Wachovia licenses Centerprise risk system; teams with Nova for e-cheque service

Wachovia licenses Centerprise risk system; teams with Nova for e-cheque service

Wachovia is implementing Centerprise Services' operational risk software, Enterprise OpRiskCenter, across the organisation.

Enterprise OpRiskCenter will be deployed across all of Wachovia's lines of business to address all aspects of operational risk, including loss events, risk assessment, key indicators, issue- and action-plan management and risk profiles.

New York-based Centerprise says the software will enable the bank to capture and manage operational risk data and support corporate governance initiatives.

Yousef Valine, head of operational risk management at Wachovia, says: "What attracted us to Centerprise was their integrated, well-architected solution that would scale and accommodate an enterprise-wide deployment."

Separately, Wachovia has teamed with payment processing firm Nova Information Systems to introduce an electronic cheque conversion at the point-of-sale (POS) service for its Treasury Services customers.

The bank says the service enables merchants to convert paper cheque payments to electronic transactions at the point of sale.

The service combines front-end, POS hardware with back-end transaction reporting and electronically captures the cheque image, serial number and payment amount.

Additionally, the service include reading devices which screen cheques against a nationwide fraud prevention database.

Nova says electronic cheque conversion allows Wachovia's customers to accept cheques with the same convenience and confidence they have come to expect with other electronic payment types.

Michael Daley, senior vice president and manager of Wachovia's Treasury Services product solutions, adds that the service allows companies of all sizes with "to improve collection efficiency, help reduce fraud and minimise deposit expenses."

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