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Media Contact: Leah Dering
704-383-0551

Yojna: Corina Cline
248-489-9650 x248

April 23, 2002
Wachovia Speeds Check Research for Commonwealth of Virginia
Teams Up with Yojna to Offer State-of-the-Art Check Image Solution

CHARLOTTE, N.C. - Wachovia's Treasury Services Group and the software developer Yojna, Inc. today announced their partnership in the delivery of an innovative check research and imaging system for the Commonwealth of Virginia. The new system is fully functional for its inaugural tax season, having a direct impact on Virginians as the May 1 deadline for filing state income taxes approaches.

“The Commonwealth issues as many as one million checks per month during tax season, and those checks must be archived in accordance with state law,” said Harold Moore, Director of Banking Relations for the Virginia Department of the Treasury. “Our previous microfilm storage system met all the necessary legal requirements, but we wanted to go beyond that to provide our citizens with fast, convenient service. This new system created by Wachovia and Yojna allows us to do that.”

The online system developed by Wachovia and Yojna provides online check imaging that allows the state to access all checks issued by the Virginia Department of the Treasury electronically. Historically, check images have been maintained on microfilm, and to locate a check, citizens were required to supply the check amount or check serial number. The entire research process could take days or weeks to complete.

“The Treasury Department had unique disbursement and archiving needs on a large scale due to the size of their client base – roughly seven million constituents,” said Fred Miller, Vice President and Disbursement Product Consultant for Wachovia Treasury Services. “They needed a cost-effective cash management solution that could be tailored to meet their unique requirements. Working with Yojna, we implemented a system to meet their storage and retrieval needs and improve customer service response time.”

With Yojna’s software, checks can be searched by multiple criteria, including simple identifying information, such as name and social security number. The end result is enhanced customer service by providing access to clearer check images and faster delivery of those images via the Internet.

“We are pleased that our ImageKeeper software’s unique functionality combined with Wachovia’s technological capabilities fulfilled the needs of Virginia’s state agencies so well,” said Corina Cline, Vice President, Strategic Marketing for Yojna, Inc. “Additionally, we feel our collaboration with Wachovia was effective because we shared a similar perspective – providing quality products that truly add value to the client’s business environment.”

Wachovia Corporation (NYSE:WB), created through the September 1, 2001, merger of First Union and Wachovia, had assets of $320 billion and $29 billion in stockholders' equity at March 31, 2002. Wachovia is a leading provider of financial services throughout the East Coast and the nation. The company operates full-service banking offices under the First Union and Wachovia names in 11 East Coast states and Washington, D.C., and offers full-service brokerage with offices in 49 states and global services through more than 30 international offices. Wachovia is also the nation’s second-largest treasury management service provider for both domestic and international treasury management and consulting services. Cash flow solutions include e-commerce, integrated payables and receivables, information reporting via Web or PC, and risk management. Online banking and brokerage products and services are available through wachovia.com and firstunion.com.

Yojna, Inc.
Since its formation in 1980, Yojna has provided products and services to financial institutions, as well as Fortune 1000 companies. Yojna serves 16 of the top 20 U.S. banks, as well as clients in the community-banking arena. In addition to the U.S. and Canada, Yojna also serves the needs of clients in Europe and Asia.

Yojna develops, supports, and markets proprietary software products in these areas:
Internet Banking Solutions for Financial Institutions with an impressive array of key options.
Image Delivery and Repository Solutions
Electronic Payment Solutions
Yojna is an IBM and Fiserv business partner.

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