Alerus Financial Corporation (“Alerus”) (OTCQX: ALRS) has selected Vertical Management Systems, Inc. (“VMS”) to help streamline the workflow of its wealth management division by providing a comprehensive data aggregation solution for its retirement and trust systems.
“Due to Alerus’ growth over the past five years combined with our acquisition strategy, we needed an aggregation point to create an institutional-level view across our departments to improve transparency and flexibility with current and future third-party products,” said Brian Overby, President of Alerus Retirement and Benefits. “VMS’ workflow solution will provide better compliance oversight and help us maximize efficiency across the organization.”
“We are excited that Alerus Financial has selected VMS to provide a holistic solution for their wealth management business that will improve regulatory oversight and efficiency,” said Kevin Rafferty, President and Chief Executive Officer at VMS. “In addition, we are thrilled to have Alerus as a development partner focused on automating the client billing and shareholder service credit process.”
“The growth and increased use of different types of assets and deal structures over the last 10 years is continuing to put enormous structural pressure on institutions’ back office systems and operational workflows around income tracking, shareholder service revenue billing and receipt as well as reconciliation,” said Bob Ward, Chief Revenue Officer at VMS. “VMS is committed to continuing to invest in these areas to help support our existing clients, who now process over $700B in assets, and new clients like Alerus by providing them with the flexibility to maximize revenue, control expenses and leverage their already significant technology spend on existing applications.”
About Alerus Financial Corporation
Alerus Financial Corporation, through its subsidiaries Alerus Financial, N.A. and Alerus Securities Corporation, offers business and consumer banking products and services, residential mortgage financing, employer-sponsored retirement plan and benefit administration, and wealth management including trust, brokerage, insurance, and asset management. Alerus Financial banking and wealth management offices are located in Grand Forks and Fargo, N.D., the Minneapolis-St. Paul, Minn. metropolitan area, Duluth, Minn., and Scottsdale, Ariz. Alerus Retirement and Benefits plan administration offices are located in St. Paul, Minn., Albert Lea, Minn., East Lansing and Troy, Mich., and Bedford, N.H.
About Vertical Management Systems, Inc. (VMS)
Vertical Management Systems (VMS) is one of the nation’s leading providers of data, financial networking, and account aggregation technology. For 25 years, VMS has designed, developed and hosted accounting and securities process-and-control solutions for the largest financial institutions in the United States. VMS’ core products include an innovative process-and-control solution, a comprehensive data aggregation tool, and a next-generation retirement platform. VMS is a NewSpring Holdings portfolio company. For more information, please visit www.vmsholdings.com.
Kerry Ward, 310-760-8666