Wachovia Deploys Advanced Financial Solutions' xVision for Live Processing of Federal Reserve Check Images

Market Wire, September, 2004

Wachovia Corp. (NYSE: WB), the nation's fourth largest bank, today announced that it has begun receiving check images from the Federal Reserve Bank using technology from Advanced Financial Solutions (AFS). The xVision solution from AFS gives Wachovia the ability to move a critical mass of truncated check transactions from the Federal Reserve using electronic check presentment (ECP) with image-to-follow.

"This deployment offers Wachovia access to a large number financial institutions through one access point, which fosters increased check image processing for all of the institutions involved," said Gary Nelson, president of AFS. "By reaping the full benefits of check truncation and image exchange, Wachovia is positioned to vault ahead of the industry."

AFS xVision provides the bridge between Wachovia's image item processing platform and a Federal Reserve X9.37 data file format. The Federal Reserve selected the American National Standards Institute (ANSI) X9.37 black and white check image standard in May 2004.

"AFS xVision enables us to extend our electronic check clearing and settlement reach and penetration," said Shahrokh Ghassemi, director of Transaction Technology Services for Wachovia. "Wachovia and the Federal Reserve now have seamless ECP with image-to-follow, despite the differences in system and platform processing." Peter Frank, Senior Vice President of Operating Services for Wachovia, added, "This establishes the foundation for our Check 21 strategy, while leaving all our paper-based check processing systems unchanged."

According to recently published statistics from the Federal Reserve, more than 1,300 financial institutions use the Federal Reserve's FedImage Services. Each day the Federal Reserve Banks capture digital images of nearly 10 million checks on behalf of financial institutions. More than 5.2 billion images are stored in the Federal Reserve's national archives.

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 $418.4 billion, market capitalization of $58.3 billion and stockholders' equity of $32.6 billion at June 30, 2004. Its four core businesses, the General Bank, Capital Management, Wealth Management, and the Corporate and Investment Bank, serve 12 million retail and business clients nationwide. Its full-service retail brokerage firm, Wachovia Securities, LLC, serves clients in 49 states. Global services are provided through 32 international offices. Online banking and brokerage products and services also are available through Wachovia.com. Wachovia Securities is the trade name for the Corporate and Investment Banking Services of Wachovia Corporation and its subsidiaries, including its broker-dealer Wachovia Capital Markets LLC, member NYSE, NASD, SIPC.

About Advanced Financial Solutions

Founded in 1992, Advanced Financial Solutions Inc. (AFS), a Metavante company, has delivered high-quality image-based and conventional check processing solutions to the financial services industry. AFS was one of the first companies to offer image and item processing technology based on the Microsoft® Windows .NET operating environment. All AFS item-imaging solutions are designed from the ground up with the functionality that banks and remittance processors need for operating in a high-capacity, transaction-based environment. Based in Oklahoma City, AFS became a wholly owned subsidiary of Metavante Corporation on July 1, 2004. Metavante is the financial technology subsidiary of Marshall & Ilsley Corporation (NYSE: MI). For more information, see www.afsimage.com.

Contact: Sam Kim Metavante Corporation 678-533-4861 sam.kim@metavante.com Margie Green Wachovia 704-383-7742 margie.green@wachovia.com