INTERNATIONAL PAYMENTS AND COLLECTIONS

International ACH

International ACH (IACH) payments are high volume, non-urgent, and often repetitive cross-border payments.  The primary sources for these low-value foreign currency payments are supplier payments, payroll, and personal remittances made to foreign countries.  IACH services already account for approximately 50 percent of the estimated 80 million payments made from the U.S. to top trading partners, and that percentage continues to increase as ever more companies recognize the efficiency and cost-effectiveness of the solution.

In short, if you participate in the global marketplace, your need for IACH payment capabilities will grow. Wachovia's market-leading IACH service is part of a spectrum of global payments capabilities, which enable you to work with Wachovia as your single payments provider.  For more information, please read our product brochure. 

International Wires

If your company needs to make payments in U.S. dollars or foreign currencies to vendors, subsidiaries, or affiliates via wire, Wachovia provides your company with the ability to initiate international wires directly from your office. Our global network of over 3,000 correspondent banks helps ensure the most efficient and secure delivery of your U.S. dollar payments. International Wires can be effected easily and efficiently via Wachovia Connection

International Drafts

If your company needs to make payments in foreign currencies or in U.S. dollars to foreign payees, and the payment must be in check form as opposed to wire, Wachovia offers you the ability to issue FX Drafts. Drafts can be issued using either a PC, or manually.

Integrated Payables

In addition to a full array of domestic payment options, Wachovia's Integrated Payables service accepts and processes instructions for the outsourcing of international wires and foreign drafts. All payment instructions, both domestic and international, can be included in a single payment instructions file.

Global Check Clearing

If your company is selling overseas and receives payment in the form of foreign currency denominated or US dollar checks drawn on foreign banks, Wachovia can process these items for your company through our Global Check Clearing service.

Information Reporting/Transaction Initiation Services

Wachovia offers you the ability to electronically initiate international payments including wires and FX drafts. Foreign-currency balance and transaction reporting in respect of accounts held both at Wachovia and at other banks is also available.

Global Multi Bank Reporting

The Multi-Bank Reporting International service allows you to generate Previous Day Balance and Detail Reports for all bank accounts which your company holds with banks around the globe therefore enabling you to monitor your currency cash flow positions and reconcile your accounts globally from one view.

All account balance and transaction activity on your non-Wachovia bank accounts is transmitted to Wachovia via a secure channel. Wachovia makes these reports available in a layout suitable for viewing onscreen and printing.

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