SEI Investments has won a long term contract with US-based SunTrust Bank for the supply and implementation of its securities processing and accounting system.
SunTrust will use the SEI platform to support its private client and institutional businesses. Implementation is expected to take between 12 and 16 months.
SEI says its system will provide SunTrust with efficient, straight-through processing, reduced operating risk and a lower cost of ownership.
William Wohlford, executive vice president of private client services operations, SunTrust, says: "The comprehensive features of SEI's system will help us enhance our service delivery to SunTrust clients."