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Customers connect to Wachovia's secure extranet through a dial-up connection and use their web browsers to access the services. A logical design flow allows users inexperienced in international trade to begin working with the services quickly.

Some 40 customers are using the two services. GlobalTrade-LC was introduced in August, and the GlobalTrade-DC service recently became available after completing a beta-testing phase.

"Customers are attracted to the convenience and flexibility of both services," said Douglas G. Hartsema, head of Wachovia Treasury Services. "With no special software required, customers always connect to the most up-to-date version at any time and from any location. Designed to address the specific needs of customers involved in international trade, these services represent a powerful combination of technology and global expertise."

With GlobalTrade-LC, importers can create letters of credit using customized templates that provide pull-down menus and list boxes to minimize keystrokes and the potential for errors. The service offers more than 20 standard reports to monitor import activity as well as the ability to electronically resolve discrepancies in documents.

"Other features of particular interest to treasurers and controllers are audit capabilities that search the database to retrieve historical information about each transaction and an option that allows companies with several subsidiaries to view their activities individually or in a combined format," said Hartsema.

Exporters using GlobalTrade-DC can prepare and present open account, documentary collections and letter of credit presentation cover letters directly to the buyers' banks. Cover letter details can be entered quickly using "fill-in-the-blank" screens, and multiple databases can be accessed for all parties, currencies, countries and text clauses. The service simplifies the process with features to help trace outstanding items, research issues, provide payment notification and deliver a variety of detailed reports on a daily, weekly or monthly basis. The service also can be used by a company's freight forwarder.

Customers also can receive personalized assistance from a Wachovia international trade representative dedicated to their account or obtain technical support through a toll-free telephone line.

Wachovia Corporation is a leading bank holding company with Wachovia Bank, N.A. its principal subsidiary. At Sept. 30, 1999, Wachovia had $65.8 billion in assets. Wachovia Bank, N.A. has more than 700 offices and 1,300 ATMs in Florida, Georgia, North Carolina, South Carolina and Virginia. Wachovia also is a leading corporate bank with business relationships in 50 states and global activity in 40 countries.