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 transac-
tions 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 experi-
ence 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 busi-
ness rather than just functionality.
“By focusing on the cost of payments we insure a greater margin for the company and bet-
ter 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 sanc-
tions policies, a NACHA rule effective Sept. 18,
2009, will require all international ACH transac-
tions to be identified so that they can be screened
for unlawful entries. U.S. law prohibits trade or
financial transactions with targeted foreign coun-
tries 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 transac-
tions in an expanded format. If you originate or
receive ACH transactions, you should under-
stand the new rules for international ACH trans-
actions 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 bank-
ing 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

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
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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 mas-
ter’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.
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With the launch of SWIFT SCORE for corporates, how does your company
view connectivity to SWIFT?
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AFP Payments Poll

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 com-
pleted 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 in-
clude 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 pay-
ments 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 in-
formation 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
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Metavante Payment Progress Index 2008 (Part 2)s
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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 inte-
grate 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

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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 na-
ture. 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 ma-
jor 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

Because the future clearly is with electronic payments, most com-
panies 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 advan-
tage of manually signing checks is that it is low-tech. Anyone
can do it anywhere with almost no equipment. The disadvan-
tage 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 re-
quired 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 sig-
nature 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 re-
turn 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 advan-
tage 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 secu-
rity 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

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 cus-
tomers 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 insti-
tutions 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 consum-
ers 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

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-bor-
der 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 institu-
tions 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 indus-
try 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 commer-
cial 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 bet-
ter 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 manage-
ment 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

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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
New York City May 1-2, 2009
For more information go to www.AFPonline.org/EPay101
Financial Risk Management
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 ac-
counts 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
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Association of Financial Professionals Interview - Sept, 2008

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