Wachovia claims wireless cash management first

Wachovia claims wireless cash management first

Wachovia claims to be the first US bank to offer mobile cash management and proactive notification services to corporate customers.

Wirless interactivity is being made available to users of Wachovia's Internet-based product Connection Plus, which enables corporate treasury personnel to create a variety of cash management reports and initiate transactions in domestic and foreign currencies. The enhanced version, using technology provided by 724 Solutions, is in production and available to Connection Plus users says the bank.

"Wireless access and proactive notification are innovative steps for giving companies convenient, flexible options for tracking financial activity," says Douglas Hartsema, head of Wachovia treasury services group. "Our wireless efforts are focused on giving clients information they need when and where they need it. The emergence of wireless into the corporate world means that executives no longer are tied to an office computer for the ability to make critical financial decisions."

The new service enables treasury managers to access real-time account information through Web-enabled digital phones. Features include the ability to view, pay, issue or return positive pay exceptions, retrieve an intraday position report to view summary information and summary debits and credits, and view, approve or cancel payments initiated from a personal computer using Wachovia Connection Plus.

The addition of proactive notification enables corporate treasurers and chief financial officers to receive alerts at any e-mail address when positive pay and controlled disbursing first and second presentment data is available and when company-initiated payments require approval, says Hartsema.

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