Wachovia Treasury Services today announced that it has launched Wachovia Connection to its London-based Treasury Services clients, thereby expanding the availability of its Web-based, single-point-of-access software to its clients.
Wachovia Connection provides cash management clients with the ability to view their account and assess multiple foreign exchange currencies and rates prior to selecting and initiating payments.
With the launch of Wachovia Connection in London, U.S.-based companies with international subsidiaries or international companies with U.S. subsidiaries now have the ability to view important Wachovia and non-Wachovia account information online and to initiate transactions electronically.
"We are a global business with locations in the U.S. and one in the U.K. Wachovia Connection gives us the ability to quickly access all of our accounts and provides faster access to our funds, which ultimately saves our business time and money. In today's fast-paced business environment, we need to be able to manage our accounts from different locations and with a high degree of flexibility - Wachovia Connection makes this possible," said Adrian Holness, U.K. Financial Controller with The Moorings Sailing Holidays.
With Wachovia Connection, clients have same-day, next-day and spot value dates available for cross-country or in-country payments, resulting in earlier settlement to European beneficiaries. In some cases, availability has been reduced by as many as two business days. Clients with accounts based in London (or an account domiciled in the U.S.) can access a robust reporting menu to view deposits, withdrawals and payment activity across one or multiple currency accounts, and these reports can be sorted and expanded by currency and by bank to show details. Clients can also view account statements from all of their banks around the world, providing managers with the ability to make quick and informed investment decisions regarding their cash balance.
"Prior to the availability of Wachovia Connection, a client had to perform more than one task to transfer cross-currency and in-country funds and make payments. Instead of completing and submitting paper request forms, clients may now simply initiate payments and transfer funds through Wachovia Connection," said Ann C. Givens, International Business Manager and Senior Vice President with Wachovia's Treasury Services division. "We operate in a global economy, and Wachovia Connection enables our clients to easily manage their global cash position and execute quick decisions to run their business efficiently."