Chicago-based LaSalle Bank has selected the SunGard Transaction Network (STN) to automate the processing of mutual fund and equity transactions.
The bank will use the STN to execute and settle securities transactions with more than 500 mutual fund families and brokers on behalf of its trust and custody customers.
Linda Turner, group senior vice president of LaSalle Bank, says: "In preparation for T+1, we need to continue to streamline our operations and the SunGard Transaction Network will play a significant role in delivering a straight-through processing solution for our clients."
"As LaSalle Bank is a client of the SunGard OmniES system, we knew that the integration with STN would provide us with the flexibility and efficiencies needed to serve our clients in the years ahead," she adds.
The SunGard Transaction Network is a connected community linking asset managers with brokers, brokers with exchanges, exchanges with banks, and banks with settlement agents and custodians.