Bank Continues to Expand Comprehensive Suite of Image Services
CHARLOTTE, N.C., Oct. 1 /CNW/ -- Wachovia today announced the opening of
a remote check image capture site in Korea.
Clients can now deliver their U.S. dollar check deposits to the local
site, where Wachovia scans the checks and transmits the images to the U.S. for
"The launch of our Korea processing site demonstrates Wachovia's
commitment to expand our suite of image services and build our global
capabilities," said Jim Ho, managing director and head of Greater China and
OECD Asia. "Placement of this capability in our Korean branch allows us to
reduce the transportation costs associated with this important product line,
while enhancing our position as a major player in the global market."
A leader in U.S. dollar check processing, Wachovia has been at the
forefront of the U.S. banking industry's move toward image exchange, building
its own image-exchange platform and applying image technology to gain
processing efficiencies throughout its check operations.
The Korean image capture site complements Wachovia's Remote Deposit
Capture (RDC) and Remote Image Cash Letter (RICL) solutions. These services
use image-based technology to enable clients to electronically capture and
transmit their U.S. dollar check deposits, allowing the client to truncate the
original checks at the point of capture. With RDC, clients use a desktop
scanner and Wachovia software to scan and transmit their check deposits to the
United States for clearing. Clients with in-house image capture technology can
opt to create x9.37 image clearing files for direct transmission to Wachovia
through the RICL service. Clients across 33 countries now use Wachovia's RDC
and RICL solutions.
As part of its comprehensive image strategy, Wachovia is interested in
the judicious deployment of image sites where they can best serve clients.
"This site is an important step forward in our efforts to extend the cost
savings and efficiencies associated with Check 21 to clients everywhere in the
world," said Jennifer O'Keefe, vice president, Wachovia Treasury Services.
"The thrust behind Check 21, and the image solutions it generated, was to
eliminate transportation cost and streamline processing for efficiency and
accelerated funds availability to the client."
Following The Check Clearing for the 21st Century Act of 2004, popularly
known as Check 21, Wachovia rapidly introduced a series of image-based
services-including RDC and RICL-to extend associated benefits to its clients.
Wachovia also was among the first to receive an RICL file via SWIFTNet
FileAct, successfully piloting the service with a bank client in Spain in
2005. In August 2007, Wachovia's Treasury Services division announced it had
reached the $1 billion mark in Remote Deposit Capture (RDC) volumes processed
in one day.
"We can't ask for anything better than RDC," said Anne Doobarry-Clement,
senior manager of Operations, Treasury/International Trade Centre for First
Citizens Bank Limited, based in Trinidad and Tobago, West Indies. Doobarry-
Clement has used Wachovia's RDC solution since 2006.
According to Doobarry-Clement, the bank's U.S. dollar check processing
costs have decreased by at least 60% in the first year of implementation, and
Doobarry-Clement expects savings to reach 80% by next year.
Additional benefits to First Citizens Bank include the elimination of
courier expense, time savings on deposit preparation, and accelerated funds
availability. An unexpected benefit has been a reduction in deposit errors
related to multicurrency checks. Before RDC, these items might inadvertently
have been included in a paper U.S. dollar check deposit sent to the United
States for clearing. This would result in a loss of funds of three to four
days until the errant items were returned to Trinidad by courier for
reprocessing. With RDC, a multicurrency check is rejected immediately from the
deposit batch in Trinidad.
"Wachovia has an unwavering commitment to staying close to our clients,
which is reflected in the continued expansion of our global capabilities,"
explains Christine Jenkins, director of Global Payment Services in Wachovia's
Global Financial Institutions and Trade division. "Our clients continue to
seek cost-effective and efficient solutions for their US dollar payment needs
and we want to ensure we are where they need us to be, when they need us to be
there. As our clients' needs evolve, our goal is to continually look for new
ways to leverage our services to facilitate their success."
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 No. 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 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, +1-704-715-3915
Web Site: http://www.wachovia.com