"AssistantTreasurer.com combines Wachovia’s treasury expertise with advanced technology developed by Selkirk Financial, enabling customers to streamline treasury operations to unprecedented levels," said Douglas G. Hartsema, executive vice president, Wachovia Corporate Financial Services and head of Wachovia’s Treasury Services Group. "This product reinforces Wachovia’s commitment to provide strategic consultation and innovative solutions to companies of all sizes and needs."
Wachovia currently is piloting the service with selected customers and actively seeking additional users.
AssistantTreasurer.com is designed to provide companies an efficient and inexpensive way to improve cash and treasury management without incurring unnecessary risks for implementation, training or workflow. Powering AssistantTreasurer.com is Selkirk’s treasury technology suite of products, which has been widely adopted by Fortune 1000 companies and previously available only to these large organizations.
"Companies using AssistantTreasurer.com will have access to a comprehensive Web-based system that links to bank account balances, wire requests, confirmation of trades as well as other internal or external systems," said James W. Suttie, Selkirk Financial Technologies president and chief executive officer. "AssistantTreasurer.com brings the sophistication of Selkirk’s proven technology to a broader market and reinforces our direction in providing corporate treasuries viable technology options and services for their business needs."
AssistantTreasurer.com will automate day-to-day cash operations, treasury dealing and administration, multilateral netting, foreign exchange, hedging and settlement, cash forecast consolidation and planning, payments, collections and lockbox services. Customers can access and create global reports and query, authorize and distribute consolidated treasury data in a secure and real-time environment.
AssistantTreasurer.com offers full treasury advisory and strategic services covering capital markets, euro capital markets, assessment of proposed transactions, management of relationships with counterparty banks, as well as development of policies and procedures. AssistantTreasurer.com also provides disaster recovery and redundancy capabilities.
"With AssistantTreasurer.com, customers can shift the daily burden of executing transactions, confirming deals and producing reports to a trusted third party, while retaining control of decisions impacting daily cash positions," said Edward C. Gordon, Wachovia senior vice president and group director of AssistantTreasurer.com. "In addition to saving time, the substantial operational and strategic benefits include reduced risks, improved portfolio management and lower costs."
Organizations benefiting most from AssistantTreasurer.com may include those whose markets are undergoing rapid change, offshore corporations with U.S. subsidiaries and those that have had difficulty in retaining key treasury staff.
"Retaining competent treasury personnel who understand the intricacies of cash management, banking, foreign exchange, portfolio management and the markets is extremely challenging in today’s global workplace," said Lyndon J. Harvey, president of Selkirk’s eCommerce Division. "In comparison, AssistantTreasurer.com is a cost-effective service that allows clients to focus on the strategic aspects of treasury and finance – forecasts, quarterly cash, foreign operations and risk, corporate finance – while using the service to manage their operational treasury needs."
About Selkirk Financial Technologies:
Selkirk Financial Technologies Inc. is a leading provider of cash, treasury management and eCommerce solutions. Selkirk’s client list, including IBM Corp., Federal Express, MasterCard International, Lexmark International and Starbucks Coffee Co., reads like a who’s who of North American businesses. Selkirk’s solutions help organizations manage and optimize cash, financial transactions and financial risk. Founded in 1988, Selkirk maintains offices in Chicago, Atlanta, Boston, Dallas, Seattle, and Vancouver. With revenue growth of over 2,200 percent over the past five years, Selkirk recently was awarded the Profit 100 Award as well as the Fast 50 Award for the second year in a row. For additional information, visit www.SelkirkFinancial.com.
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. For additional information, visit www.wachovia.com.
AssistantTreasurer.com is a service mark of Wachovia Corporation.
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 Selkirk Financial Technologies platform; and other risks outlined in the Wachovia’s filings with the Securities and Exchange Commission. Wachovia Corporation and Selkirk Financial Technologies Inc. do not undertake any obligation to update this forward-looking information, except as required under applicable law.
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