Wachovia Launches Image Cash Letter
December 13, 2005, CHARLOTTE, N.C. – Wachovia’s Treasury Services group today announced it has launched its Image Cash Letter (ICL) service. Publishers Clearing House (PCH), based in Port Washington, N.Y., is the bank’s first ICL customer. ICL allows companies and correspondent banks with high volume check deposits to transmit images of U.S. bank dollar-denominated checks directly to Wachovia for deposit. Customers are not required to purchase additional equipment; they can use existing technology to capture images and prepare and send transmissions to Wachovia.
“Using our existing imaging technology, we are able to deposit funds from multiple processing centers directly into Wachovia,” said Michael Cooper, controller of Publishers Clearing House. “We also use Wachovia’s Remote Deposit Capture (RDC) service to electronically deposit checks from our order-processing facility in Syosset, N.Y.”
Image deposits can be sent to Wachovia around the clock, in multiple transmissions and from multiple locations. Companies can benefit from accelerated funds availability and by eliminating costs associated with maintaining local bank accounts and transporting checks.
“Wachovia is committed to helping businesses cut costs and improve working capital. Image Cash Letter is yet another service we offer to enable organizations to convert paper to electronics and speed up their cash flow,” said Michael Daley, senior vice president and head of Wachovia’s Treasury Services Product Solutions Group.
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 largest providers of financial services to retail, brokerage and corporate customers, with retail operations from Connecticut to Florida and west to Texas, and retail brokerage operations nationwide. Wachovia had assets of $511.8 billion, market capitalization of $78.2 billion and stockholders’ equity of $47.9 billion at June 30, 2005. Its four core businesses, the General Bank, Capital Management, Wealth Management, and the Corporate and Investment Bank, serve 13 million household and business relationships primarily through 3,126 offices in 15 states and Washington, D.C. Its full-service retail brokerage firm, Wachovia Securities, LLC, also serves clients through 699 offices in 49 states and five Latin American countries. The Corporate and Investment Bank serves clients primarily in selected industries nationwide. Global services are offered through 40 offices around the world. Online banking and brokerage products and services also are available through Wachovia.com.
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