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Media Contact:   Leah Dering 704-383-0551 November 05, 2003 Wachovia Introduces Online Payables Service Geared to Smaller Businesses A quick and easy way to outsource payments processing Charlotte, N.C. - Wachovia's Treasury Services Division, through its strategic alliance with Payformance Corporation, announced today the availability of a new Online Payables service. This PC-based solution enables Wachovia customers to manage the payment process via a secure, easy-to-use Web site, eliminating the need for pre-printed check stock and reducing expenses related to printing and sorting equipment. "Our small to mid-size customers have asked us for a way to simplify their accounts payable and check processing activities, and we're excited to deliver the solution they need," said Michael Daley, Senior Vice President and manager of Wachovia's Treasury Services Product Solutions. "Online Payables is an ideal cash management tool for these customers as they look for ways to gain efficiencies and focus more on their strategic business objectives." Wachovia's Online Payables solution is flexible, accepting multiple file formats. As a result, it integrates easily with a company's pre-existing accounting software applications. Payment files are generated through the customer's accounting software and then uploaded to the Online Payables application. The details of the file can then be viewed and processing decisions can be made quickly and conveniently. Through a secure, easy-to-use Internet platform, the customer benefits from improved reporting capabilities including report scheduling and exporting payment files and account reconcilement. "We are very pleased to be working with Wachovia to deliver this new service to their customers," said Dwayne L. McAfee, President and CEO of Payformance Corporation. "Given our history with secure B2B payment solutions, we are excited to see Wachovia leverage our technologies to deliver a cost effective payment solution to their small to mid-sized customers. These customers are the real winners with this new service, gaining access to cost savings and efficiencies previously reserved only for larger corporations." About Wachovia's Treasury Services Division In a recent survey of middle and large corporate customers by independent surveyor Phoenix Hecht, 15 out of 18 of Wachovia's treasury service products ranked "A" or "A+". Additionally, ten of the bank's 12 key treasury product capabilities are ranked in the top three for market share in Ernst & Young's survey. Wachovia's Information and Access product, Wachovia Connection®, ranked first in that survey. Recently, Wachovia Connection® was also voted the "Best Corporate/Institutional Online Cash Management Service in North America" by Global Finance, and the most recent Bank Leader Survey placed Wachovia's Treasury Services Number 2 for "Overall Satisfaction" and "Overall Quality of Customer Service". About Wachovia Wachovia Corporation (NYSE:WB) is one of the largest providers of financial services to retail, brokerage and corporate customers throughout the East Coast and the nation, with assets of $389 billion and stockholders' equity of $33 billion at Sept. 30, 2003. Its four core businesses, the General Bank, Capital Management, Wealth Management, and the Corporate and Investment Bank, serve 9 million households, including 900,000 businesses, primarily in 11 East Coast states and Washington, D.C. Wachovia is also the nation's second-largest treasury management services provider for both domestic and international treasury management and consulting services. Cash flow solutions include, among other products, e-commerce, integrated payables and receivables, information reporting via Web or PC, and risk management. Its broker-dealer, Wachovia Securities, LLC, serves clients in 48 states. Global services are provided through more than 30 international offices. Online banking and brokerage products and services also are available through Wachovia.com. About Payformance Corporation Serving more than 3,500 customers, Payformance Corporation is a leading developer of secure B2B payment solutions for a variety of industries including: financial services, insurance, banking, state and local government, healthcare, and manufacturing. Payformance payment solutions include software applications, print and mail services, electronic payment services, MICR printers and supplies. Payformance is located in Jacksonville, FL and can be found on the Web at www.payformance.com.

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