S1 upgrades online ACH system

Source: S1 Enterprise

S1 Enterprise, a division of S1 Corporation (Nasdaq: SONE) and a leading provider of multichannel financial service software, today announced the latest version of its online ACH solution powered by the S1 Corporate Banking application.

This version provides new capabilities such as a central repository for payee information, additional ACH transaction types, improved usability features, and advanced security options and controls.

Wachovia Bank, N.A. is among the first clients of S1 Enterprise to use this new ACH service. "Our clients demand 'best-of-breed' tools to manage their businesses effectively," said Michael Daley, senior vice president of Treasury Services for Wachovia Bank. "We are pleased to 'partner' with S1 Corporation to deliver the functionality and performance our ACH customers require."

Wachovia's ACH solution will primarily service its small business and commercial clients with a fully functional, easy to use, online, ACH service. Wachovia's clients will access the new ACH service via the Wachovia Connection online banking portal to initiate multiple types of ACH payments - including tax payments, payroll, direct debits and trade payments. S1 will provide tax routing and formatting updates to the Bank and will also assist Wachovia with implementation services.

"We designed S1 Corporate Banking to support the sophisticated payment requirements of top global banks. We are proud to work with Wachovia Treasury Services as one of their strategic 'partners,'" said Fred Dumas, General Manager, S1 Treasury Online Group. "We are committed to providing benefits to Wachovia for many years to come."

S1 has almost twenty years of experience providing cash management solutions to the world's largest banks. S1 Corporate Banking provides an integrated global payments framework supporting diverse domestic and international payments, including wire transfers, account transfers, ACH and localized payments for over twenty countries. In addition to comprehensive payment services, S1 Corporate Banking offers a rich, highly flexible user-interface, extensive security and entitlement features like multi-factor authentication, bulk file transfers, check services, and complete information reporting supporting cash position management.

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