Wachovia Connection Plus, which was introduced in 1998, enables corporate treasury personnel to create a variety of cash management reports and initiate transactions in domestic and foreign currencies. The enhanced version is in production and available to Wachovia’s corporate customers.
"Wireless access and proactive notification are innovative steps for giving companies convenient, flexible options for tracking financial activity," said Douglas G. Hartsema, executive vice president, Wachovia Corporate Financial Services, and head of Wachovia Treasury Services Group. "Throughout Wachovia’s history, we have worked to anticipate client needs and provide products and services that surpass expectations."
Wireless access to Wachovia Connection Plus – using the 724 Solutions Financial Services Platform – allows corporate customers to access real-time account information through Web-enabled digital phones. Interactive wireless functions include the ability to view, pay, issue or return positive pay exceptions, retrieve an intraday position report to view summary information and summary debits and credits, and view, approve or cancel payments initiated from a personal computer using Wachovia Connection Plus.
"Our wireless efforts are focused on giving clients information they need when and where they need it," Hartsema said. "The emergence of wireless into the corporate world means that executives no longer are tied to an office computer for the ability to make critical financial decisions."
In July, Wachovia said it would develop wireless banking services with Toronto-based 724 Solutions Inc., making it the nation’s first announced wireless treasury services project. 724 Solutions (NASDAQ: SVNX, TSE: SVN) provides an Internet infrastructure solution that enables financial institutions to offer personalized and secure online banking, brokerage and e-commerce services across a wide range of Internet-enabled wireless devices.
The addition of proactive notification enables corporate treasurers and chief financial officers to receive alerts at any e-mail address when positive pay and controlled disbursing first and second presentment data is available and when company-initiated payments require approval. This can save busy executives from having to check repeatedly on the availability of needed information.
Wachovia Corporate Financial Services serves more than 28,000 customers worldwide from locations across the southeastern United States as well as in New York, Chicago, London, Sao Paulo and Hong Kong.
Wachovia received top marks in the 2000 Phoenix-Hecht Cash Management Monitor survey. Financial executives at companies with sales between $100 million and $500 million gave Wachovia the highest overall rating with an average grade of "A," and executives at companies with sales of $500 million or more awarded Wachovia an "A+." The survey compares customer perceptions about the performance of bank cash management providers in 21 different categories related to products and relationship management.
Wachovia’s Web site at www.wachovia.com was the first in the country to feature fully transactional investing and banking. The site also allows consumers to apply for a variety of loans and credit products, as well as access online retirement and insurance services.
About Wachovia:
Wachovia Corporation (NYSE: WB), with dual headquarters in Atlanta and Winston-Salem, N.C., is a leading financial holding company serving regional, national and international markets. At Sept. 30, 2000, Wachovia had assets of $72 billion. Member companies offer consumer and commercial banking, bankcard, asset and wealth management, capital markets and investment banking, brokerage and insurance services. Businesses of all sizes rely on Wachovia as a key adviser for strategic treasury decisions, and the Treasury Services Division of Wachovia leads the field in expertise, capabilities and service. An array of e-commerce solutions, including patented imaging functionality, streamlines transactions and reporting.
This press release contains statements of a forward-looking nature. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar expressions. The accuracy of these statements may be impacted by a number of business risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including risks related to: the risk that technologies for the delivery of financial or e-commerce services over the Internet will not be developed or be attractive to consumers as anticipated; the risk that Wachovia Corporation will not successfully deploy or operate services based on the 724 Solutions platform; and other risks outlined in the Wachovia’s filings with the Securities and Exchange Commission. Wachovia Corporation and 724 Solutions Inc. do not undertake any obligation to update this forward-looking information, except as required under applicable law.
