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Leah Dering
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September 23, 2004
Wachovia Bank's International Division Announces Enhancements to CyberImport
Web-based banking service offers open account capabilities
Charlotte, N.C. - Wachovia Bank's International Division announced today that it has expanded the services offered by its Internet-based tool for all import-related trade payment activity, CyberImport. CyberImport now offers importers the ability to manage their Open Account cross border settlement activity on the same platform as their letter of credit and documentary collection activity.
"When we launched our proprietary Web based trade processing platform in 2001, we said we would regularly add differentiating functionality," said John McFadden Manager of Trade Product Management and Development. "This Open Account release is our most significant enhancement to date."
Michael Schmittlein, Managing Director in Wachovia's Global Trade Services group, said, "Our clients have indicated that they are looking for a single integrated application that would facilitate the settlement of all their cross border payables activity - no matter the sales method. Our CyberImport product now offers this functionality while leveraging our global image based trade processing platform and our expertise in trade payables processing/outsourcing."
Along with CyberImport, Wachovia's Global Trade Services group, through its online Web trade portal, CyberSuite, offers a comprehensive platform of services for importers and exporters designed to allow corporations and their trade partners to easily and securely initiate, manage and monitor trade transactions, including letter of credit processing, bankers acceptances, global payments/cash management and foreign exchange.
Global Trade Services Group
As part of Wachovia Bank's International Division, the Global Trade Services group provides a complete array of services to assist U.S.-based companies conduct global trade. Wachovia is the 4th largest issuer of letters of credit among U.S. banks, and was the first bank in the world to enable companies to initiate letters of credit on the Internet. Through Wachovia's worldwide correspondent bank network, its four branches in Asia alone, as well as dedicated trade processing centers in the U.S., global companies are able to benefit from the bank's efficient and speedy processing of trade transactions.
About Wachovia
Wachovia Corporation (NYSE:WB) is one of the largest providers of financial services to retail, brokerage and corporate customers throughout the East Coast and the nation, with assets of $418.4 billion, market capitalization of $58.3 billion and stockholders' equity of $32.6 billion at June 30, 2004. Its four core businesses, the General Bank, Capital Management, Wealth Management, and the Corporate and Investment Bank, serve 12 million client relationships (including households and businesses), primarily in 11 East Coast states and Washington, D.C. Its full-service retail brokerage firm, Wachovia Securities, LLC, serves clients in 49 states. Global services are offered through 32 international offices. Online banking and brokerage products and services also are available through Wachovia.com.
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