Wachovia and Federal Reserve Implement Electronic Check Presentment with Image-to-Follow

Wachovia, the nation's fourth-largest bank, has begun receiving check images from the Federal Reserve Bank using technology from Advanced Financial Solutions (AFS). This deployment enables Wachovia to move a critical mass of truncated check transactions from the Federal Reserve using electronic check presentment (ECP) with image-to-follow. The partnership between Wachovia and the Federal Reserve offers Wachovia access to a large number of financial institutions through one access point, fostering increased check image processing for all involved institutions.

Key Takeaways:

• Wachovia has begun receiving check images from the Federal Reserve Bank using technology from Advanced Financial Solutions (AFS).
• The AFS xVision solution enables Wachovia to move a critical mass of truncated check transactions from the Federal Reserve using electronic check presentment (ECP) with image-to-follow.
• More than 1,300 financial institutions use the Federal Reserve's FedImage Services.
• Each day, the Federal Reserve Banks capture digital images of nearly 10 million checks on behalf of financial institutions.
• Over 5.2 billion images are stored in the Federal Reserve's national archives.
• The partnership between Wachovia and the Federal Reserve establishes the foundation for Wachovia's Check 21 strategy.

Statistics:

• Over 1,300 financial institutions use the Federal Reserve's FedImage Services.
• The Federal Reserve Banks capture digital images of nearly 10 million checks per day on behalf of financial institutions.
• Over 5.2 billion images are stored in the Federal Reserve's national archives.

Sources:

• "Wachovia Corp. Announces Electronic Check Presentment with Image-to-Follow," Market Wire via COMTEX, September 29, 2004
• "About Wachovia," Wachovia Corporations website
• "About Advanced Financial Solutions," Advanced Financial Solutions (AFS) website
• "Federal Reserve Announces FedImage Services," Federal Reserve website
• "Metavante Corporation Announces Acquisition of Advanced Financial Solutions," Metavante Corporation website