Frost Bank in Texas taps Finzly for instant payments
Frost Bank has selected banking and payments fintech Finzly to power new instant payment capabilities for its business and retail customers.
Frost Bank partners Finzly for instant payments
The bank, which is based in Texas, US and operates as a subsidiary of Cullen/Frost Bankers Inc, will deploy the fintech’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).
The platform will enable Frost Bank to consolidate all payment types, systems and processes into one single payments API, which Finzly says will reduce “the complexity of managing and distributing payments in real time” and deliver “operational efficiencies” while also helping Frost Bank to meet its compliance and fraud monitoring requirements.
The selection of the vendor was made amid an “urgent need” recognised by Frost Bank to “adapt and evolve in a 24/7/365 business environment”, according to the pair’s statement. The bank adds that the partnership forms the starting point of an “enterprise modernisation strategy”.
Frost Bank senior vice president Aaron Wiatrek says he expects the partnership to “provide our customers with more options beyond traditional payments methods”, enabling money transfers “at the speed they need, when they need it”.
Formed in the back of a small mercantile store in San Antonio in 1868, Frost Bank currently offers a range of business and retail banking services alongside insurance and investment products. With $49.5 billion in assets (as of 31 March 2024), it is among the 60 largest banks in the US.
