The bank, a Texas-based subsidiary of Cullen/Frost Bankers Inc., will use the fintech's single instant payments platform to connect to FedNow, the US Federal Reserve's real-time gross settlement (RTGS) service that was introduced in July, as well as The Clearing House's real-time payments (RTP) system (TCH).

Finzly claims that this will reduce "the complexity of managing and distributing payments in real time" and deliver "operational efficiencies" in addition to helping Frost Bank meet its compliance and fraud monitoring requirements. The platform will allow Frost Bank to combine all payment types, systems, and processes into a single payments API.

According to the pair's statement, Frost Bank recognized the "urgent need" to "adapt and evolve in a 24/7/365 business environment" while choosing the provider. The relationship serves as the foundation for a "enterprise modernization strategy," the bank continues.

According to Aaron Wiatrek, senior vice president of Frost Bank, the cooperation should allow money transfers "at the speed they need, when they need it" and "provide our customers with more options beyond traditional payments methods."

Founded in 1868 in San Antonio behind a modest mercantile store, Frost Bank now provides a variety of retail and commercial banking services in addition to investment and insurance products. As of March 31, 2024, its assets were at $49.5 billion, placing it in the top 60 biggest banks in the United States.