Wachovia has chosen Visa DPS to handle the bank's offline debit processing, Interlink for PIN point-of-sale transactions and NYCE for Wachovia's ATM volume.
"We began an in-depth analysis of our debit and ATM card business about 18 months ago," said Bob McGee, Chief Financial Officer for Wachovia's General Bank division. "We knew that once we completed the First Union/Wachovia merger we would need to reissue our ATM and debit cards because the two companies had different network relationships and different logos on the backs of their cards. This offered us a perfect opportunity to review our ATM and debit card infrastructure, create efficiencies and make sure we were providing the best service to our customers and the best return for our shareholders."
Wachovia requested proposals from several ATM and debit card providers in early 2002. The company has been reviewing those proposals and evaluating changes in the payments industry since that time.
"Customer convenience and shareholder value were the main criteria in making our network decisions," McGee said. "We believe the choice of Visa, Interlink and NYCE will help Wachovia develop an integrated strategy for ATM and debit transactions that, over time, will result in a win-win-win for customers, merchants and our company."
Wachovia expects to finalize and implement the new network arrangements over the next several months. While today's decision will not change how and where Wachovia customers can use their debit cards, cardholders can expect new cards by mid-2004, with the Interlink, NYCE and Plus logos on the back. The Plus network will continue to serve as Wachovia's international ATM network and a secondary network to NYCE in the United States. The front of the Wachovia Check Cards will continue to carry the Visa logo.
ABOUT WACHOVIA
Wachovia Corporation (NYSE:WB) is one of the largest providers of financial services to retail, brokerage and corporate customers throughout the East Coast and the nation, with assets of $364 billion and stockholders' equity of $32 billion at June 30, 2003. The company operates full-service banking offices in 11 East Coast states and Washington, D.C., and offers retail brokerage services in 48 of the 50 states. Global services are provided through more than 30 international offices. Online banking and brokerage products and services are available through wachovia.com.
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