PRESS RELEASES

Contact: Arati Sontakay
(704) 383-6996

November 19, 1998
First Union's Global Cash Management Division Introduces Nationwide Lockbox Network
FIRSTRemit provides enhanced cash flow management through reduced costs, sophisticated technology and increased efficiency

CHARLOTTE-First Union's Global Cash Management Division has launched FIRSTRemit, the nation's largest lockbox network, with 12 locations coast-to-coast. Clients are provided with enhanced cash flow management through a single source, reducing costs and eliminating the need for multiple banking. First Union is the nation's leading retail and the second largest wholesale lockbox provider.

"We are proud to be a leader in offering clients this vital service wherever they do business," said Nina Archer, Executive Vice President and Global Cash Management Division Head. "FIRSTRemit is distinctive because it offers a full complement of services from wholesale and retail processing to E-Box, which provides electronic and paper information in a consolidated format. Additionally, our wholesale and retail offerings include advanced on-line image capabilities and CD-ROM output. First Union's diverse array of remittance processing services meets all our clients' treasury management needs in ways that are convenient for them."

"FIRSTRemit Image Services has untethered Rohm and Haas' receivables process," said Norm Eager, Rohm and Hass Manager of Credit for North America. "We have shifted from a paper to an electronic environment, resulting in redeployment of resources, time savings and improved customer satisfaction. It has given us the flexibility to organize ourselves to quickly respond to changes within and outside our organization. In addition, the FIRSTRemit network has allowed us to direct customer payments to areas that are optimal for clearing. There are no geographic limitations to our business anymore."

FIRSTRemit customers who have locations all over the country benefit from centralized and simplified cash flow management. FIRSTRemit's single transaction reporting system offers one source of receivables transmissions and single contacts for implementation and customer service.

FIRSTRemit's primary locations are strategically placed throughout the country including San Francisco, Los Angeles, St. Louis, Dallas, Charlotte, Atlanta and Philadelphia. Additional sites are located in Tampa, Orlando, Baltimore, Newark and Wilmington, DE.

"Each of our processing sites is staffed with a highly experienced team of professionals backed by the latest in image technology," said Michael Daley, Senior Vice President and Head of Wholesale Product Management. "Clients with locations nationwide now need only FIRSTRemit to serve all their lockbox processing needs instead of having to maintain multiple banking relationships. One of the advantages is actually being able to access funds more quickly since all remittances come to one bank. FIRSTRemit's features also include segment-specific processing for industries such as communications, insurance and healthcare."

"The image services offered by FIRSTRemit will simplify research as well as eliminate paper and storage expense for clients," said Rebecca Nelson, Assistant Vice President and Product Manager for the FIRSTRemit Network. "On-line access to images of checks and remittance documents as they post means that First Union clients can view invoices and verify payments for research purposes as transactions are processed. In addition, FIRSTRemit's ability to burn images to CD facilitates longer term research and archiving for our wholesale and retail remittance customers."

In May, First Union's Global Cash Management Division announced a $70 million commitment to new product development over the next two years. Priorities include enhancing international trade and payment products to better suit customers' global reach and focusing on technology that gives customers direct access to products, information, fulfillment and servicing.

Electronic commerce, Internet services, nationwide lockbox processing and a variety of PC-based options are among the many cash management services available at First Union. First Union offers a full range of collection, disbursement, information reporting and electronic commerce services designed to improve day-to-day efficiency of company treasury operations and maximize company return on cash assets. First Union's cash management products have earned top marks in surveys by Phoenix-Hecht and Ernst & Young. First Union is the third largest cash management bank in the country, according to Ernst & Young.

Charlotte-based First Union Corporation is the nation's sixth-largest bank with assets of $234.6 billion. First Union serves more than 16 million retail and commercial customers and has offices throughout the East Coast from Florida to Connecticut.

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