Wachovia, Online, Payables, Finance, Accounting
Wachovia introduces online payables service geared to smaller businesses
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Wachovia's Treasury Services Division, through its strategic alliance with Payformance Corporation, announced today the availability of a new Online Payables service.
This PC-based solution enables Wachovia customers to manage the payment process via a secure, easy-to-use Web site, eliminating the need for pre-printed check stock and reducing expenses related to printing and sorting equipment.“Our small to mid-size customers have asked us for a way to simplify their accounts payable and check processing activities, and we’re excited to deliver the solution they need,” said Michael Daley, Senior Vice President and manager of Wachovia's Treasury Services Product Solutions. “Online Payables is an ideal cash management tool for these customers as they look for ways to gain efficiencies and focus more on their strategic business objectives.”
Wachovia’s Online Payables solution is flexible, accepting multiple file formats. As a result, it integrates easily with a company’s pre-existing accounting software applications. Payment files are generated through the customer’s accounting software and then uploaded to the Online Payables application. The details of the file can then be viewed and processing decisions can be made quickly and conveniently. Through a secure, easy-to-use Internet platform, the customer benefits from improved reporting capabilities including report scheduling and exporting payment files and account reconcilement.
“We are very pleased to be working with Wachovia to deliver this new service to their customers," said Dwayne L. McAfee, President and CEO of Payformance Corporation. "Given our history with secure B2B payment solutions, we are excited to see Wachovia leverage our technologies to deliver a cost effective payment solution to their small to mid-sized customers. These customers are the real winners with this new service, gaining access to cost savings and efficiencies previously reserved only for larger corporations."
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