Wachovia’s Treasury Services division expanded its automated clearing house (ACH) services with the launch of its International ACH capability, starting with companies transacting business in Canada.
With this capability, Wachovia’s US Treasury Services customers can make and/or receive ACH payments to/from Canadian businesses or individuals.
Canada is the largest national trading partner of the United States and is the first of several countries slated for implementation of Wachovia’s International ACH services throughout 2006.
“After completing our International ACH pilot, we are pleased with the results and look forward to working with all of our customers that conduct business in Canada,” said Ranjana Clark, head of Wachovia Treasury Services. “With this service, we can truly offer one-stop shopping. The launch of our Canadian ACH service is the first step, and we look forward to rolling out International ACH capability in the United Kingdom, Germany, France and The Netherlands over the next 12 months.”
Wachovia is introducing the Canadian product after completing a research and testing phase with a pilot customer, Maple Leaf Estates Homeowners’ Corp. Based in Port Charlotte, Florida, Maple Leaf has approximately 2,200 members in the United States and Canada.
“Working with one bank, Wachovia, kept it simple for our organization and meant we didn’t need accounts with multiple banks,” said Tammy Eugenius, accounting manager for Maple Leaf. “International ACH also eliminated the need for expensive wire transfers for our Canadian members and gave them the ability to receive and make our payments automatically.”