Citizens Bank, headquartered in Flint, MI, and
Huntington National Bank of Columbus, OH have elected to use
SunGard Trust & Custody's
Expediter/2000 product as their integrated and automated trading link to more than 150 mutual fund families. Expediter interfaces with the banks' trust accounting systems which are also SunGard products. The two new client banks brings the total of number of SunGard clients using Expediter/2000 to 90.
According to SunGard, the Expediter/2000 system provides a paperless trading environment with a fully integrated real-time trading link between any SunGard trust accounting system and over 150 mutual fund providers. The system provides support for load and no load funds traded at NAV.
SunGard touts the product as cost reducing through automation, time saving via automation and complete support for proprietary bank sponsored funds.
"We chose Expediter because it offers an automated interface from our
Trustware 11 system to various fund families," said
Michele McCallister, business analyst, Huntington. "When we request access to additional funds, the SunGard team will arrange for those fund companies to be brought onto the system. All the work is done for us."
"Because it's so highly automated, we only have to enter information once. This eliminates errors because there is no human intervention after the first key point. This process also frees up staffing time to work on other client issues," said
Bonnie Wenzel, vice president and trust officer, Citizens Bank.
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