News

Wachovia to utilize Transoft cash optimization

July 2, 2002

CARY, N.C. -- The merger integration of First Union's cash reduction and management process utilizing Transoft International's OptiCa$h system is well underway for legacy Wachovia ATMs, according to a Transoft news release.

The integration of legacy Wachovia ATMs into OptiCa$h will continue through September 2002. Financial centers at both institutions will begin the merger transition during the fourth quarter 2002.

First Union Bank was an early adopter of currency reduction solutions, including pioneering reserve requirement legislation for the banking industry. The implementation of Transoft's currency management products at First Union dates back to 1997.

In the recently formed "new" Wachovia Bank, OptiCa$h will set cost effective currency levels, handle coin and currency ordering and monitor performance for more than 4,600 ATMs and approximately 2,800 financial centers across 11 states.

In a news release, Bo Holmgreen, president and CEO of Transoft, called the OptiCa$h installation at Wachovia, "one of the largest implementations within the worldwide currency optimization industry."

Michael Scarlett, head of Currency Operating Services at Wachovia, said the merger team expects currency levels within the legacy Wachovia operations to decrease by approximately 20 percent through the expansion of the Transoft platform.

Wachovia Corporation (NYSE: WB) was created through the Sept. 1, 2001, merger of First Union and Wachovia. It had assets of $320 billion and stockholder's equity of $29 billion at March 31, 2002.