TradeXchange Streamlines, Automates and Provides Visibility to Import and
Export Trade Operations Across Trading Partners
CHARLOTTE, N.C., Sept. 28 /CNW/ -- Wachovia Bank, N.A., today announced
the launch of TradeXchange, a secure, Web-based messaging platform designed to
provide greater visibility throughout the financial supply chain from purchase
order delivery through invoice settlement.
"As one of the first banks in the world to initiate letters of credit
over the Internet, we continue to focus on innovation and technology --
particularly relating to the evolution of the financial supply chain," said
Steven Nichols, managing director and head of Global Trade Services in
Wachovia's Global Financial Institutions and Trade Services division. "Buyers,
sellers and their banks must navigate an increasingly complex international
trade environment, including new challenges created by the movement to open
account transactions. TradeXchange will facilitate this process by providing
critical supply chain tools in a fully collaborative and real-time
Wachovia designed TradeXchange to be intuitive and easy to use, while
adding enhanced functionality, including facilitating pre- and post-export
financing, indemnities for buyer default, purchase order
delivery/acknowledgement, document preparation, electronic document management
and document compliance.
Wachovia's philosophy is to be a partner supporting its global financial
institution clients, as opposed to competing with them in their geographies.
In keeping with this philosophy, Wachovia will leverage its leadership in
trade outsourcing to provide TradeXchange to its international correspondent
banking clients on a private label basis.
"TradeXchange does not just Web-enable old processes," said John
McFadden, managing director and head of Wachovia's Global Trade Services'
product management. "TradeXchange allows a seller's local bank to collaborate
online and to provide pre- and post-export finance to its customers.
Similarly, a buyer's bank can benefit by providing value-added purchase order
delivery, credit indemnities and document compliance management. Our goal in
providing TradeXchange on a private label basis is to re-intermediate our
partner banks into the financial supply chain."
William Fitzgerald, managing director and head of Wachovia's Global
Financial Institutions and Trade Technology group, states that, "Building
TradeXchange is one more example of leveraging our Corporate and Investment
Banking technology platform to provide innovative trade solutions to our
correspondents. TradeXchange represents a key component of a major strategic
development initiative that eventually replaces the core platform with a GRID-
based Service Oriented Architecture framework called TradeWorks. The
combination of TradeXchange and TradeWorks will enable Wachovia and our trade
insourcing partner banks to offer a highly extendible array of trade finance
products to their respective customers."
About Wachovia Global Financial Institutions and Trade division
Wachovia's Global Financial Institutions and Trade division has a
200-year legacy in International correspondent banking. FImetrix Research has
ranked Wachovia the No. 1 correspondent bank provider in Asia and Latin
America in market share, No. 4 in Western Europe, and No. 1 worldwide in
overall customer satisfaction. Wachovia is a global leader in correspondent
banking and trade services and maintains more than 3,000 correspondent
relationships in more than 130 countries through a network of 44 offices,
including eight overseas branches.
Wachovia Corporation (NYSE: WB) is one of the nation's largest
diversified financial services companies, with assets of $719.9 billion and
market capitalization of $97.5 billion at June 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 $795
billion in client assets through approximately 10,800 registered
representatives in 774 offices in 48 states and through service affiliate
offices in Latin America. Online banking is available at wachovia.com; online
brokerage products and services at wachoviasec.com; and investment products
and services at evergreeninvestments.com.
In May 2007, Wachovia announced an agreement to acquire A.G. Edwards,
Inc., a financial services holding company whose primary subsidiary is the
national investment firm of A.G. Edward & Sons, Inc. A.G. Edwards and its
affiliates employ 6,623 financial consultants in 741 offices nationwide and
two European locations in London and Geneva. This proposed acquisition is
expected to be completed in the fourth quarter of 2007, pending the approval
of A.G. Edwards shareholders and applicable regulatory approvals.
For further information:
For further information: Victoria Wolfram of Wachovia Corporation,
+1-704-715-3915 Web Site: http://www.wachovia.com/