Frost Bank has partnered with banking and payments fintech Finzly to enhance its instant payment capabilities for both business and retail customers.
Based in Texas, Frost Bank, a subsidiary of Cullen/Frost Bankers Inc., will utilize Finzly’s single instant payments platform to access FedNow, a real-time gross settlement (RTGS) service launched by the US Federal Reserve last July, and the real-time payments (RTP) system operated by The Clearing House (TCH).
This platform will allow Frost Bank to unify all payment types, systems, and processes into one single payments API. According to Finzly, this integration will reduce “the complexity of managing and distributing payments in real-time,” enhance “operational efficiencies,” and help Frost Bank meet compliance and fraud monitoring requirements.
The decision to partner with Finzly was driven by Frost Bank’s “urgent need” to “adapt and evolve in a 24/7/365 business environment,” as stated by both companies. This partnership marks the beginning of Frost Bank’s “enterprise modernization strategy.”
Frost Bank senior vice president Aaron Wiatrek anticipates that the partnership will “provide our customers with more options beyond traditional payment methods,” allowing for money transfers “at the speed they need, when they need it.”
Founded in the back of a small mercantile store in San Antonio in 1868, Frost Bank currently offers a variety of business and retail banking services, as well as insurance and investment products. With $49.5 billion in assets (as of March 31, 2024), it ranks among the 60 largest banks in the US.
Source: fintechfutures.com
