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Frost Bank taps Finzly to deliver FedNow and RTP Instant Payments

By Gloria Mathias

June 26, 2024

  • cullen/Frost
  • Federal Reserve’s FedNow
  • FedNow

Frost Bank, cullen/Frost, Fintech News, Fintech Solutions, Finzly, Financial Solutions, Payments Technnology, FedNow, Finzly, Inc., an innovative payment and financial solutions company, has partnered with Frost Bank, a subsidiary of Cullen/Frost Bankers, Inc., to deliver instant payment capabilities to the banks’ global business and consumer customers through the Federal Reserve’s FedNow and The Clearing House’s RTP.

The partnership will allow Frost Bank to meet the growing demand for instant money movement by offering the ability to send real-time payments while also providing greater choice when making payments.

Frost Bank’s decision to select Finzly’s single solution to support both FedNow and RTP was recognised by the urgent need to adapt and evolve in a 24/7/365 business environment. The solution allows for the consolidation of payment types and systems. It processes through one single payment API, reducing the complexity of managing and distributing payments in real time and delivering operational efficiencies.

The solution seamlessly integrates with the bank’s existing systems and provides real-time fraud monitoring and compliance. It is the first step in an enterprise modernization strategy, enabling the bank to grow and scale through a single point for all payments and consolidating systems and operations.

“At Frost, we work hard to make our customers’ lives easier and better,” said Aaron Wiatrek, a senior vice president at Frost Bank. “By partnering with Finzly to deliver FedNow and RTP instant payment solutions, we can provide our customers with more options beyond traditional payment methods, enabling them to move money at the speed they need, when they need it.”

“As one of America’s largest and longest-serving banks, we’re excited to partner with Frost Bank to bring instant payments to their customers,” said Booshan Rengachari, Founder and CEO of Finzly. “Our leading technology and expertise in the instant payments space enable us to modernize Frost Bank’s payments capabilities. Their customers will benefit from around-the-clock availability, product innovation, increased satisfaction, and greater transparency in their financial transactions. We are proud to support Frost Bank in adopting instant payments and playing a key role in continuing to drive industry-wide progress.”

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