SEI Investments has tied into Charles Schwab's OneSource mutual fund supermarket as part of a new straight-through processing solution for its fund business. The Oaks, Pennsylvania-based SEI said it would use the Schwab funds supermarket to clear trades made through the solution.

SEI inked an agreement with Charles Schwab Clearing Services to integrate the SEI mutual fund processing platform with Schwab's mutual fund supermarket. That tie-in will "significantly streamline" many of the accounting, processing, reconciliation, and clearing activities, for SEI clients, the firm explained.

The firm said that the service should be ready for rollout in the second quarter of 2003. It will offer the solution on an outsourced basis to national, regional and community banks; independent trust companies; investment advisors; broker/dealers, and investment managers.

SEI will continue to use Vertical Management Systems' mutual fund automated tools as a complement to the new service.

"This outsourced business solution is designed to provide financial services organizations with the necessary straight-through trading and processing capabilities to improve profitability, mitigate risk and focus on their core business of enhancing products and services for their clients," explained Robert Crudup, executive vice president and head of the SEI's Private Banking and Trust Segment.

Bill Thomas, senior vice president of Charles Schwab Clearing Services said that the deal is "an extension of a long-standing alliance between Charles Schwab and SEI Investments."  

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