. s Readers can now participate in a monthly poll designed to gauge reaction to a topical industry issue. Take the September poll: With the launch of SWIFT SCORE for corporates, how does your company view connectivity to SWIFT? http://www.keysurvey.com/survey/218824/1ad6/ There is still time to weigh in on the August survey too. How has the ‘credit crunch’ affected your company’s investments in its payment treasury operations? http://www.keysurvey.com/survey/213969/1a20/ The results will appear in the October Payments newsletter. AFP Payments Poll
www.AFPonline.org Copyright © 2008 Association for Financial Professionals, Inc. All Rights Reserved Page 3 Jeannie O’Neil said rarely does a month go by without someone requesting that a vendor payment be sent somewhere that makes her scratch her head. O’Neil, assistant treasurer for Alcon Labora- tories Inc., said about once or twice a month someone in market- ing or sales or one of the other departments asks for a payment to be sent somewhere other than the vendor’s home country or the country in which the work was done. “Unless there’s a legitimate business reason for it, it can make you a little bit uncomfortable,” she said. O’Neil said Alcon transacts business with many suppliers and vendors outside the U.S. The company’s global treasury policy states that it will make payments to a country other than the vendor’s country of domicile or the one where the work was completed only if the payee provides, in writing, the business reason for the change in the payment instructions. Even then the payment has to be approved by both the tax and legal departments. “There could be an issue with potential tax evasion,” she said. Joe Alexander, legal council for the Electronic Payments Network, said he is unsure how most U.S. companies handle the issue. “It could be a problem with controls imposed by some countries or with prudential standards to avoid things like money laundering,” he said. “But I don’t know that there is a legal require- ment for this policy.” Alex Romeo of the Electronic Payments Network said he had some experience with the issue when he worked for Citibank. He said each country has different legislation and compliance-related policy when it comes to funds entering their nation. Also, there may be caps on the amount of any one transaction, as well as money FX Payments can be Risky Treasurers must know the international nuances of law and order Ken McCarthy laundering screenings. Some countries require the receivers to have bank accounts, some don’t, he said. Romeo said there are also operational considerations including timing of cutoffs to receive and post transactions as well as to make funds available. In terms of foreign exchange, Romeo said issues include payments being sent in a currency that perhaps is not offered by the financial institution with which the company does business. And it could end up paying a higher exchange rate or fee in order to translate to that local currency. He said different countries also have different lifting fees. O’Neil said Alcon’s legal group has vigorously researched the For- eign Corrupt Practices Act and believes there are no legal issues for the company in terms of its policy. She said, however, that Alcon’s tax group will meet soon to discuss the complex tax-withholding rules involved when U.S. companies make those types of payments to international individuals or companies. She said the tax group thinks the company’s guideline is a good one but that it might need to be tweaked from a procedural standpoint in terms of when payments are made and what needs to be reviewed. Because of the difficulty foreign entities now have in opening U.S. bank accounts, O’Neil said perhaps U.S. companies can be more comfortable sending money to them. “Sometimes unless (U.S. banks) know you as a company they are more stringent on the information they want,” she said. “To have an account in the U.S. you pretty much have to give them blood. So if you’re doing business with a company in another country and they ask you to pay to a bank in the U.S. you know quite a bit of work was done to get that account opened.” s RemoteDepositCapture.com Visit the RDC Marketplace at Discover a world of possibilities Looking for a Remote Deposit Capture Solution? RemoteDepositCapture.com Meet us at the AFP Annual Conference Booth #911 - Oct 19-22, 2008 - Los Angeles
Page 4 Copyright © 2008 Association for Financial Professionals, Inc. All Rights Reserved September 2008 Metavante Payment Progress Index 2008 (Part 2)s . Managing the flow of your company’s funds is essential to your organization whether in the US, across the region or around the globe. And, implementation of a cross border strategy can be the key to effective cash management. HSBC Bank USA, N.A. can provide you with centralized, secure payment services reducing the need to deal with multiple banks and allowing you to easily oversee your daily cash positions. Turn the HSBC advantage into your competitive edge. www.hsbcnet.com Delivering you the world © Copyright. HSBC Bank USA, N.A. 2008. Member FDIC. All rights reserved. In this second installment of AFP’s look at the 2008 Metavante Index the current U.S. payment mix is analyzed. According to Metavante, corporations conceptually want to migrate away from checks. Re- spondents to their survey indicated the ambition to reduce their check usage from 59% to 44% by 2010. They had, however, a similarly optimistic target two years ago for 2008. As predicted in 2006, check imaging and truncation is extending the life of the check by minimiz- ing the hassles and costs of check handling. Consequently, the actual shift to e-payments is less dramatic than respondents anticipated. ACH is the primary beneficiary of the shift away from paper-based B2B payments. In the near future, improvements in fraud control and the development of remittance standards will act to promote greater use of ACH payments. Efforts by NACHA to expand ACH utility for businesses will further encourage adoption. Card-based payments are expected to increase too, but the magnitude of this shift will be significantly smaller. For cards, the picture is slightly different, especially in terms of card use for disbursements versus collections. While respondents expect 14% of their disbursements to be made using cards by 2010, they only expect to receive 9% of collections via card. Supplier reluctance to accept card-based payments due to interchange costs is one factor. However, a positive factor will be a tendency for corporations to integrate their accounting and payment systems over the next five years, which will encourage a shift to card-based payments given their ability to provide richer remittance information. The main driver for the increase in the cost improvement sub-index is expected future reductions in weighted average transaction costs. This will likely come about due to a shift from less efficient paper- based payment processes toward automated ones. Respondents plan on investing a majority of their payment-related capital expenditures in e-payment systems. To a lesser degree, the expected decline in weighted average transaction costs could be driven by improvements in the effi- Payment Type Weights Corporations are optimistic about receiving and sending more e -payments 59% 20% 8% 13% 44% 31% 12% 14% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Check ACH Card Wire 2008 2010e Note: share of total is the average of share of collections and disbursements. For cards, the picture is slightly different if one looks at the use of cards for disbursements versus collections. While respondents expect 14% of their disbursements to be made using cards by 2010, they only expect to receive 9% of collections via card. Supplier reluctance to accept card-based payments due to interchange costs is one factor at play here. However, a positive factor will be a tendency for corporations to integrate their accounting and payment systems over the next five years, which will encourage a shift to card-based payments given their ability to provide richer remittance information. Continued on page 5
www.AFPonline.org Copyright © 2008 Association for Financial Professionals, Inc. All Rights Reserved Page 5 Looking for ways to tighten your belt? Start with your A/P process PowerTrack Payables offers a clear advantage for companies who want a simplified A/P process today but need a solution that will grow with you as your company grows. In 60 days, you can enforce corporate policies and improve financial control while: • Eliminating paper invoices, • Paying electronically, • Reducing invoices paid in error, • Improving cash flow, and • Avoiding late fees. Want to reap the benefits of A/P automation? Contact PowerTrack at 1-800-925-4324 or visit www.powertrack.com powertrack.com© 2008 PowerTrack Network Do You Know Who You Are Paying? Visit powertrack.com to download "E-Payables and Fraud Prevention" a new research paper by Aberdeen Group. ciency of check processing as reflected by capital investment in check processing systems. The e-payment investment sub-index indicates that corporations have the right ambition but not necessarily the proper means of execution. The strong rise in the e-payment investment index from 2008 to 2010 is driven by corporations increasing the proportion of their investment dollars spent on electronic payment systems. This is consistent with the expected shift in e-payment usage indicated by respondents. E-payment systems’ share of total payment investment is expected to rise nearly 50% from 54% of total to 70%. Investment in check systems is projected to not only decline but also to change in nature. A comparison with the 2006 index shows corporations have not realized their ambitions. For 2007, 37% of respondents indicated that they had invested capital in their payment systems. In the 2006 survey, the share of respondents with expected capital investment in 2007 was 42%, indicating that for 12%, the expectation was not realized. The MPPI 2008 points to a state of general satisfaction on the part of corporations regarding their B2B payment practices. The satisfaction sub-index independently reflects above average satisfaction. The index of 71 in 2008 is the highest sub-index score, suggesting that corporate payment managers may not have the motivation or need to drive major changes, which helps explain the finding that a minority invested in change (37%) in 2007. Satisfaction is relatively evenly distributed among payment types with ACH scoring marginally higher. The range on a scale of 1 (unsatisfied) to 5 (highly satisfied) is 3.4 for P-card to 3.7 for ACH. Corporations expect their satisfaction in their payment systems to grow based on planned investments in system improvements. The MPPI continues to be in a mixed payment transition phase characterized by general satisfaction leading to inertia. Corporations’ expectations for payment process progress, however, point to a gradual move toward fragmented financial supply chain automation and eventu- ally straight-through-processing. s Metavante Payment Progress Index 2008 (Part 2) continued from page 4
Page 6 Copyright © 2008 Association for Financial Professionals, Inc. All Rights Reserved September 2008 Because the future clearly is with electronic payments, most companies likely don’t spend much time thinking about how they sign checks. That’s an oversight because companies still pay most of their employees and vendors by check. Overall, each organization is probably writing millions of checks each year. The check signing options most organization have today include: • Having someone manually sign the corporate checks. The most basic way to sign checks is for the CFO to sit down and sign each check with a pen. Although no large corporation still does this, it’s an option to keep in mind for disasters. The advantage of manually signing checks is that it is low-tech. Anyone can do it anywhere with almost no equipment. The disadvantage is that signing checks by hand takes a lot of time. • Signing checks with the facsimile signature of a real person. This is what most large corporations do today. The CFO is a signatory on all the corporate checking accounts and that person signs a signature card for each of these accounts. A specimen signature is then obtained and scanned into the computer. The computer then prints or stamps this facsimile signature onto each check. The advantage of this approach is that corporations have been doing it for the better part of a century so it is a tried and true solution. There are no surprises waiting for users. But an incredible amount of work to obtain new signature cards from each bank awaits someone in the company if the CFO is changed. • Signing corporate checks with two facsimile signatures. Although this is a legitimate check-signing option, it should not be seriously considered. Corporations in the past required two signatures on every check for additional security. The second check signer would keep an eye on the first because companies worried about embezzlement. But having two signatures just doubles the work. Instead of having to obtain, sign and return a new bank signature card every time one signatory leaves, it needs to be done whenever either of the two signatories leaves. This approach doesn’t double security. It only doubles the work. • Signing corporate checks with the facsimile signature of a fictitious person. Some corporations pick a fictitious person or fictitious name and have the CFO produce a specimen signature of that person. They then sign all corporate checks with the facsimile signature of this fictitious person. The advantage is that the company never again will have to obtain, sign and return new signature cards when a CFO leaves. The disadvantage is that the company must still obtain and sign signature cards with this fictitious signature. It is also problematic if checks need to be manually signed in the event of a disaster. • Signing corporate checks with the typed signature of a real or fictitious person. Some corporations ‘sign’ their checks just by printing the name of the signer in the signature area of each check. There is no pretense that this is a ‘real’ signature. The advantage is that it is easy to do. Any computer printer can produce a typed signature. The disadvantage is that some banks will be uncomfortable with it and will ask for an actual signature. Some vendors will return the checks because they are not signed. • Signing corporate checks with a corporate logo. The advantage of this approach is that the corporate logo will likely be the same in 100 years. The company won’t have to go through a massive signature card signing project every five or ten years as the CFO is promoted or retires. The disadvantage is that it is very unusual and some banks may balk at it. Also, some vendors may question the validity of the check. • Eliminating the check signature altogether. The advantage is that this is easy to do. The disadvantage is that vendors and customers are going to wonder if the checks are real. Checks signed this way can include a note at the bottom saying to call a certain number with any questions about the validity of the check. All of these approaches are legal. In the U.S., checks can be signed in any of these ways because the Uniform Commercial Code never actually defined what it means to sign a check. It was so obvious that no one thought it necessary to define it in the law. The bottom line is that although some sort of signature is legally required on a check it is irrelevant in practice. Positive pay check- issued files are going to determine whether banks accept a particular check. The assumption that a check signature provides some security is based on the idea that banks are scrutinizing check signatures. In most cases they aren’t. s Signing Corporate Checks - What Are the Options? Bob Leahy
www.AFPonline.org Copyright © 2008 Association for Financial Professionals, Inc. All Rights Reserved Page 7 s More Than $1 Billion Likely to be Spent for Online Bill Payment Solutions by 2010 in U.S. Alone Ken McCarthy Offering free online bill payment solutions to retail banking customers will cost the financial services industry $1 billion by 2010, according to TowerGroup. The amount represents spending on the portion of the service that financial services institutions outsource. While financial institutions traditionally accepted this expense as a cost of doing business, the “soft” revenue associated with online bill pay (enhanced customer retention, cross-sell opportunities, reduced call center activity, and higher profitability of online bill payment users) no longer compensates for the “hard” dollars institutions must spend to facilitate it, the group said. TowerGroup defines an expedited payment as one that posts within 24 hours or same day, with the ultimate solution in real time. The group predicts that by 2010 payments posted within 24 hours of coming due will generate $40.7 million in revenue for financial services institutions, offsetting approximately 4% of that year’s online bill pay costs. Online bill payment has grown to become an integral part of financial services institutions’ internet banking offerings. New research from TowerGroup finds that expediting payments by speeding the posting time of bill payment transactions can create a new revenue stream for financial institutions via instituting an online bill payment user per transaction fee to guarantee same-day posting. TowerGroup estimates that nearly 24 million consumers are currently active users of online banking bill payment in the U.S., and that the volume of online bill payments will reach 3.87 billion transactions by 2012. However, the success of online bill pay has also increased delivery and support costs for financial services institutions. Although expediting payments can present many challenges for financial institutions, TowerGroup believes that today’s economic climate and credit-score focused consumers will welcome this new solution. By collaborating with online bill payment processors and online bill payment solution providers, expedited payments can become a source of sustainable recurring revenue. TowerGroup is a research and advisory services firm focused exclusively on the financial services industry. s
Page 8 Copyright © 2008 Association for Financial Professionals, Inc. All Rights Reserved September 2008 News Briefs NACHA Extends IAT Rules and Formats Effective Date NACHA’s board of directors has extended the effective date of the International ACH Transaction (IAT) rules and formats until September 18, 2009. But NACHA and the two ACH operators - the Electronic Payments Network and the Federal Reserve –are encouraging financial institutions to have all production software implemented by the original effective date of March 20, 2009. The groups suggest using the six-month extension for additional process documentation, testing with the ACH operators and customer education, training and testing. Receiving Depository Financial Institutions (RDFIs) may already be receiving international ACH payments formatted as domestic transactions and so may be unaware that they are receiving them, NACHA said. The IAT rules and formats will en- able RDFIs to identify international ACH payments and perform due diligence as required by the U.S. Office of Foreign Assets Control (OFAC). After the effective date, any financial institution that participates in the ACH Network may receive an IAT and must handle it in accordance with written OFAC policies. All RDFIs must therefore be prepared for this rule, even those that do not currently receive ACH payments formatted as cross-border payments. While a financial institution can rely on vendors for ACH software, transaction processing and OFAC screening, it remains responsible for compliance with OFAC regulations. A financial institution should work proactively with its vendors on software, screening, testing and other readiness issues. All financial institutions are also encouraged to take advantage of education, training and technical assistance from their Regional Payments Associa- tion, their ACH operator and NACHA. These programs will con- tinue through the new effective date. Those interested can visit NACHA’s IAT industry resources web page at http://www.nacha. org/IAT_Industry_Information/ for a listing of resources. s CPI Says Future Bright for Commercial Electronic Payments Industry Prospects for the electronic commercial cards and payments industry remains bright as companies seek to increase controls, negotiate discounts, and reduce costs by switching to electronic payments and commercial card products, according to Commercial Payments International (CPI). “Despite the downturn, global commercial spending will exceed $110 trillion in volume by 2012 up from an estimated $68 trillion in 2006, with Latin America and Asia Pacific grow- ing faster than the US and Europe. With this growth business to business payments are shifting to electronic formats to gain monetary savings, reduced administration, greater transparency and compliance and data aggregation. Savings on invoice processing alone can be as high as 75%,” said Joanne Robinson, principal of CPI. CPI has conducted informal interviews with hundreds of commercial payments professionals worldwide to identify twelve key drivers of growth outlined in its recently published white paper “Drivers of Growth in Electronic Commercial Cards and Payments”. Drivers include: • Organizational goals - cost conscious businesses are focusing on improving efficiency through automation of their procure-to-pay processes. • Data - electronic systems aid decision making by providing better and cheaper data helping businesses negotiate and buy better. • Product sophistication and availability - an explosion in the range and sophistication of electronic payment products is driv- ing adoption. • Governments - where governments are acting as leaders, they drive growth by helping to bear the cost of organizing efficient payment systems; leading the use of commercial cards and electronic payments; and accepting electronic payments and commercial cards for b2g payments • Multinational companies - Growth is being driven by corporate clients pushing their providers to develop products that can be used across their whole enterprise and multiple geographies. CPI’s complete white paper including quotes from industry leaders may be downloaded free of charge at www.commercialpaymentsinternational.com/bw.html s AFP Announces New Editorial Advisory Board Member for Payments Newsletter The Association for Financial Professionals is proud to introduce Anne Marie Gill as the newest member of its editorial advisory board for the Payments newsletter. Anne Marie is Vice Chairman and Treasurer of the AFP of Canada Board of Directors. She also manages the international cash management products and services, accounts receivable, employee share- holder program and credit card/purchase card programs of Jacques Whitford. She has been in the financial and accounting industries for the past 25 years including a stint as the treasury manager of a major Canadian life insurance company based in Halifax, Nova Scotia. She also worked at Atlantic Canada’s regional telephone company in various positions from taxation to accounting systems to banking, payroll and as accounts payable manager. She started her banking career in the 1980s working for one of Canada’s major banks for more than six years. She was recently appointed to serve on the Stakeholder Advisory Council of the Canadian Payments Association through March 31, 2010. Anne Marie graduated summa cum laud in 1989 from Saint Mary’s University in Halifax with a Bachelor of Commerce degree. She lives in Dartmouth, Nova Scotia with her two children. s
www.AFPonline.org Copyright © 2008 Association for Financial Professionals, Inc. All Rights Reserved Page 9 CTP, Certified Treasury Professional and the CTP logo are registered trademarks of the Association for Financial Professionals. © 9/08. Make the Right Choice. Become a CTP. The CTP designation signifies you have demonstrated the knowledge and skills required to perform competently in today’s ever-changing finance environment. And it’s the one credential that differentiates treasury professionals who can execute critical functions related to corporate liquidity, capital and risk management. CTP—The Global Standard of Excellence in Treasury www.AFPonline.org/growcareer CTP-Nwsltr_3rdPgH_Ad_Sept_3.indd 1 8/21/08 5:13:20 PM Seminars Cash Flow Forecasting I San Francisco Dec. 10-11, 2008* Orlando Mar. 10-11, 2009 New York City Apr. 28-29, 2009 For more information go to www.AFPonline.org/CFF Cash Flow Forecasting II Dallas May 12-13, 2009 Chicago June 17-18, 2009* For more information go to www.AFPonline.org/CFF2 Cash Management Los Angeles Oct. 18-19, 2008 (Annual Conference) San Francisco Dec. 8-9, 2008* Atlanta Jan. 21-22, 2009 Orlando Mar. 5-6, 2009 Boston May 18-19, 2009 Chicago June 15-16, 2009* For more information go to www.AFPonline.org/cmseminar CTP Review Charlotte Dec. 2-4, 2008 Bethesda, MD June 2-4, 2009 Toronto June 9-11, 2009 For more information go to www.AFPonline.org/ctpreview Electronic Payments 101: Instruments and Processes Orlando Mar. 7-8, 2009 New York City May 1-2, 2009 For more information go to www.AFPonline.org/EPay101 Financial Risk Management San Francisco Dec. 11-12, 2008* Orlando Feb. 21-22, 2009 Chicago June 18-19* For more information go to www.AFPonline.org/finrisk International Cash Management Strategy Dallas Nov. 18-20, 2008 Las Vegas Feb. 4-6, 2009 Boston May 20-22, 2009 For more information go to www.AFPonline.org/icms Treasury Risk and Loss Controls Orlando Feb. 24-25, 2009 For more information go to www.AFPonline.org/controls * part of a Seminar Week Dates and locations as of July 2008. Check the Web site for the most current information and to register. CTP Standard Registration Deadline for CTP Exam Dec. 2008/Jan. 2009 Testing Window – Sept. 19, 2008 Final Registration Deadline for CTP Exam Dec. 2008/Jan. 2009 Testing Window – Oct. 31, 2008 For information or to register go to www.afponline.org/CTP Complimentary Webinar for AFP Members: Implementing the New Wire Transfer Format with Remittance Information--The Corporate Role Thursday, Sept. 25, 2008 - 3:30 p.m. - 5:15 p.m. EST Fedwire and CHIPS are planning to expand their wire transfer formats to include standard remittance information with business payments. This will make it easier for companies to apply wires to the correct accounts without manual research and to process payments straight through to accounts receivable. Hear from the operators of Fedwire and CHIPS about what you should do to prepare, the software changes that companies and banks will need to make, and the information you will be able to send and receive when the new format is implemented. Speakers: Ken Isaacson Vice President, Wholesale Product Office Federal Reserve Bank of New York Hank Farrar Senior Vice President, CHIPS The Clearing House Payments Company Early Registration Member: Complimentary/ Non-member: $80 Registration After September 18, 2008 Member: Complimentary/ Non-member: $105 http://www.afponline.org/pub/store/ves.html Calendar

Association of Financial Professionals Interview - Sept, 2008

Association of Financial Professionals Interview - Sept, 2008

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Association of Financial Professionals Interview - Sept, 2008