Northern Trust Corp. announced Monday that it has agreed to provide correspondent services, including its proprietary trust accounting system, to support trust operations of three financial institutions - in Maine, Texas, and Illinois.
The contracts with RAM Trust Services in Portland, Maine; Amarillo National Bank in Texas; and Old Second National Bank in Aurora, Ill., include the use of Northern Trust's Trust/Rite platform, a trust accounting application that is built on the foundation of Northern Trust's trust capabilities.
David Batrich, a vice president of correspondent trust sales at Northern Trust in Chicago, said the Trust/Rite platform is generating interest from start-up trust divisions as well as established trust banks with $1 billion or more of assets. Many institutions are seeking an upgrade from legacy systems with outdated batch-processing technology that will be superseded in the marketplace within a few years, he said in a press release.
Trust/Rite is installed in more than 135 U.S. organizations, with more than $100 billion of aggregate trust assets.
At June 30, Northern Trust had $2.7 trillion of assets under custody and $590 billion under investment management.
