Executives from Wachovia and Bank of America joined UNC Charlotte administrators on Monday to announce funding that will help create the new Institute for eBusiness Technology.

Committing $1 million over four years as charter partners, the two banks are collaborating with the university to address new business solutions with special emphasis on data security, privacy and cryptography.

“This level of commitment and the accompanying leadership underscores how fortunate we are to have two dominant banks right here in Charlotte,” Chancellor Jim Woodward said in a statement. “With Wachovia and Bank of America’s support, UNC Charlotte will continue to provide the intellectual capital to meet the growing needs of this region, particularly in the critical areas of information technology and eBusiness security.”

Drawing upon the resources of the Colleges of Information Technology and Business Administration, UNC Charlotte officials say the institute will examine ways to make ebusiness more efficient, consumer friendly, innovative and secure.

UNC Charlotte business and IT faculty and students plan to create software to generate an intelligent data analysis that will examine the information warehouses. This software will look for patterns of behavior that people have not yet discerned but that can be found with such advanced tools, including criminal activity such as check counterfeiting.

Although the university is currently collaborating with banks, UNCC says other partners in insurance, technology and other fields with similar data and security issues likely will be invited to participate with the institute as well.

UNC Charlotte: www.uncc.edu