BOSTON (AP) — The Massachusetts Department of Transportation board has approved a contract for a new system to modernize the Registry of Motor Vehicles.

MassDOT said Wednesday the 63-month contract of up to $76.8 million was awarded to Deloitte Consulting LLC to design, develop and install the new operating system. It’s expected to save more than $19 million a year.

MassDOT Secretary and CEO Richard Davey said the new technology will “revolutionize the way our customers interact with us.”

MassDOT said the current 27-year-old operating system is pushed to the limit as it handles about seven million transactions a day.

The new system will allow evaluations of staff and branch performance, provide reliable revenue collection and distribution, improve information sharing with law enforcement, and expand services by the RMV’s private partners in vehicle sales and insurance.

Copyright 2012 The Associated Press.