New York, NY, July 7, 2014 – Innovest announced today that Amalgamated Bank of Chicago has chosen Innovest's InnoTrust as its corporate and institutional trust platform. In addition to InnoTrust, Innovest's flagship accounting platform, Amalgamated will be using Innovest's payment solutions to streamline its disbursement operations. In selecting Innovest, Amalgamated Bank of Chicago will be upgrading its technology platform and service delivery to its clients and better positioning the firm to grow its corporate and institutional trust business.
"We selected Innovest's solution in order to support our current operations and position the firm for future growth," said Robert Wrobel, chairman and CEO of Amalgamated. "Innovest is helping Amalgamated get there by deploying an integrated corporate and institutional trust platform that will help us better address client needs and improve our operational workflows. As a firm specializing in serving unions, their employee benefit plans and the municipal corporate trust community, Amalgamated was particularly interested in finding a provider with a deep appreciation for the importance of efficient disbursements processing. Innovest met that need."
William Thomas, Innovest's chief executive officer said, "We couldn't be more pleased to be working with Amalgamated Bank of Chicago. The firm has an excellent reputation for client service. By using Innovest's corporate and institutional trust platform—including Innovest's payment solutions to power its disbursements operations—Amalgamated is deploying a powerful platform that will support its current business and provide a solid foundation for growth. In today's economic climate, the need for scalability and increased efficiency is paramount."
Innovest provides modern-era solutions to banks, trust companies, and other financial institutions. The platform empowers its clients to acquire new customers and assets, invest those assets effectively, manage trust and investment portfolios efficiently, and flexibly report results back to its customers. Innovest has over $425 billion in assets under administration on its InnoTrust platform and disburses more than $24 billion annually through its payment solutions offering.
Innovest is a leading provider of financial technology solutions delivered to forward thinking trust, wealth management, and retirement professionals. Innovest offers its clients a secure and integrated trust accounting and wealth management technology platform, payment solutions, and related fulfillment services delivered in a Software as a Service (SaaS) environment. Innovest has over $425 billion in assets under administration on its trust and wealth management platform, processes more than 4 million payments annually and provides fulfillment services for more than 10 million documents including checks, advices, and tax forms each year. For more information about Innovest, visit www.innovestsystems.com.
About Amalgamated Bank of Chicago
Founded in 1922 by the Amalgamated Clothing Workers Union (now known as WORKERS UNITED), Amalgamated Bank of Chicago has always been dedicated to serving America's working people. Though times have changed, Amalgamated's original vision has not. The union heritage continues. As Amalgamated Bank changes and grows, the bank offers new and innovative banking products and services to better serve their customers—unions and union members in Chicago and across the nation, and the municipal corporate trust community. Amalgamated, established in 2007 a full service branch facility in Warrenville, Illinois to better service the banking and trust needs of unions and their members located in the western suburbs of Chicago. Please visit www.aboc.com for more information.
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Media: Fraylie Nord