CHARLOTTE, N.C., Oct. 4 /PRNewswire-FirstCall/ -- Wachovia Treasury Services is adding the benefits of online hosting to its remote deposit capture (RDC) service.
"Until now, our customers have installed and maintained remote deposit capture software on their own PCs. Now, they have the option to access the RDC application on the Internet," said Lee Madden, senior vice president of Wachovia Image Services. "RDC Online is an exciting evolution of our market- leading RDC service, offering customers fast and secure setup and the ability to make deposits from any PC meeting system requirements -- right from their own offices -- without the need for a trip to the bank.
"With RDC Online, customers also benefit from automatic product updates via the Internet," Madden added. "And in case of disaster at their primary business location, they have the added protection of being able to make deposits from other locations."
Wachovia's RDC solutions accelerate cash flow and enable customers to make deposits 24 hours a day, seven days a week, and receive same-day ledger credit for deposits made until 8 p.m. each business day.
RDC Online is quick and easy to install, requiring only a small desktop scanner and a PC with an Internet connection.
Wachovia's RDC Online pilot customer, a prominent company in the steel industry, has successfully installed, captured checks, transmitted its deposit and generated deposit reports using the new software.
Wachovia's RDC Online solution offers the same benefits as its PC-based RDC solution, including duplicate detection and the ability to display previously deposited items. In addition, RDC Online will offer enhanced reporting of deposits, including image statements and multiple output options for reports, including XML, delimited files, PDF and MS Excel.
"The introduction of RDC Online is another step in our progression toward a whole new world of image solutions bringing enhanced business benefits to our customers," said Laurence Leinbach, senior vice president and head of Wachovia's Information Access Product team.
About Wachovia Treasury Services
As part of Wachovia's Corporate and Investment Bank, Wachovia's Treasury Services Division offers a comprehensive suite of integrated payables and receivables solutions, including electronic check conversion, accounts receivable conversion, a full range of ACH services, image technology, a national wholesale and retail lockbox network and international treasury solutions. In recent Phoenix Hecht surveys, 22 out of 23 of Wachovia's treasury services product categories were ranked "A" or "A+" by upper-middle customers and 21 out of 23 of Wachovia's treasury services product categories were ranked "A" or "A+" by large corporate customers. In the middle market survey, 21 out of 26 product categories were ranked "A" or "A+" by large corporate customers. Additionally, nine of the bank's key treasury product capabilities are ranked in the top five for market share in Ernst & Young's 2005 survey. Wachovia's Information and Access product, Wachovia Connection(r), ranked first in that survey for the highest number of Information Reporting Internet Accounts. Also, the most recent Bank Leader Survey placed Wachovia's Treasury Services Number 1 for "Quality of Cash Management Specialists" and Number 2 for "Operational Quality" and "Quality/Timely Implementations."
About Wachovia
Wachovia Corporation is one of the nation's largest diversified financial services companies, providing a broad range of retail banking and brokerage, asset and wealth management, and corporate and investment banking products and services. Including the Golden West merger, Wachovia has retail and commercial banking operations in 21 states with 3,400 retail banking offices from Connecticut to Florida and west to Texas and California. In addition, two core businesses operate under the Wachovia Securities brand name: retail brokerage with 740 offices in 49 states and in Latin America, and corporate and investment banking in selected industries nationwide. Other nationwide businesses include mortgage lending in 39 states and auto finance covering 46 states. Globally, Wachovia serves clients through more than 40 international offices. Online banking is available at wachovia.com; online brokerage products and services at wachoviasec.com, and investment products and services at evergreeninvestments.com. Based on June 30, 2006, pro forma data, Wachovia has combined assets of approximately $700 billion and as of Sept. 29, 2006, a combined market capitalization of $107 billion.
