PRESS RELEASES

Media Contact: Leah Dering
704-383-0551

April 24, 2003
Wachovia Introduces New "Dropbox ARC" Capabilities
Accelerates Receivables for Property Management, Health Care and Government

Charlotte, N.C. - A new state-of-the-art accounts receivable conversion (ARC) solution called Dropbox ARC was introduced today to customers of Wachovia's Treasury Services Division. Developed with San Francisco-based BankServ, the new electronic check conversion service will help Treasury Services customers be more efficient in collecting, centralizing, tracking and researching their accounts receivable transactions.

"We are excited to announce our ability to process Dropbox ARC transactions," said Michael Daley, senior vice president and manager of Wachovia's Treasury Services Product Solutions. "Our strategic alliance with BankServ, a pioneer in this technology, gives us the opportunity to provide our customers with another service that complements our holistic strategy for electronic check conversion and our commitment to supporting our customers' transition from paper to electronics."

Wachovia's Dropbox ARC is an Internet-enabled, image-capture and MICR scan solution for customers with both high and low payment volumes and de-centralized remittance processing operations. For Dropbox ARC, BankServ will provide the Web-based software, scanning equipment and processing capability necessary for the capture of accounts receivable and checking account information. BankServ will then use this information to convert consumer check payments into Automated Clearing House debits originated by Wachovia to enable the new service. These transactions are generally decisioned and settled the next day.

"This strategic alliance to deliver the Dropbox ARC solution gives Wachovia a powerful new tool to provide customers with a simple way to direct consumer payments into their Wachovia account. Not only is it convenient for their customers, but the conversion from paper check to electronic debit accelerates the availability of funds," says David F. Kvederis, president and CEO of privately held BankServ. "All customers want their banking partners to be flexible and to provide services that are efficient, simple to use and contribute to the bottom line."

Wachovia, the nation's fifth-largest bank holding company, has 15 out of 18 treasury service products ranked "A" or "A+" by Phoenix Hecht, a third-party provider of market research and education for the financial services industry. In the middle market and large corporate surveys conducted by Phoenix Hecht, Wachovia's overall ACH features and capabilities received an "A+" ranking. Additionally, nine of the bank's 10 key treasury product capabilities are ranked in the top three for market share in Ernst & Young's survey.

About Wachovia Wachovia Corporation (NYSE:WB) was created through the September 1, 2001, merger of First Union and Wachovia and had assets of $348 billion and stockholder's equity of $32 billion at March 31, 2003. Wachovia is a leading provider of financial services to retail, brokerage and corporate customers throughout the East Coast and the nation. Wachovia is also the nation's second-largest treasury management services provider for both domestic and international treasury management and consulting services. Cash flow solutions include, among other products, e-commerce, integrated payables and receivables, information reporting via Web or PC, and risk management. 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 48 states. Global services are provided through more than 30 international offices. Online banking and brokerage products and services are available through wachovia.com.

About BankServ BankServ is a provider of Fed wire transfer and ACH payment solutions. BankServ recently introduced its ARCPay® product as a means to convert mailed or drop box checks into ACH transactions. BankServ also provides SameDayPay®, a product for consumer payments over the Internet or by phone.

More information on privately held BankServ can be found on its Web site at www.bankserv.com.

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