PRESS RELEASES

Contact: Arati Sontakay
(704) 383-6996

November 19, 1998
First Union's Global Cash Management Division Presents a Total Solution for Entire Billing Process
Bill Presentment, Payment and Receivable Processing in One Package

CHARLOTTE-First Union's Global Cash Management Division is introducing a totally integrated solution for customers' billing needs. First Union is the first financial services provider to offer this integrated service so customers can outsource time-intensive activities such as sending bills, collecting payments and processing the receivables. By combining payment processing expertise with today's electronic commerce technology, First Union is smoothing the way for its customers' transition from paper to electronic processing while eliminating confusion about electronic bill presentment.

"First Union is dedicated to simplifying treasury management for our customers," said Michael Daley, Senior Vice President and Head of Wholesale Product Management. "This total solution means that our customers never have to worry about changes in the bill presentment arena. In addition, they gain all the benefits of electronic commerce even if their customers are not technologically ready yet. We can help our customers deliver bills to their customers through any medium they choose."

This total solution is especially useful for companies such as utilities or phone companies which generate a lot of bills to consumers and businesses. Companies with average billing volume will also benefit. First Union sends out all the bills and collects the remittance information associated with the payments, no matter how the payments are made, paper or electronic. The company then matches the payment data to the customer's billing information to streamline the receivables posting process. The benefits for the billing company include saving money, time and labor in billing and receivables processing.

"This total solution enables us to take care of our customers' back room billing operations. Customers can give us all their bills, and First Union will distribute them no matter how the payers elect to receive them," said Mark Havlik, Manager of the Global Cash Management Division's Electronic Commerce Enabling Services Team. "This solution eliminates the difficulty and expense in dealing with multiple third parties. We give our customers ready access to the latest technology and the benefits of electronic commerce, even if their customers aren't yet EC-capable. First Union is the only partner our customers will need for all bill presentment, payment, and receivables processing needs."

Mark Havlik joined First Union in September to further develop the company's electronic commerce capabilities. Previously, he was the marketing director for electronic commerce banking products at Sterling Commerce in Dallas. He has held similar positions at Shawmut Bank and Chase Manhattan.

In May, First Union's Global Cash Management Division announced a $70 million commitment to new product development over the next two years. Priorities include enhancing international trade and payment products to better suit customers' global reach and focusing on technology that gives customers direct access to products, information, fulfillment and servicing.

Electronic commerce, Internet services, nationwide lockbox processing and a variety of PC-based options are among the many cash management services available at First Union. First Union offers a full range of collection, disbursement, information reporting and electronic commerce services designed to improve day-to-day efficiency of company treasury operations and maximize company return on cash assets. First Union's cash management products have earned top marks in surveys by Phoenix-Hecht and Ernst & Young. First Union is the third largest cash management bank in the country, according to Ernst & Young.

Charlotte-based First Union Corporation is the nation's sixth-largest bank with assets of $234.6 billion. First Union serves more than 16 million retail and commercial customers and has offices throughout the East Coast from Florida to Connecticut.

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