First Union Corp., Charlotte, N.C., said Tuesday that it has allocated more than $70 million over the next two years to develop products for its cash management division.

The banking company said the investment marks the largest commitment to its cash management product development efforts to date.

First Union plans to enhance its international trade and payment products. It also plans to add more Internet-based services, including loan applications and bill payment.

Investments will also be made in improving First Union's lockbox network, including adding on-line and CD-ROM access to check, invoice, and exception item images.

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