RemitStream to provide Wachovia with lockbox processing in Chicago

Wachovia Bank, one of the nation's largest financial services companies, currently manages wholesale and wholetail lockbox processing facilities in Charlotte, Los Angeles, Philadelphia, Orlando, Atlanta, Baltimore, Newark and Dallas.

Shena Corbett-Worthy, CTP, vice president and wholesale receivables product manager for Wachovia's Treasury Services Division, said the agreement now enables Wachovia to compete in the Chicago and Midwestern marketplace by expanding its wholesale and wholetail lockbox network.

"Adding RemitStream Solutions allows us to broaden our existing lockbox network, while maintaining a consistent product offering. RemitStream Solutions uses the same lockbox processing platform in Chicago as Wachovia uses throughout our lockbox network. The agreement with RemitStream Solutions allows us to partner with an organisation whose core competency is lockbox processing," Corbett-Worthy said.

Corbett-Worthy said Wachovia chose RemitStream because of the processor's flexibility and high-quality service in providing wholesale and wholetail lockbox processing solutions for Wachovia's clients.

Anna Quinlan, RemitStream president, said the new agreement demonstrates RemitStream's ability to support and process lockbox transactions for a financial institution with the quality standards and broad processing requirements of Wachovia.

"With RemitStream, Wachovia was able to expand their lockbox network and continue offering a state-of-the-art lockbox solution without making a significant capital expenditure," Quinlan said.

RemitStream Solutions offers outsourced lockbox services to financial institutions of all sizes.