With the launch of Wachovia Connection in London, U.S.-based companies with international subsidiaries or international companies with U.S. subsidiaries now have the ability to view important Wachovia and non-Wachovia account information online and to initiate transactions electronically.
“We are a global business with locations in the U.S. and one in the U.K. Wachovia Connection gives us the ability to quickly access all of our accounts and provides faster access to our funds, which ultimately saves our business time and money. In today’s fast-paced business environment, we need to be able to manage our accounts from different locations and with a high degree of flexibility – Wachovia Connection makes this possible,” said Adrian Holness, U.K. Financial Controller with The Moorings Sailing Holidays.
With Wachovia Connection, clients have same-day, next-day and spot value dates available for cross-country or in-country payments, resulting in earlier settlement to European beneficiaries. In some cases, availability has been reduced by as many as two business days. Clients with accounts based in London (or an account domiciled in the U.S.) can access a robust reporting menu to view deposits, withdrawals and payment activity across one or multiple currency accounts, and these reports can be sorted and expanded by currency and by bank to show details. Clients can also view account statements from all of their banks around the world, providing managers with the ability to make quick and informed investment decisions regarding their cash balance.
“Prior to the availability of Wachovia Connection, a client had to perform more than one task to transfer cross-currency and in-country funds and make payments. Instead of completing and submitting paper request forms, clients may now simply initiate payments and transfer funds through Wachovia Connection,” said Ann C. Givens, International Business Manager and Senior Vice President with Wachovia’s Treasury Services division. “We operate in a global economy, and Wachovia Connection enables our clients to easily manage their global cash position and execute quick decisions to run their business efficiently.”
About Wachovia’s Treasury Services Division:
As part of Wachovia's Corporate and Investment Bank, Wachovia's Treasury Services Division offers a comprehensive suite of integrated payables and receivables solutions, including electronic check conversion, accounts receivable conversion, a full range of ACH services, image technology, a national wholesale and retail lockbox network and international treasury solutions. In recent Phoenix Hecht surveys, 20 out of 26 of Wachovia's treasury services products were ranked "A" or "A+" by upper-middle and large corporate customers. Additionally, ten of the bank's key treasury product capabilities are ranked in the top four for market share in Ernst & Young's survey. Wachovia's Information and Access product, Wachovia Connection®, ranked first in that survey. For the second year in a row, Wachovia Connection was also voted the "Best Corporate/Institutional Online Cash Management Service in North America" by Global Finance, and the most recent Bank Leader Survey placed Wachovia's Treasury Services Number 2 for "Overall Satisfaction" and "Overall Quality of Customer Service."
About Wachovia Corporation:
Wachovia Corporation (NYSE:WB) is one of the largest providers of financial services to retail, brokerage and corporate customers, with retail operations from Connecticut to Florida and west to Texas, and retail brokerage operations nationwide. Wachovia had assets of $506.8 billion, market capitalization of $80.3 billion and stockholders’ equity of $46.5 billion at March 31, 2005. Its four core businesses, the General Bank, Capital Management, Wealth Management, and the Corporate and Investment Bank, serve 13 million household and business relationships primarily through 3,277 offices in 15 states and Washington, D.C. Its full-service retail brokerage firm, Wachovia Securities, LLC, also serves clients through 693 offices in 49 states and five Latin American countries. Our Corporate and Investment Bank serves clients primarily in 10 key industry sectors nationwide. Global services are offered through 33 international offices. Online banking and brokerage products and services also are available through Wachovia.com.
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