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"Integrated access to the spectrum of Wachovia's online services helps clients better understand and manage the interrelationships that drive financial performance," says Laurence Leinbach, senior vice president of Wachovia's Treasury Services division. "Single access with an all encompassing, common online experience helps our clients optimize value."

Historically, banks have replicated their internal product silos in delivering front-end client access systems. Client-facing systems typically require multiple IDs and passwords and lack a common design. A lack of consistency and standardization within a bank's own proprietary client access system diminishes the client experience and creates workflow inefficiencies. 

Delivering one sign-on eliminates internal silos for Wachovia's clients, bringing Wachovia one step closer to its vision for integrated delivery of its online services.

Enhanced ACH Functionality, Growing Range of Online Capabilities

Wachovia also continues to enrich the functionality of its suite of online capabilities. Recent enhancements to its ACH Management solution include an increased number of settlement options, which simplifies reconciliation and is especially attractive to large companies with high volumes (e.g., payroll). Additionally, clients can schedule recurring payments – a new function that addresses the needs of Wachovia's small business clients.

"These enhancements offer a total ACH solution to companies of all sizes," says Leinbach. "Clients can design a solution that is specific to their unique needs and levels of operating complexity."  

The enhanced ACH Management solution also creates a centralized repository for payee information, which streamlines the process of updating payment templates. Clients can maintain a single instance of master data per payee for use in multiple payment templates – a capability conceptually similar to a service-oriented architecture approach. Additionally, new security options and controls, as well as audit reporting, allow clients to maintain and strengthen visibility and control as they expand globally.

Other solutions like International ACH (IACH) and Single Euro Payment Area (SEPA) Credit Transfer – which simplify cross-border payments and euro payments within Euroland, respectively – are also available as part of an expanded offering of online services. Further, as initiatives such as the SEPA ease the ability of companies to operate globally, Wachovia is working to simplify how its clients do business around the world through Wachovia.

Immediate Market Response

Clients are already preparing to take advantage of Wachovia Connection's ACH Management solution. Transmonde Incorporated, based in North Branford, Conn., is part of a group of privately held companies engaged in direct marketing through direct mail solicitation and over the Internet. Transmonde, which handles fulfillment for the group, plans to use Wachovia's ACH recurring payment capability to increase revenue by enabling direct mail customers to pay using ACH direct debit instead of check. This will allow Transmonde to extend its high-end e-commerce products to its direct mail customer segment.

Today direct mail customers order products at lower price points by mailing a paper coupon and paying by check. They may not have a credit card or wish to pay by credit card over the Internet. The company would like to offer its growing e-commerce product lines to direct mail customers, but payment by check is impractical for its more expensive products. 

"An ACH recurring payment capability enables Transmonde to offer more products to those customers who require a secure online payment alternative to credit card," says Marcella Sheridan, president of Transmonde. "By opening up the product line we can offer to our direct mail customers, the ACH service has tremendous potential for supporting revenue growth." As a next step, the company will leverage Wachovia's ACH solution as a vehicle for migrating direct mail customers online for the entire sales process – from solicitation to payment – thereby reducing postage and other associated direct mail marketing costs. 

Continued Investment Aims to Support Clients Expanding Globally

Wachovia continues to invest in its online platform because it views technology as an enabler both of global capabilities and an enhanced client relationship. "On a daily basis, online cash management is a major relationship touch point," says Leinbach.

"Our clients seek simplified online access to every aspect of their Wachovia relationship. They want to efficiently handle security administration, account management, routine service matters, payments initiation, information reporting and liquidity management – all within a single integrated wholesale portal."  

"Clients have cited the need for tools that break down the barriers to global expansion," says Mark Davies, senior vice president and head of global treasury solutions for Wachovia's Treasury Services division. "Wachovia Connection's single sign-on satisfies this need.

"Wachovia Connection will provide seamless connectivity to our clients, as we continue to leverage our global presence in 44 offices and 120 countries and a deep correspondent network to deliver new capabilities," says Davies. "It demonstrates the power of one platform to transform the way our clients do business and the way we do business with our clients." 

About Wachovia Treasury Services Division
Wachovia's Treasury Services, the third-largest U.S. cash management provider, tailors solutions for businesses of all sizes, geographies and industries. The company offers liquidity management solutions and a comprehensive suite of global integrated payables and receivables solutions, including electronic check conversion, accounts receivable conversion, ACH services, image solutions, a national wholesale and retail lockbox network, as well as commercial card services. Greenwich Associates' 2006 Middle Market Survey ranks the bank No. 1 in Customer Service and Operations Accuracy among cash management banks. Phoenix-Hecht's bi-annual surveys consistently give Wachovia's Treasury Services products top grades across mid-market and large corporate markets for quality and customer satisfaction. Ernst and Young's 2006 U.S. Cash Management Survey ranks the bank number 3 in market share, and ranks the bank's information and access product, Wachovia Connection(r), No. 1 for the highest number of Information Reporting Internet Accounts.

About Wachovia
Wachovia Corporation (NYSE:WB) is one of the nation's largest diversified financial services companies, with assets of $754.2 billion and market capitalization of $95.3 billion at September 30, 2007. Wachovia provides a broad range of retail banking and brokerage, asset and wealth management, and corporate and investment banking products and services to 13 million household and business customers. Wachovia has 3,400 retail financial centers in 21 states from Connecticut to Florida and west to Texas and California, and nationwide retail brokerage, mortgage lending and auto finance businesses. Globally, clients are served in selected corporate and institutional sectors and through more than 40 international offices. Our retail brokerage operations under the Wachovia Securities brand name manage more than $800 billion in client assets through 11,400 registered representatives in 786 offices nationwide. The acquisition of A.G. Edwards, Inc., following the end of the third quarter, added approximately 740 offices, 6,300 financial consultants and $384 billion in brokerage client assets. Online banking is available at wachovia.com; online brokerage products and services at wachoviasec.com; and investment products and services at evergreeninvestments.com.