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Case Study  |
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Description:
COMPANY BACKGROUND
Wachovia Bank (formerly First Union)is a diversified financial services company that provides a broad range of banking, asset management, wealth management, and corporate and investment banking products and services. With nearly 87,000 employees, they are able to serve banking, brokerage, and corporate customers primarily on the East Coast, as well as through investment banking offices in selected locations.
NEW PROJECTS
Wachovia undertook implementing “ANSI Standard EDI" (Elecrtronic Data Interchange) with its vendors in late 1998. “Standard EDI” meant that Wachovia’s mainframe sends order transactions to a middleman (GE Information Systems) which is called a “VAN” (value-added network) in EDI parlance, dropping off those transactions into mailboxes (one for each supplier). The suppliers, including SearchTec, would then each dial up GEIS to retrieve orders.
When the work was completed, the traffic would go in the opposite direction. As the supplier, Searchtec would send its completed work to GEIS and drops it off in Wachovia’s mailbox. Wachovia’s computers would then dial into GEIS and pick up the work, and then update the Wachovia database.
The result was that Wachovia’s staff could order searches and appraisals on their own system, and in short order, the results came back into that system automatically. No one had to “log work in” or update the database. This resulted in a much more efficient operation for everyone involved. |
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