Following this announcement, Finzly will deliver instant payment capabilities to the bank’s worldwide business and consumer clients through the Federal Reserve’s FedNow and The Clearing House’s RTP. The partnership is expected to allow Frost Bank to meet the growing demand for instant money movement by providing the possibility to send real-time payments, as well as providing optimised choices in the moment of making transactions.
In addition, both financial institutions will focus on meeting the needs, preferences, and goals of customers and clients in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry at the same time.
Frost Bank’s decision to select Finzly’s single service is set on the process of supporting both FedNow and RTP, as the solution allows for the consolidation of payment types, systems, and processes through the use of a single payment API. This is set to reduce the complexity of managing and distributing transactions in real-time, as well as delivering operational efficiencies.
In addition, the service is expected to integrate with the bank’s already existing systems and to offer real-time fraud monitoring and compliance. It also represents the first step towards an enterprise modernisation strategy, as it is set to enable the bank to accelerate its development process and scale through a single point for all payments, as well as consolidate systems and operations.
By partnership with Finzly to deliver FedNow and RTP instant payment services, Frost Bank will focus on providing customers and users with more options beyond traditional payment methods, as well as giving them the possibility to move money at the speed they need, when they need it the most.
Finzly’s technology and expertise in the instant payment space are expected to optimise the manner in which Frost Bank modernises its transaction capabilities, as well as provide its customers with availability, product improvement, increased satisfaction, and greater transparency in their financial transactions.
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