Northern Trust touts trust accounting system

Source: Northern Trust

As a specialist provider of correspondent banking services, Northern Trust is helping to fuel start-up trust bank operations across the US with its Trust/Rite trust accounting system.

Installed now in over 125 banks, with over $50 billion in combined trust assets, to organize and power their backoffice, Trust/Rite delivers industry leading custodial and accounting technology as well as bundles Northern Trust industry leading wealth management products.

"The Trust/Rite platform allows Northern Trust to link its proprietary products with established and start-up trust banks," said David Batrich, Vice President and Director of Sales for Correspondent Services at Northern Trust. "At the same time that we can provide these start-up trust departments with multiple products through our platform, they are able to provide their affluent clients with industry leading capabilities to help them immediately grow their business."

Leveraging the technical and operational resources of Northern Trust within their own banking footprint, recent new start-up wins include OMNI Bank of Louisiana and Bank of Lenawee of Michigan.

"Bank of Lenawee made the decision to partner with Northern Trust in part because of their strong reputation and expertise as the premier provider of trust services to the community bank market," said Richard L. Boyce, Senior Vice President, Investment Services Group, Bank of Lenawee. "Northern Trust offers a cost effective total solution that is invaluable to a start-up trust operation. In addition, Northern Trust's expert staff consulted with us throughout the process to help ensure that we provide our clients with state- of-the-art service in a cost controlled manner."

"Northern Trust has a complete, full-service solution unlike any other in the industry that was critical in getting us up and running and gave our community bank trust department national bank capabilities immediately," said Mike Lopez, Vice President & Trust Officer, OMNI Bank of Louisiana. "Their technology and product capabilities are by far the best we have encountered, and their commitment to the trust business is unrivaled. We are looking forward to a long relationship with Northern Trust."

"Northern Trust is in the unique position of understanding the demanding needs of start-up trust departments," added Batrich. "We are able to confidently and quickly solve their wealth management and operation problems with a highly customized and flexible software package that is a win-win for Northern Trust, the start up trust banks and their clients."

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