New York, July 26, 2005 – Innovest Systems, LLC, a financial technology firm specializing in trust accounting and reporting solutions, today announced that Atlanta-headquartered SunTrust Banks, Inc., one of the nation's largest commercial banking organizations, has selected Innovest's real-time accounting platform, InnoTrust, for its Corporate Trust special services.
"We decided to partner with Innovest Systems because they offer an innovative trust accounting solution that is highly configurable, allowing us to tailor it specifically to the needs of our business. Additionally, Innovest's solution is offered in an Application Service Provider mode, which provides SunTrust with a lot of flexibility," said Geri Kail, senior vice president and head of Corporate Trust at SunTrust.
Leveraging the latest in trust accounting and reporting technology, InnoTrust provides a secure, integrated platform. Availability of real-time information allows users to enhance the responsiveness and accuracy of their customer service. In addition, InnoTrust's custom reporting capabilities allow the development of reports and statements tailored to the specific needs of the user's customers.
"We are delighted to have a firm of SunTrust's renown and sophistication recognize the advantages of Innovest's comprehensive trust accounting offering," said William Thomas, chief executive officer of Innovest Systems. "Using InnoTrust, SunTrust will be able to streamline workflow while satisfying its specialized processing requirements. Like many of our partners, SunTrust is looking to meet evolving client information needs; Innovest offers the robust webbased tools to accomplish this important goal."
SunTrust Banks, Inc., headquartered in Atlanta, Georgia, is one of the nation's largest commercial banking organizations. As of June 30, 2005, SunTrust had total assets of $169.0 billion and total deposits of $109.6 billion. The Company operates an extensive branch and ATM network throughout the high-growth Southeast and Mid-Atlantic states and a full array of technology-based, 24-hour delivery channels. The Company also serves customers in selected markets nationally. Its primary businesses include deposit, credit, trust and investment services. Through various subsidiaries the company provides credit cards, mortgage banking, insurance, brokerage and capital markets services. SunTrust's Internet address is www.suntrust.com.
About Innovest Systems
Innovest Systems, LLC provides trust accounting and securities processing systems, via a technology solution that surmounts the imitations of yesterday's legacy systems. Innovest's flagship product, InnoTrust, is a secure, integrated real-time trust accounting and reporting system offered in an Application Service Provider (ASP) environment. Innovest's highly flexible platform offers a dramatically better way to support the trust accounting and securities processing needs of trust companies, trust and custody departments of banks, wealth management firms, and private banks. Innovest is headquartered in New York City. For more information about Innovest Systems, visit www.innovestsystems.com.
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Media: Fraylie Nord