Media Contact:
Leah Dering
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October 28, 2004
WACHOVIA INTRODUCES ACCOUNTS RECEIVABLE CONVERSION CAPABILITY FOR RETAIL LOCKBOX CUSTOMERS
Result is simplified cash flow, improved collection rates and lowered costs
CHARLOTTE, N.C. - Wachovia's Treasury Services Division announced today the availability of an Accounts Receivable Conversion (ARC) service for retail lockbox customers that converts eligible check payments to Automated Clearing House (ACH) debits when processing customer remittances.
Wachovia's Retail Lockbox ARC service provides expedited, predictable funds availability, which enables organizations to more quickly and confidently deploy their funds.
"We are pleased to be able to offer Retail Lockbox ARC to our customers as part of our full suite of Electronic Check Conversion services," said Jean Kochick, Vice President and ACH Team Manager, Wachovia's Treasury Services Division. "Whether our customers process their remittances in-house or with Wachovia through our nationwide Retail Lockbox network, we can provide the appropriate ARC service."
Retail Lockbox checks are scanned to identify transactions that are ACH eligible. Eligible transactions are then converted to ACH debits and routed through the ACH network for collection. Funds are deposited into the customer's account the next day. ARC transactions returned for insufficient or uncollected funds can be automatically re-deposited or re-presented two additional times, whereas paper checks can only be re-presented once.
In addition to Retail Lockbox ARC, Wachovia's complete set of Electronic Check Conversion products includes:
- Corporate Biller ARC - for large volume in-house bill processors
- Dropbox ARC - for smaller de-centralized billers
- Electronic Check Conversion at Point of Purchase (POP)
- Re-Presented Check Entry (RCK)
Wachovia also provides payment solutions for Web initiated (WEB) and Telephone initiated (TEL) transactions.
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
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 retail brokerage operations nationwide. Wachovia had assets of $436.7 billion, market capitalization of $61.4 billion and stockholders' equity of $33.9 billion at September 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 states and Washington, D.C. Its full-service retail brokerage firm, Wachovia Securities, LLC, serves clients in 49 states. 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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