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.