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October 25, 1999
First Union's Global Cash Management Division Introduces Wholesale Lockbox Image Delivery Online
CHARLOTTE - First Union's Global Cash Management Division announces the introduction of wholesale lockbox image delivery through the Internet. As an enhancement to First Union's FIRSTRemit, the nation's largest lockbox network, customers can securely and efficiently access images of checks deposited into their wholesale lockbox account online. Images of additional documents, such as invoices, envelopes and correspondence are also available in strategically selected wholesale lockbox sites that provide nationwide coverage.
Wholesale lockbox image delivery through the Internet will be available coast-to-coast in locations including Atlanta, Dallas, Los Angeles, Newark and St. Louis. In 2000, additional available options will include a "customer decisioning" feature that allows clients to review images that are exceptions, effectively placing the power of the decision to accept or decline transactions at the customer's fingertips.
"As the nation's largest retail and second largest wholesale lockbox provider, we are proud to continue our leadership in offering vital services to our clients whenever they want and wherever they do business," said Michael Daley, Senior Vice President and Head of Wholesale Product Management and Development. "Wholesale lockbox image delivery on the Internet enables our customers to make timely business decisions. They can retrieve images quickly and conveniently on a secure site, right from their desktop computer. First Union is in a unique position as our services combine cutting-edge technological capabilities with the convenience of Internet access throughout our extensive nationwide lockbox network."
"The use of wholesale lockbox image services online has greatly expedited our company's receivables process," said Norm Eagar, Rohm and Haas' Manager of Credit for North America. "We have continued our shift from a paper to an electronic environment resulting in a redeployment of resources, time savings and improved customer satisfaction. Rohm and Haas has been extremely pleased with the ease and convenience of accessing documents online."
"The ability to access images through the Internet enables our customers to authorize multiple employees to have access to the information for research, receivables posting or other business purposes. It's simple to use and makes it easy to quickly find and share remittance data, increasing the efficiency of their treasury operation," said Daley. "The search capability enables customers to customize their search criteria which provides rapid access to information from processed checks, invoices and correspondence. Up to the minute information access aids customers in intensely competitive businesses where speed and enhanced customer care are critical components. The wholesale lockbox image service also eliminates the need for a business to receive and store checks. By continuing to eliminate the paper shuffle, these companies save money"
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.
First Union (NYSE:FTU) is a leading provider of financial services to more than 16 million customers throughout the East Coast and the nation. At September 30, 1999, First
Union had assets of $235 billion and total stockholders' equity of $16 billion. The company operates full-service banking offices in Connecticut, Delaware, Florida, Georgia, Maryland, New Jersey, New York, North Carolina, Pennsylvania, South Carolina, Tennessee, Virginia and Washington, D.C.
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