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Media Contact: Victoria Moir Wolfram
(704) 715-3915

October 05, 2006
Wachovia Introduces Same-day Online Decisioning for Wholesale Lockbox Image Users
For More Details, Visit Booth 640, AFP Conference, Las Vegas, Oct. 15-18

CHARLOTTE, N.C.— Wachovia Treasury Services' same-day Online Decisioning can reduce the time of payment exception processing from days to minutes for wholesale lockbox solution users.

The exception process that previously took up to three days for Convergys can now be done in an instant using same-day Online Decisioning. Convergys manages payroll processing, benefits administration and customer service for a large public sector client.
"It's a much quicker process than handling a package of documents and having to log all the documents in," said Dewayne Purifoy, team lead in Convergys' fiscal section. "Less delay in processing time means better customer service."
And the return on investment is quickly obtained, due to ease of implementation and an intuitive interface.
"It's very user-friendly. Not much training was required to make our specialists proficient," said James West, operations manager for Convergys.
When missing information prevents a wholesale payment transaction from being processed, the Online Decisioning solution displays an image of this "excepted" transaction online. Clients can submit processing information instantly -- for same-day posting and deposit. Prior to this solution, payments would be processed using generic default information or be returned unprocessed.
"We understand how time sensitive payment processing is for our clients," said Chris Ward, senior vice president and business line manager in Treasury Services. "Online decisioning is a logical step in our use of image-based technology to improve the business lives of our clients."
Other users echo the results gained at Convergys.
"This process is quick and easy, and the time it saves us is essential," said Linda Rushak, director of Property Accounting at GVA Advantis, a commercial real estate services firm. "This removes about 85 percent of the manual work our receivables staff was putting in every morning."
Online Decisioning is part of a growing family of image-based products from Wachovia. "As evolving technology makes new imaging services practical, expect Wachovia to remain in the forefront, where it has been since imaging began," Ward said.
Wachovia worked with both DMP (Data Management Products) Payment Systems and Wholesale Lockbox Image clients to develop this same-day Online Decisioning solution.
About Wachovia Treasury Services
As part of Wachovia's Corporate and Investment Bank, Wachovia's Treasury Services Division offers a comprehensive suite of integrated payables and receivables solutions, including electronic check conversion, accounts receivable conversion, a full range of ACH services, image technology, a national wholesale and retail lockbox network and international treasury solutions. In recent Phoenix Hecht surveys, 22 out of 23 of Wachovia's treasury services product categories were ranked "A" or "A+" by upper-middle customers and 21 out of 23 of Wachovia's treasury services product categories were ranked "A" or "A+" by large corporate customers. In the middle market survey, 21 out of 26 product categories were ranked "A" or "A+" by large corporate customers. Additionally, nine of the bank's key treasury product capabilities are ranked in the top five for market share in Ernst & Young's 2005 survey. Wachovia's Information and Access product, Wachovia Connection(r), ranked first in that survey for the highest number of Information Reporting Internet Accounts. Also, the most recent Bank Leader Survey placed Wachovia's Treasury Services Number 1 for "Quality of Cash Management Specialists" and Number 2 for "Operational Quality" and "Quality/Timely Implementations."
About Wachovia
Wachovia Corporation (NYSE:WB) is one of the nation's largest diversified financial services companies, providing a broad range of retail banking and brokerage, asset and wealth management, and corporate and investment banking products and services. Including the Golden West merger, Wachovia has retail and commercial banking operations in 21 states with 3,400 retail banking offices from Connecticut to Florida and west to Texas and California. In addition, two core businesses operate under the Wachovia Securities brand name: retail brokerage with 740 offices in 49 states and in Latin America, and corporate and investment banking in selected industries nationwide. Other nationwide businesses include mortgage lending in 39 states and auto finance covering 46 states. Globally, Wachovia serves clients through more than 40 international offices. Online banking is available at wachovia.com; online brokerage products and services at wachoviasec.com, and investment products and services at evergreeninvestments.com. Based on June 30, 2006, pro forma data, Wachovia has combined assets of approximately $700 billion and as of Sept. 29, 2006, a combined market capitalization of $107 billion.