Frost Bank, a Texas-based subsidiary of Cullen/Frost Bankers, Inc., has teamed up with Finzly to deliver cutting-edge instant payment solutions through the Federal Reserve’s FedNow and The Clearing House’s RTP® networks. This strategic collaboration aims to meet the growing demand for real-time money movement among both global business and consumer customers.
A recent Federal Reserve survey highlights a significant shift towards faster payment services, with 86% of businesses and 74% of consumers adopting these technologies in 2023. By February 2024, over 470 financial institutions had joined the FedNow network, underscoring the urgency for banks like Frost to adapt to a 24/7/365 financial landscape.
Frost Bank’s decision to leverage Finzly’s unified solution for both FedNow and RTP is a key move in their enterprise modernization strategy. This integration simplifies payment processes through a single API, enhancing operational efficiency and providing real-time fraud monitoring and compliance. This is a significant first step in consolidating payment types, systems, and processes under one umbrella, positioning Frost for scalable growth.
“At Frost, we work hard to make our customers’ lives easier and better,” said Aaron Wiatrek, Senior Vice President at Frost Bank. “Partnering with Finzly to deliver FedNow and RTP instant payments solutions allows us to offer our customers more options beyond traditional payment methods, enabling them to move money at the speed they need, when they need it.”
Booshan Rengachari, Founder and CEO of Finzly, expressed excitement about the partnership: “As one of America’s largest and longest-serving banks, we’re thrilled to bring instant payments to Frost Bank’s customers. Our technology will modernize Frost’s payment capabilities, offering round-the-clock availability, product innovation, increased satisfaction, and greater transparency in financial transactions. We are proud to support Frost Bank in this industry-wide progress.”
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