Wachovia Unveils Single Sign-On for Wholesale Services, Advancing Vision of Globally Integrated Online Delivery

Enhanced ACH Capabilities Expand Online Offering



Oct 25, 2007, 01:00 ET from Wachovia Corporation

    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.
 
 

SOURCE Wachovia Corporation
    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.
 
 SOURCE Wachovia Corporation