Nina Archer, head of First Union Corp.'s global cash management division, has been promoted to executive vice president.
During the five years that Ms. Archer, 47, headed cash management, revenue doubled. At about $700 million annually, the division ranks as the third-largest in the United States.
The unit is growing at a compound annual rate of 18%, which is three times the industry average, according to Ernst & Young LLC, New York.
"We want to be a $1 billion business by 1999," said Ms. Archer.
Ms. Archer, who oversees product development, will be aided in her goal with a newly fortified technology budget of $35 million in both 1998 and 1999, up from $20 million in 1997.
Investments will be made in new services that use Internet-based Web browser software. The bank also hopes to flesh out its integrated payables and receivables service, which was inherited when it bought CoreStates Financial Corp.
First Union also will tie new electronic bill payment and presentment services to its large lockbox network.
Toward that end, Ms. Archer has been cultivating relationships on the retail side of First Union. "The cash management industry needs to do a better job of bringing the consumer and wholesale sides of the bank together," she said.