Contact:
Valarie Harris
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June 24, 1998
First Union Establishes Banking Partnership with Villanova University
CHARLOTTE, N.C. -- First Union has signed an agreement with Villanova University to provide and manage all of the university's electronic banking services associated with The Wildcard, the university's smart card program. Under this agreement, First Union also will establish a retail presence on campus and work with university officials to develop and implement electronic banking and money-management processes.
Successfully introduced last year, Villanova has more than 11,000 active Wildcards, which also serve as the school's faculty, staff and student I.D. cards. It also provides additional functions such as dining and campus facility access and is accepted by the university's bookstore, campus vending, laundry and photocopying machines and area merchants.
"We're excited about The Wildcard program and the expanded opportunity to offer a full range of banking services to Villanova students, faculty and staff," said Mike Love, vice president, First Union relationship access products. "We also look forward to establishing an electronic infrastructure that will help to enhance the university's ability to automate manual treasury processes such as bill presentment and tuition payment."
This fall, the re-loadable Wildcard will be enhanced with the ability to function as an automated teller machine (ATM) card. The card also can be optionally linked to a First Union Collegiate Express Checking account. In addition, students can take advantage of an array of First Union products and services including Visa( Checkcard, on-line banking and Cyberbanking via the Internet. First Union customers with children attending Villanova will be able to use on-line banking to electronically transfer funds to their children's First Union accounts.
As part of the agreement, First Union becomes Villanova's primary electronic-banking services provider, installing five automated teller machines on campus as well as opening a specialty branch.
"This partnership reflects our commitment to develop a robust electronic financial network," said Karen Steinbrenner, executive director, Villanova Information Technology Unit. "Our goal is to streamline our processing functions and offer students, faculty and staff electronic banking products that are convenient and versatile."
Founded in 1842 by the priests and brothers of the Order of St. Augustine, Villanova University is a coeducational Roman Catholic institution located in Villanova, Pa., 12 miles west of Philadelphia. The university, with a student population of more than 6,100 undergraduates, offers a wide variety of graduate, undergraduate and continuing education programs.
Charlotte-based First Union Corp. is the nation's sixth-largest bank holding company with assets of about $220 billion as of April 30, 1998. The company serves approximately 16 million customers throughout the East Coast and the nation.
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