First to deliver this innovative solution, Sovereign's Onsite Banking service allows accounts and other commercial services to be electronically opened end-to-end from a customer's location, streamlining the entire account opening process.

Through a wireless delivery channel, Sovereign commercial banking representatives use the Onsite Banking system to capture and scan customer account opening information, which is sent to a secure Sovereign network for processing. Opening deposits are scanned and electronically submitted to the bank for account activation, and account resolutions, signature cards and receipts are printed and provided to the customer onsite. The entire process can be completed at one customer visit, and within minutes.

"Sovereign's Onsite Banking service reinforces our commitment to redefine convenience for our customers," said Joseph P. Campanelli, President and Chief Executive Officer of Sovereign Bank New England. "In addition to enhanced convenience, customers can now expedite the opening of accounts and other commercial services, allowing them to move forward with their business."

Supporting the Onsite Banking service, Sovereign commercial banking representatives are equipped with an array of online product presentations and comparative analysis tools that allow them to help businesses readily review the features and benefits of different Sovereign Bank accounts and services, as well as to contrast and compare the best solutions to meet their needs.

Stacie Dills, a Business Banking Representative at Sovereign's Wethersfield, CT office, recently used the Onsite Banking service to open checking accounts, Visa cards and online banking services for Iron Cross Manufacturing in a single visit to their office. Remarking at the flexibility of the service, Todd McCann, Operations Director at Iron Cross Manufacturing in Manchester, CT, indicated, "Having Sovereign process the account opening right from my office was really a time-saver. I was even able to take an important phone call during the few minutes it took to open all of the new accounts and services."

Campanelli further mentioned that, "Information captured during the automated account opening process is stored on a central bank system for ongoing maintenance to our customers' relationship. This enhances customer service and allows Sovereign business representatives to obtain an integrated view of a customer's relationship with the bank, allowing them to effectively introduce new capabilities that may prove beneficial as our customers' businesses change and grow."

Onsite Banking account opening is one of a number of initiatives that Sovereign is undertaking to redefine banking convenience and promote productivity improvements for its customers.