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Leah Dering
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October 30, 2003
Wachovia Introduces New Electronic Check Conversion at Point-of-Sale (POS) Service
Provides efficient settlement processing and mitigates check loss
Charlotte, N.C. - Wachovia's Treasury Services Division, through its strategic alliance with NOVA Information Systems, Inc., announced today the availability of a new electronic check conversion at the point-of-sale service. This new solution will provide Treasury Services customers with greater check clearing efficiencies , advanced information reporting, integrated payments reconcilement and settlement, faster returns processing and increased fraud protection.
"We are excited to be able to offer our customers the ability to convert paper checks to electronic transactions at the point of sale as yet another facet of our paper to electronic solution suite," said Michael Daley, Senior Vice President and manager of Wachovia's Treasury Services Product Solutions. "Our strategic alliance with NOVA gives us the opportunity to provide all companies, from small businesses to large corporations, with a leading-edge solution to improve collection efficiency, help reduce fraud and minimize deposit expenses. Wherever our customers are in the process of shifting from paper to electronic processing, Wachovia is committed to providing solutions to support this important transition."
Wachovia's electronic check conversion at point-of-sale service combines front-end, point-of-sale hardware with back-end transaction reporting, capturing the check image, serial number and dollar amount. Merchants can accept paper checks from their customers but are able to expedite the transaction and payment process at the point of sale. Additionally, check-reading devices at store locations allow checks to be verified against a nationwide fraud prevention database.
"We're very enthusiastic about the partnership we have with Wachovia and to provide this payment solution to their customers," said Pamela Joseph, Senior Executive Vice President, NOVA Information Systems. "With electronic check conversion, Wachovia customers can now accept checks with the same convenience and confidence they have come to expect with other electronic payment types. By providing service level options to meet the needs of customers, we are able to customize an end-to-end check solution for both large and small size businesses."
About Wachovia's Treasury Services Division
In a recent survey of middle and large corporate customers by independent surveyor Phoenix Hecht, 15 out of 18 of Wachovia's treasury service products ranked "A" or "A+". Additionally, ten of the Bank's 12 key treasury product capabilities are ranked in the top three for market share in Ernst & Young's survey. Wachovia's Information and Access product, Wachovia Connection®, ranked first in that survey. Recently, 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".
About Wachovia
Wachovia Corporation (NYSE:WB) is one of the largest providers of financial services to retail, brokerage and corporate customers throughout the East Coast and the nation, with assets of $389 billion and stockholders' equity of $33 billion at Sept. 30, 2003. Its four core businesses, the General Bank, Capital Management, Wealth Management, and the Corporate and Investment Bank, serve 9 million households, including 900,000 businesses, primarily in 11 East Coast states and Washington, D.C. Wachovia is also the nation's second-largest treasury management services provider for both domestic and international treasury management and consulting services. Cash flow solutions include, among other products, e-commerce, integrated payables and receivables, information reporting via Web or PC, and risk management. Its broker-dealer, Wachovia Securities, LLC, serves clients in 48 states. Global services are provided through more than 30 international offices. Online banking and brokerage products and services also are available through Wachovia.com.
About NOVA Information Systems, Inc.
NOVA Information Systems, a leader in the payment processing industry, is a wholly owned subsidiary of U.S. Bancorp (NYSE:USB). NOVA partners with financial institutions, independent sales organizations, associations, government agencies, and community banks to offer integrated payment processing services to their merchants and retailers. NOVA's products include credit and debit card processing services, electronic check conversion, software applications, gift card solutions and other value-added services to more than 650,000 merchant locations in the United States and Europe. For more information visit www.novainfo.com.
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