Bank of Boston announced this week that it has converted its trust and private banking accounting systems to software from Broadway & Seymour Inc.
As of Jan. 1, more than 21,000 trust and private banking accounts at the $47 billion-asset bank had been converted to the Amtrust system of Charlotte, N.C-based Broadway & Seymour. The system runs on International Business Machines Corp. mainframes.
Bank executives said they had also completed the first installation of Broadway & Seymour's new trust workstation product, called Aminvestor.
Aminvestor lets trust banks download account analysis reports directly to their investment manager clients. Broadway & Seymour officials said Bank of Boston was development partner for the system - the first in a series of trust workstation products the company will soon release. All will be marketed under the name AssetManager.
"Bank of Boston was an excellent partner for these developments," said James R. Spencer 3d, senior vice president at Broadway & Seymour. "The cooperation of its people helped make this version of Amtrust, enhanced with AssetManager, more in tune with the needs of their trust customers."
SEI Corp., a competitor of Broadway & Seymour in the trust systems business, also unveiled new technology this week, an integrated investment product account statement. It will be available to clients who outsource their trust account processing to the Wayne, Pa.-based company.
SEI's Investor Performance Statement enables financial institutions to supply investment information for all asset allocation and personal trust accounts to a wide range of investors, comparing individual portfolio allocation and historical rates of return against market indicators.
Previously, such performance statements have been affordable only to high-net-worth and institutional investors, SEI officials said.
"The new Performance Statement allows banks to raise their services to a new level by helping customers better manage their investments," said Rick Lieb, president of SEI's investment systems and services division.