Wachovia Enhances Credit and Operational Risk Mitigation Capabilities; Completes Major Loan System Upgrade with AFS.EXTON, Pa. -- Automated Financial Systems, Inc. (AFS-Exton) announced the successful migration of global lending operations at Charlotte, N.C.-based Wachovia Corporation (NYSE NYSE See: New York Stock Exchange :WB) to the newest release of the AFS A distributed file system for large, widely dispersed Unix and Windows networks from Transarc Corporation, now part of IBM. It is noted for its ease of administration and expandability and stems from Carnegie-Mellon's Andrew File System. AFS - Andrew File System Level III(TM) Loan Accounting System. Release 8.3 prepares Wachovia for the demands of a more stringent risk management and corporate governance Corporate Governance The relationship between all the stakeholders in a company. This includes the shareholders, directors, and management of a company, as defined by the corporate charter, bylaws, formal policy, and rule of law. environment, including compliance with the Basel II Basel II is the second of the Basel Accords, which are recommendations on banking laws and regulations issued by the Basel Committee on Banking Supervision. The purpose of Basel II is to create an international standard that banking regulators can use when creating regulations Capital Accord and Sarbanes-Oxley. Currently, 70% of the top 25 U.S. banks are users of the AFS system. "Wachovia intends to remain at the very pinnacle of risk awareness and regulatory compliance," says Robert Sontag, executive vice president of Wholesale Operations Technology at Wachovia. "Wachovia is taking a pro-active response to the upcoming regulatory changes that will affect financial institutions worldwide. Not only will this upgrade support our compliance with the Advanced Management Approach (AMA (Automatic Message Accounting) The recording and reporting of telephone calls within a telephone system. It includes the calling and called parties and start and stop times of the call. ) of Basel II, but we will also benefit from an ability to better manage risk, monitor total customer exposure, and improve customer responsiveness." Release 8.3 positions financial institutions for the total integration of loan processing, encompassing consumer, business banking, and commercial and capital markets lines of business on a single system. In addition, the new release represents a first response to regulatory changes that AFS expects to become increasingly more rapid and demonstrates the company's commitment to enhance system capabilities at a pace consistent with market and compliance dynamics. Said John Shain, president of AFS, "Together, we accomplished an incredibly smooth conversion to an upgrade that provides an adaptable platform that complies with significant upcoming changes to the financial global market. Release 8.3 uses automation to reduce handling costs, minimize costly error resolution, and provide data integrity throughout the solution. Wachovia now has the ability to support more diverse and complex lending products on an automated basis and we look forward to our role in supporting Wachovia's continued growth." About Wachovia Wachovia Corporation (NYSE:WB) is one of the largest providers of financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. to retail, brokerage and corporate customers, with retail operations from Connecticut to Florida and retail brokerage operations nationwide. Wachovia had assets of $436.7 billion, market capitalization Market Capitalization A measure of a public company's size. Market capitalization is the total dollar value of all outstanding shares. It's calculated by multiplying the number of shares times the current market price. This term is often referred to as market cap. of $61.4 billion and stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. of $33.9 billion at September 30, 2004. Its four core businesses, the General Bank, Capital Management, Wealth Management, and the Corporate and Investment Bank, serve 12 million client relationships (including households and businesses), primarily in 11 states and Washington, D.C. Its full-service retail brokerage firm, Wachovia Securities Wachovia Securities, located in Richmond, Virginia (soon to be moved to St. Louis), is the third largest brokerage firm in the United States as of 2006 with $689 billion retail client assets under management. It is a subsidiary of Wachovia Corporation. , LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , serves clients in 49 states. Global services are offered through 33 international offices. Online banking and brokerage products and services also are available through Wachovia.com. About AFS AFS is the dominant provider of commercial lending software and services to U.S. financial institutions, combining the systems, execution expertise, and management information to mitigate risk, reduce costs, and increase revenue. The firm is headquartered in Exton, PA; its European subsidiary, Automated Financial Systems GmbH is located in Vienna, Austria. For further information, visit AFS' website at www.afsvision.com. |
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