SEI Eyes $125M, 4-Year Overhaul In Trust Services

SEI Corp. said it anticipates spending more than $125 million over the next four years to overhaul existing trust processing services.

SEI, through its Trust 3000 software, provides outsourcing services to 150 bank trust departments.

The Wayne, Pa., technology firm plans to convert its existing mainframe- based services to client/server software. The effort began last year and is scheduled for completion by yearend 1997.

SEI is working closely with Crestar Financial Corp. in Richmond, Va., and Fleet Financial Group in Boston, which are using early versions of the client/server system.

The overhaul places an "emphasis on new business generation," said Ann Luther, executive vice president at SEI. "We were looking at their competitive demands."

"SEI has given us access on an unprecedented level, and it's making a meaningful, positive business difference for us," said Victoria Gray, senior vice president at Fleet.

The bank has built its own front-end, cash disbursement system called Flex, which integrates with SEI's back-end processing software. The link will help Fleet to process about 80,000 trust accounts, once systems are combined with the acquisitions of Shawmut National Corp. and National Westminster Bancorp.

SEI said its new trust processing architecture, Strataquest, will help banks' trust customers get quicker and easier access to account information.

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