The goal of Alliance Services International is to provide Wachovia’s international correspondent banking clients the ability to offer USD cash management solutions to small, medium and large corporate customers by leveraging the cash management solutions of Wachovia’s Treasury Services group. Wachovia is the number three cash management provider in the US. By using Alliance Services, partner banks will have the ability to earn a new and previously unavailable stream of fee income from their customers without an additional technology investment.
"Alliance Services International is an extremely flexible option that allows our best correspondent bank customers the ability to add Wachovia's 70-plus cash management services to their existing non-credit product suite and to reap financial benefit from these services," said Serpe.
Wachovia will be adding significant resources to the new unit.
“We find that correspondent banks are thrilled with our capability because it levels the playing field, and keeps our clients’ customers ‘shopping at home’ instead of using global competitors who already have made strides into building local corporate market share,” said Maya Vovchuk, vice president and senior sales officer of Alliance Services International and who reports to Serpe.
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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