Wachovia Bank and TransPoint Announce Internet-Based Bill Delivery and Payment Pilot

ENGLEWOOD, Colo., March 23, 1999 — Wachovia Corp. and TransPoint today announced that Wachovia Bank NA, will pilot the TransPoint
™
Internet bill delivery and payment (IBDP) system. The pilot will enable a small group of Wachovia customers to receive and pay their bills at Wachovia’s online banking Web site. TransPoint, formerly MSFDC, is the joint venture of Microsoft Corp. and First Data Corp., with Citibank as a minority equity investor.

“Wachovia is committed to delivering a broad range of Internet services to our customers,”
said Lawrence G. Baxter, executive vice president of Wachovia digital financial services division.
“We are pleased to be learning more about how the TransPoint Internet bill delivery and payment service can complement our existing online banking services.”

Wachovia is the 16th-largest bank holding company in the United States. It serves more than 3.5 million consumer households in North Carolina, South Carolina, Georgia, Virginia and Florida. Wachovia is also a leading financial services provider to small businesses and commercial customers.

“We are pleased to be working with Wachovia. Its strength in the Southeast will enhance our national presence,”
said Ralph Young, executive vice president of TransPoint.

With the TransPoint pilot service, Wachovia pilot participants will benefit from an efficient, easy-to-use bill management system that collects bills from participating billers and displays them at the Wachovia bill presentation Web site. The TransPoint e-Bill service will give pilot participants greater convenience, functionality and time savings over traditional bill paying. For example, customers will be able to view their checking account balances while paying TransPoint e-Bills, receive bill details and summary information, and schedule their bills to be paid as late as 5 p.m. MST the day before a payment is due.

“Wachovia is committed to delivering electronic payment services for its customers that offer real value and convenience,”
said Janet W. Smith, executive vice president and manager of payment systems technology for Wachovia.
“The TransPoint business model for IBDP provides opportunities to increase customer loyalty and enhance Wachovia’s Internet presence.”

TransPoint is currently in pilots with several financial institutions, including Banc One Corp., KeyBank, Wells Fargo Bank, Citibank, Mellon Bank Corp. and First Union Corp. More than 37 billers are also included in the pilot, including such household names as GTE Corp., BellSouth Corp., PECO Energy Co., J.C. Penney Company Inc., Mobil Oil Corp. and Xerox Corp.

About Wachovia

Wachovia Corp. is an interstate bank holding company with headquarters in Atlanta and Winston-Salem, N.D. As of Dec. 31, 1998, Wachovia had assets of $64.1 billion. Wachovia Bank NA, the principal banking subsidiary, has more than 750 offices in Florida, Georgia, North Carolina, South Carolina and Virginia. Wachovia’s Web site is located at http://www.wachovia.com/ .

About TransPoint

TransPoint is a joint venture of Microsoft Corp. and First Data Corp., with Citibank as a minority equity investor. The company was formed in June 1997. In early 1999, TransPoint is

scheduled to introduce a completely new, seamlessly integrated Internet bill delivery and payment service. TransPoint is leading the emerging IBDP industry by building its service from the ground up instead of building new systems on top of old technology. TransPoint service will allow consumers to access and pay their bills through the branded home banking services of participating financial institutions and other consumer service providers. TransPoint is based in Englewood, Colo. For more information, visit http://www.transpoint.com/ .

TransPoint is a trademark of MSFDC LLC.
Microsoft is either a registered trademark or trademark of Microsoft Corp. in the United States and/or other countries.
Other product and company names herein may be trademarks of their respective owners.

Note to editors: If you are interested in viewing additional information on Microsoft, please visit the Microsoft Web page at http://www.microsoft.com/presspass/ on Microsoft’s corporate information pages. If you are interested in viewing additional information on First Data, please visit the First Data Web page at http://www.firstdatacorp.com/ .

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