Wachovia launches image cash letter service

Source: Wachovia Treasury Services

Wachovia's Treasury Services group today announced it has launched its Image Cash Letter (ICL) service.

Publishers Clearing House (PCH), based in Port Washington, N.Y., is the bank's first ICL customer. ICL allows companies and correspondent banks with high volume check deposits to transmit images of U.S. bank dollar-denominated checks directly to Wachovia for deposit. Customers are not required to purchase additional equipment; they can use existing technology to capture images and prepare and send transmissions to Wachovia.

"Using our existing imaging technology, we are able to deposit funds from multiple processing centers directly into Wachovia," said Michael Cooper, controller of Publishers Clearing House. "We also use Wachovia's Remote Deposit Capture (RDC) service to electronically deposit checks from our order- processing facility in Syosset, N.Y."

Image deposits can be sent to Wachovia around the clock, in multiple transmissions and from multiple locations. Companies can benefit from accelerated funds availability and by eliminating costs associated with maintaining local bank accounts and transporting checks.

"Wachovia is committed to helping businesses cut costs and improve working capital. Image Cash Letter is yet another service we offer to enable organizations to convert paper to electronics and speed up their cash flow," said Michael Daley, senior vice president and head of Wachovia's Treasury Services Product Solutions Group.

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