ATLANTA, Dec. 7, 2004 (PRIMEZONE) -- iLumen Incorporated, a financial information and technology company headquartered in Atlanta, today announced a customer agreement with Wachovia Bank NA, one of the nation's largest commercial banking organizations. Wachovia will implement iLumen's iMonitor(r) financial monitoring technology to automate the gathering of financial reporting data from a subset of their customers.
Wachovia plans to integrate iMonitor's suite of financial monitoring capabilities into their service offerings for business loan customers. iMonitor provides a simplified method for businesses to electronically communicate their financial statement information to Wachovia through a secure iMonitor-powered data portal on the Wachovia website. Wachovia customers who sign up will receive automated ratio and trending analysis of their financials using an online dashboard.
"Wachovia is one of the first banks to integrate this new technology to connect their bankers with interim customer financial information," said Robert H. Woosley, Chief Executive Officer of iLumen. "It will enhance the bank/customer relationship while improving efficiency. Through its data export capabilities, iMonitor streamlines the exchange of financial information for customer relationship management, loan compliance, and credit and portfolio analysis. Simplifying the information flow should enrich relationships betweens the bank and its customers by enabling bankers to more easily respond to their customers' changing financial situations."
The decision for Wachovia Bank to implement iMonitor technology was reached following a successful pilot of the product during 2004 to validate adoption and usability.
About Wachovia
Wachovia Corporation (NYSE:WB) is one of the largest providers of financial services to retail, brokerage and corporate customers, with retail operations from Connecticut to Florida and west to Texas, and retail brokerage operations nationwide. Its four core businesses, the General Bank, Capital Management, Wealth Management, and the Corporate and Investment Bank, serve approximately 14 million client relationships (including households and businesses), primarily in 15 states and Washington, D.C. Its full-service retail brokerage firm, Wachovia Securities, LLC, serves clients in 49 states and Washington, D.C. Global services are offered through 33 international offices. Online banking and brokerage products and services also are available through wachovia.com.
Wachovia had assets of $436.7 billion, stockholders' equity of $33.9 billion and market capitalization of $61.4 billion at Sept. 30, 2004. SouthTrust had assets of $53.8 billion and stockholders' equity of $4.7 billion at Sept. 30, 2004.
About iLumen
iLumen, Inc. is a financial information technology company that delivers and manages private-company data gathering and analysis solutions designed to solve critical problems in risk management, financial compliance and financial oversight within the banking, accounting and corporate environments. iLumen's services are based on a proprietary (patent pending) data warehousing engine known as iMonitor that automates and standardizes the gathering, mapping, analysis and benchmarking of electronic accounting data from private companies.
For more information visit www.ilumen.com or call 404-446-1600. iLumen(tm) and iMonitor(r) are trademarks of iLumen, Inc., all rights reserved.