Bank Continues to Expand Comprehensive Suite of Image Services
CHARLOTTE, N.C., Oct. 2 /Xinhua-PRNewswire/ -- 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 clearing.
"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.
About Wachovia
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.
