"In designing and supporting services, Wachovia has acquired exceptional capabilities in software development, bank operations and data center management," said Frank D. Robb, chief information officer and head of Information Services for Wachovia. "These resources can be used to create solutions for other businesses."
The subsidiary also is expected to develop new and enhanced technologies for use by Wachovia, providing the basis for future services to be marketed through Silas Technologies.
"We expect to sell and license software, provide consulting services for operational workflow and, in some instances, to provide processing operations for other companies," said James E. Davis Jr., president of Silas Technologies. Davis joined Wachovia in May after 31 years in sales and marketing for IBM.
Wachovia’s expertise in image processing will provide business opportunities for the new subsidiary. Wachovia recently received a patent for processes and systems that support Wachovia Connection Image Workstation. Wachovia has applied for two additional patents related to Image Workstation features.
"Wachovia’s document and check imaging capabilities are recognized widely in our industry and have application to image workflow consulting we will offer in the future," said Davis.
Wachovia Corporation is an interstate bank holding company with headquarters in Atlanta and Winston-Salem, N.C. At March 31, 1999, Wachovia Corporation had assets of $65.3 billion and ranked 16th among U.S. banking firms. Wachovia Bank, N.A., the principal banking subsidiary, has more than 700 offices and 1,300 ATMs in Florida, Georgia, North Carolina, South Carolina and Virginia.
