Frost Bank Partners with Finzly for Instant Payments: Key Points
- Partnership Announcement:
- Frost Bank has chosen fintech company Finzly to implement instant payment capabilities for its business and retail customers.
- Technology Deployment:
- The bank will utilize Finzly’s single instant payments platform to connect with FedNow and The Clearing House’s RTP system.
- The platform consolidates all payment types, systems, and processes into a single payments API.
- Operational Benefits:
- The integration aims to reduce the complexity of managing real-time payments, enhance operational efficiencies, and ensure compliance and fraud monitoring.
- Strategic Importance:
- The partnership is part of Frost Bank’s enterprise modernization strategy to adapt to a 24/7/365 business environment.
- Customer Impact:
- Frost Bank expects to offer customers faster money transfers and more options beyond traditional payment methods.
- Company Background:
- Frost Bank, established in 1868 in San Antonio, Texas, offers a range of banking, insurance, and investment products.
- As of March 31, 2024, the bank has $49.5 billion in assets and is among the 60 largest banks in the US.
