Texas-based Frost Bank, a subsidiary of Cullen/Frost Bankers Inc., has announced a partnership with Finzly to leverage the fintech company’s single instant payments platform. This integration will enable Frost Bank to access both the FedNow℠ service by the Federal Reserve and The Clearing House’s RTP® system, offering real-time payment capabilities to its customers.
Key benefits of the partnership for Frost Bank include:
- Consolidation: Finzly’s platform will unify Frost Bank’s payment processes into a single API, streamlining management and distribution of real-time payments.
- Efficiency: The solution promises to enhance operational efficiency by reducing complexity and streamlining processes.
- Compliance & Security: The platform is designed to support Frost Bank’s compliance and fraud monitoring requirements.
Frost Bank’s decision reflects the growing need for financial institutions to adapt to a real-time business environment. This partnership marks the initial step in the bank’s “enterprise modernization strategy,” according to a joint statement.
Frost Bank anticipates the collaboration to provide its customers with greater flexibility and convenience. Senior Vice President Aaron Wiatrek stated, “This partnership will provide our customers with more options beyond traditional payments methods, enabling money transfers at the speed they need, when they need it.”
Frost Bank, established in 1868, boasts a rich history and a comprehensive range of financial services. With $49.5 billion in assets (as of March 31, 2024), it ranks among the top 60 banks in the United States. This partnership positions Frost Bank to offer competitive real-time payment solutions and modernize its overall payment infrastructure.
