Business Editors/High-Tech Writers
ATLANTA and WINSTON SALEM, N.C.--(BUSINESS WIRE)--July 10, 2000
Mobile services to allow consumers and businesses continuous,
interactive access to financial data
In anticipation of the expected worldwide growth in the use of wireless technology, Wachovia Corporation (NYSE: WB) today announced it soon will begin piloting interactive wireless financial services for both retail and commercial banking customers. Wachovia has engaged Toronto-based 724 Solutions Inc. (NASDAQ: SVNX, TSE: SVN) to provide this unique suite of services.
Wachovia's wireless retail banking service is being developed to enable customers to access real-time account information, transfer funds between accounts, pay bills and track performance of selected stocks on an array of Internet-enabled devices such as digital mobile phones, pagers and personal digital assistants. Wachovia also has licensed 724 Solutions technology for retail brokerage services.
The wireless commercial banking service is being customized to enable businesses to manage time-sensitive financial activity any time from virtually anywhere. The functionality is expected to allow corporate banking customers to gain access to a wide range of treasury functions such as balance and transaction reporting, payment approvals and account notification.
"The market for wireless banking is emerging, and it is expected to grow significantly over the next few years," said Lawrence G. Baxter, head of Wachovia's eBusiness Division. "Wachovia has established itself as an innovator and technology leader by leveraging the Internet in the development of enhanced financial services. Through this wireless connectivity, Wachovia will provide its retail and commercial customers an interactive wireless gateway to the financial services they value the most."
Wachovia expects to begin piloting the first of its retail and commercial banking wireless services in third quarter 2000 and to start rolling them out to businesses in fourth quarter 2000 and consumers by first quarter 2001. Retail brokerage services are expected to follow.
"The alliance of 724 Solutions with Wachovia is about elevating banking to a new level, by offering both retail and corporate banking customers the financial services they want, when they want them," said Greg Wolfond, chief executive officer of 724 Solutions Inc. "724 Solutions has created a multi-application, enterprise-wide platform with the scalability, security and personalization to meet the complex needs of a large financial institution. We anticipate that the 724 Solutions Financial Services Platform will help Wachovia deepen its customer relationships and build on its reputation as a leader in customer service and electronic access."
Wachovia has the nation's highest online banking penetration rate and has the second fastest-growing online customer base among the largest U.S. banks, according to an April 28 report by Donaldson, Lufkin & Jenrette. As of June 30, Wachovia had 370,000 enrolled Internet customers, approximately 20 percent of its retail customer base. Wachovia's Web site at www.wachovia.com was the first in the country to feature fully transactional investing and banking. The site also allows customers to apply for a variety of loans and credit products, as well as access online retirement and insurance services.
About 724 Solutions Inc.
724 Solutions, www.724.com, provides an Internet infrastructure solution to financial institutions that enables them to offer personalized and secure online banking, brokerage and e-commerce services across a wide range of Internet-enabled wireless and consumer electronic devices. The company's solution currently enables consumers to access online banking and brokerage services using digital mobile phones, personal digital assistants, two-way pagers and personal computers through network service providers. 724 Solutions is headquartered in Toronto and has offices in London, San Francisco, Sydney and Tokyo.
About Wachovia Corporation:
Wachovia Corporation, www.wachovia.com, with dual headquarters in Atlanta and Winston-Salem, N.C., is a leading financial holding company serving regional, national and international markets. At March 31, 2000, Wachovia had assets of $68.8 billion. Member companies offer consumer and commercial banking, bank card, asset and wealth management, capital markets and investment banking, brokerage and insurance services. Wachovia Bank, N.A., the principal subsidiary, has more than 700 offices and 1,300 ATMs in Florida, Georgia, North Carolina, South Carolina and Virginia.
This press release contains statements of a forward-looking nature. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar expressions. The accuracy of these statements may be impacted by a number of business risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including risks related to: the risk that technologies for the delivery of financial or e-commerce services over the Internet and wireless networks will not be developed or be attractive to consumers as anticipated; the risk that 724 Solutions Inc. and Wachovia Corporation will not successfully deploy or operate services based upon the 724 Solutions Financial Services Platform; and other risks outlined in the filings of the two companies with the U.S. Securities & Exchange Commission and of 724 Solutions Inc. with the Canadian Securities Administrators. 724 Solutions and Wachovia Corporation do not undertake any obligation to update this forward-looking information, except as required under applicable law.
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