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WACHOVIA INTRODUCES INTEGRATED PAYABLES SERVICE

 WINSTON-SALEM, N.C., Nov. 5 /PRNewswire/ -- Wachovia (NYSE: WB) announced today the addition of Integrated Payables to its cash management product line. Integrated Payables is a disbursing service that helps companies increase productivity and save time and money.
 With Integrated Payables, a company provides a file of payment instructions to Wachovia. The bank then prints and mails checks, or creates automated clearing-house or wire transfer payments according to the company's instructions. The bank makes the payments, delivering remittance information in a variety of formats, and provides full account reconciliation for items drawn on Wachovia accounts.
 Integrated Payables incorporates Positive Pay and other security features to enhance the integrity of the disbursement process. The service can be used for vendor payments, employee expense reimbursements and healthcare claims payments.
 "Outsourcing the accounts payable function can help companies as they streamline functions, reduce staffing, gain better internal controls and reduce costs," said Beverly B. Wells, head of Wachovia's Treasury Services Group. "They also gain the means to migrate to electronic payments without the expense of extensive systems changes or managing dual systems. For instance, direct deposit of employee expense reimbursement can be provided without significant changes to a company's payables system. The flexibility of Integrated Payables should help customers as they adapt to current and future disbursing methods.
 "Integrated Payables reflects Wachovia's continuing commitment to offer technologically sophisticated, value added services that improve speed, accuracy and quality while achieving savings in the overall payments process," Wells said.
 -0- 11/5/93
 /CONTACT: (Media) Nancy P. Lovelace of Wachovia, 919-770-5696/
 (WB)


CO: Wachovia Corporation ST: North Carolina IN: FIN SU: PDT

MM -- CH006 -- 1283 11/05/93 14:20 EST
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Publication:PR Newswire
Date:Nov 5, 1993
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