Wachovia Reaches Milestone $1 Billion In Check Images Processed Daily
April 20, 2006, Charlotte, N.C. – Wachovia announced that in the first quarter of 2006, the Treasury Services division reached a combined daily average of $1 billion in check images sent and received through a process called “image exchange.” Since Check 21 became federal law in October 2004, financial institutions have worked to put systems in place to efficiently and accurately manage increased check image flow.
"Reaching this milestone reflects Wachovia’s enthusiastic embrace of Check 21 goals,” said Michael Daley, a senior vice president in Treasury Services Product Solutions. “Our innovation and leadership in image exchange is due to the strength of Wachovia systems and our ability to respond to trends impacting our customers.”
Image exchange technology allows Wachovia to clear checks faster, making funds available to customers sooner. With image technology, return items can be transmitted to the sender more quickly, reducing the possibility of fraud. Images can also be archived electronically, and this gives Wachovia customers the ability to easily view check images online.
Wachovia was one of the first major U.S. banks to have a fully integrated back-office process for imaging, including the ability to process images through all operational areas -- check processing, correspondent banking, exception item processing, incoming and outgoing returns, adjustments and fraud management. Wachovia’s image services also earned A+ ratings in the 2006 Phoenix-Hecht Survey in check imaging for retrieval of archived images, quality of images and overall features and capabilities.
Other Wachovia services enabled by Check 21 legislation include Treasury Services’ Remote Deposit Capture (RDC) and Image Cash Letter (ICL) products, both of which allow customers to create their own images of checks through a scanner and electronically deposit checks to their Wachovia account from their desktop. From July 2005 through February 2006, Wachovia’s Image Deposit Products reached $17 billion in dollars deposited with over 800 customers.
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, 20 out of 26 of Wachovia’s treasury services products were ranked “A” or “A+” by upper-middle and large corporate customers, and 16 out of 32 were ranked “A” or “A+” by middle market customers. Additionally, ten of the bank’s key treasury product capabilities are ranked in the top four for market share in Ernst & Young’s survey. Wachovia’s Information and Access product, Wachovia Connection®, ranked first in that survey. For the second year in a row, 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.”
Wachovia Corporation (NYSE:WB) is one of the nation’s largest diversified financial services companies, providing 13.4 million household and business relationships with a broad range of banking, asset management, wealth management and corporate and investment banking products and services. Wachovia operates as Wachovia Bank through 3,159 offices in 16 states from Connecticut to Florida and west to Texas, and, until merger integration activity is completed, will continue to be known as Western Financial Bank in California. Two core businesses operate under the Wachovia Securities brand name: retail brokerage in 49 states and in Latin America, and corporate and investment banking in selected industries nationwide. 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. Wachovia had assets of $541.8 billion, market capitalization of $90.2 billion and stockholders’ equity of $49.8 billion at March 31, 2006. Wachovia Securities, LLC and Wachovia Capital Markets, LLC are members of the NYSE, NASD, and SIPC.
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