Media Contact:
Christy Phillips Brown
(704) 383-8178
w -Technologies, Inc.:
Kip Patrick
(212) 413-0225
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October 16, 2000
First Union to Launch Wireless Financial Services Powered by W-Technologies
Offering To Enable Customers to Access Account Information, Transfer Funds Between Accounts, Execute Trades, and View Financial News and Stock Quotes from Wireless Devices
CHARLOTTE, N.C. - First Union Corp., the nation's sixth largest bank, and w-Technologies (formerly w-Trade Technologies), a global provider of wireless application software products and mobile business solutions, today announced an agreement that will enable First Union to offer interactive wireless services to its online customers. During the first quarter of 2001, First Union will begin offering wireless services which allow customers to access their account information, transfer funds and view financial news and stock quotes as well as receive market alerts on two-way pagers and wireless PDAs. First Union's wireless offerings, which will be enabled by w-Technologies' software products, will be expanded to allow customers to execute trades, pay bills and access other financial services across a variety of handheld, wireless devices including mobile phones, pagers, PDAs, and handheld computers. The company also plans to introduce additional wireless products to serve its corporate and small business customers.
'Earlier this year, First Union began offering alerts on account balances to online customers via pagers and other wireless devices. Thousands of customers have already signed up for the mobile service, reflecting analysts predictions of tremendous growth in consumer usage of wireless services. According to industry analysts, there will be more than 200 million wireless financial service users by 2004.
We are focused on adding new functions that anticipate our customers' needs to expand our relationship as a trusted financial services provider, said David Carroll, executive vice president and chief e-commerce officer at First Union. Through our partnership with w-Technologies, First Union continues to build on its strong foundation of online services to provide convenient services to our customers -- when, where and how they choose.
Were excited that First Union, one of the nations largest financial institutions, has selected w-Technologies to enable its thousands of online customers to access their banking and brokerage accounts wirelessly, said Donna Oliva, CEO of w-Technologies. As more and more consumers join the wireless revolution, businesses are realizing that offering their customers a wireless product is not just a competitive advantage its a necessity.
In addition to its wireless banking (w-Bank) and brokerage (w-Trade) products, w-Technologies currently offers 23 customizable application products in five areas, including finance, enterprise, communications, content and commerce. All of these applications can either stand alone or be combined and are based on the company's patent pending wireless technology platform. This multi-device, multi-network wireless architecture hooks into existing computing and execution systems and easily integrates with an organization's existing applications.
About First Union
First Union (NYSE:FTU), with $258 billion in assets and stockholders' equity of $14 billion at June 30, 2000, is a leading provider of financial services to 15 million retail and corporate customers throughout the East Coast and the nation. The company operates full-service banking offices in 12 East Coast states and Washington, D.C., and full-service brokerage offices in 41 states and international offices worldwide. Online banking products and services can be accessed through www.firstunion.com.
Firstunion.com provides individuals and businesses with comprehensive information on financial products, services and planning tools to meet a broad spectrum of needs. The Web site also contains company information for customers, shareholders and site visitors. First Union offers a wide range of customer-focused online financial services that cater to more than 1.7 million online banking and online brokerage customers. Firstunion.com is a key, integrated delivery channel that complements First Unions ATM, First Union Direct, and extensive financial center and brokerage network, allowing customers to bank when, where and how they choose.
About W-Technologies
Founded in 1997, w-Technologies Inc. (www.w-technologies.com) introduced mobile commerce to the world when it released the first of its wireless application products nearly three years ago. Today, the company offers 25 wireless application products in five groups: mobile finance, commerce, enterprise, content and communications. Its multi-device, multi-network patent pending wireless application can support an organizations entire mobile business initiative, providing an enterprise-wide architecture that offers ongoing integration of the latest wireless technologies as well as the ability to offer additional applications and features as business needs evolve.
Headquartered in New York City with an international presence in Europe and Latin America, w-Technologies clients include some of the worlds leading organizations. Through its Mobile Vision Partner (MVP) program, the company also holds strategic alliances with many leading telecommunications companies, device manufacturers and wireless infrastructure organizations.
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