Northern Trust will install correspondent services and its Trust/Rite accounting system in financial institutions in Maine, Texas and Illinois.
The accounting software company signed contracts with RAM Trust Services of Portland, Maine, Amarillo National Bank of Amarillo, Texas, and Old Second National Bank of Aurora, Ill.
“Northern Trust combines flexible, Web-based technology with a knowledgeable support staff that understands the challenges of a trust institution,” said Sandy Ward, director of operations at RAM Trust . “Trust/Rite allows us to process complex financial transactions in real time and share reports with our clients in a format that is easy to understand.”
“The Trust/Rite platform is generating interest from start-up trust divisions as well as established trust banks with $1 billion or more in assets,” said David Batrich, vice president and director of correspondent trust sales at Northern Trust. “Many institutions are seeking an upgrade from legacy systems with batch processing and outdated technology that will no longer be supported in the market place within a few years.”