Wachovia Moves to Transofts OptiCa$h

Transoft International, the leading innovator of currency optimization solutions for financial institutions, reported today that the merger integration of First Unions cash reduction and management process utilizing OptiCa$h© is well underway for legacy Wachovia ATMs.

Cary, NC (PRWEB) August 21, 2002 -- Transoft International, the leading innovator of currency optimization solutions for financial institutions, reported today that the merger integration of First Unions cash reduction and management process utilizing OptiCa$h© is well underway for legacy Wachovia ATMs. The integration of legacy Wachovia ATMs into OptiCa$h© will steadily continue through September 2002. Financial centers at both institutions will begin the merger transition during the fourth quarter 2002. OptiCa$hs© monitoring and preemptive warning capabilities is already positively impacting availability for migrated legacy Wachovia ATMs," said John Morris, Manager and Wachovias Cash Optimization Manager.

The legacy First Union Bank was an early adopter of currency reduction solutions including pioneering reserve requirement legislation for the banking industry. The implementation of Transofts currency management products at First Union dates back to 1997. In the recently formed new" Wachovia Bank, OptiCa$h© will be setting cost effective currency levels, handling coin and currency ordering and monitoring performance for over 4,600 ATMs and approximately 2,800 financial centers across eleven states. The OptiCa$h© installation at Wachovia, with over 7,400 endpoints analyzed daily(not only ATMs but also the more complex branches), is clearly one of the largest implementations within the worldwide currency optimization industry," said Bo Holmgreen, President and CEO of Transoft.

The merger committee for application systems selections endorsed the use of OptiCa$h© as the currency optimization solution for the new Wachovia Bank. Our merger expectation is that currency levels within the legacy Wachovia operations will decrease by approximately 20% through the expansion of this platform," stated Michael Scarlett, head of Currency Operating Services at Wachovia.

Wachovia Corporation (NYSE:WB), created through the September 1, 2001, merger of First Union and Wachovia, had assets of $320 billion and stockholder's equity of $29 billion at March 31, 2002. Wachovia is a leading provider of financial services to 20 million retail, brokerage and corporate customers throughout the East Coast and the nation.

Transoft is the world's leading provider of currency supply chain management analytical applications for the banking industry. Based in Cary, North Carolina, Transoft, founded in 1992, develops software that provides large recurring cost savings in the ATM, branch and vault networks of banks, by applying Operations Research and statistical analysis to the cash inventory management and balancing of all cost components.

The company's products include OptiCa$h©, the industry's leading integrated set of analytical applications for predicting currency demand at each cash point, while optimizing cash deliveries and clearings; OptiCa$h© is the leading optimization and end-to-end processing tool for Currency Management, OptiNet© is an integrated web-enabled branch and carrier communications tool that extends the functionality of OptiCa$h© to intranets; and OptiVault© is a vault consolidation analytical application that optimizes currency and coin ordering, denomination management and clearing methods for bank money rooms and carrier vaults.

Transoft is a privately held company with customers in production across 6 continents, managing cash for over 50,000 ATMs and 14,500 bank branches. Transoft can be reached at 919.678.9192 and www.transoftinc.com.

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