Enhanced ACH Capabilities Expand Online Offering
CHARLOTTE, N.C., Oct. 25 /PRNewswire-FirstCall/ -- Wachovia today
unveiled a single sign-on capability for Wachovia Connection, its online
global treasury management portal.
Clients now login once and have access to all of their online services
with Wachovia, offering a single entry point to cash management, trade
services and currency risk management products.
"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.
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