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Frost Bank in Texas taps Finzly for instant payments

Frost Bank Partners with Finzly for Instant Payments: Key Points

  1. Partnership Announcement:
    • Frost Bank has chosen fintech company Finzly to implement instant payment capabilities for its business and retail customers.
  2. 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.
  3. Operational Benefits:
    • The integration aims to reduce the complexity of managing real-time payments, enhance operational efficiencies, and ensure compliance and fraud monitoring.
  4. Strategic Importance:
    • The partnership is part of Frost Bank’s enterprise modernization strategy to adapt to a 24/7/365 business environment.
  5. Customer Impact:
    • Frost Bank expects to offer customers faster money transfers and more options beyond traditional payment methods.
  6. 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.

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