Wachovia Opens Remote Check Image Capture Site in Korea

Wachovia Opens Remote Check Image Capture Site in Korea

October 02, 2007

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.  


    For more information, please contact:

     Victoria Wolfram 
     Wachovia
     Tel: [phone]