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Press Releases

September 08, 1998
First Union Global Cash Management Launches WebACHieve
Sophisticated Technology Enables Clients to Make ACH Transfers Over the Internet

First Union's Global Cash Management Division is launching WebACHieve which provides customers with a speedy and secure way to make electronic funds transfers such as direct deposit of payroll, cash concentration and fax payments.

Internet-based WebACHieve is an easy and economical choice for companies since it does not require any special software or extra staffing. First Union clients will be able to access WebACHieve through Netscape Navigator or Microsoft Internet Explorer browsers; clients can also dial First Union's private network directly. WebACHieve uses common browser technology, so training is simplified.

"We are delighted to be among the first in the industry to bring our customers this innovative product. First Union will soon be offering wire transfer capabilities and electronic commerce via the Internet in addition to ACH capabilities," said Nina Archer, Global Cash Management Head and Executive Vice President. "WebACHieve is just one example of our commitment to help our clients achieve their financial goals by providing them with cutting-edge cash management products and services."

Using Web ACHieve to initiate funds transfers will enable clients to:

Save time by storing repetitive transfers on WebACHieve
Adhere to government mandates for electronic state and federal tax payments
Easily enter data into predefined data entry screens or use the Automated Data Import feature
Use "List" windows to organize data for quick reference
Access "Summary" windows to allow rapid entry of dollar amounts
Move data to spreadsheet or database packages using the "Data Export" feature
Receive expert assistance from First Union's Technical Consulting Hotline
"Our customers really appreciate the convenience of our Internet-based products and the simplified communication with First Union," said Kevin Leitten, Global Cash Management Senior Vice President and Head of Sales. "WebACHieve is easy and economical to use. Because WebACHieve is Internet-based, any upgrades are instantly available to customers. There is just a low one-time set-up fee, and they can start initiating transactions."

In May, First Union Global Cash Management Division announced a $70 million commitment to new product development over the next two years. Priorities include enhancing international trade and payment products to better suit customers' global reach and focusing on technology that gives customers direct access to products, information, fulfillment and servicing.

Electronic commerce, Internet services, nationwide lockbox processing and a variety of PC-based options are among the many cash management services available at First Union. First Union offers a full range of collection, disbursement, information reporting and electronic commerce services designed to improve the day-to-day efficiency of company treasury operations and maximize company return on cash assets. First Union cash management products have earned top marks by Phoenix-Hecht and Ernst & Young. First Union is the third largest cash management bank in the country, according to Ernst & Young.