First Data subsidiary Remitco is to acquire five Wachovia retail lockbox centres as part of an agreement to provide the US bank with national remittance processing services.
Remitco will add the Wachovia sites in Los Angeles, Dallas, St. Louis, Langhorne, and Charlotte to its own retail lockbox centres in New York, Columbus, and Los Angeles, offering Wachovia customers a seven-site processing solution.
Wachovia's clients will be able to access a Web-based image archive service and electronic cheque clearing services, including some accounts receivable conversion (ARC) enhancements and image cheque presentment. Wachovia says it will continue to drive future product development in support of retail remittance processing and have responsibility for client relationship management and customer service support.
Ranjana Clark, executive vice president and head of Wachovia's treasury services division, says: "Our commitment to delivering a competitive retail lockbox solution remains strong. We are combining the best of Wachovia's integrated receivables and payment solutions with Remitco's proven remittance processing and technological capabilities."
Financial terms of the agreement were not disclosed.
Wachovia's wholesale lockbox services were not part of the transaction.