FROST BANK PARTNERS WITH PLAID TO BRING OPEN FINANCE SOLUTIONS TO NEARLY 400,000 CUSTOMERS

Rhea-AI Summary

Frost Bank, a major Texas bank, has partnered with Plaid to enhance digital financial access for nearly 400,000 customers. This collaboration allows users to securely integrate their Frost accounts with over 6,000 financial apps via Plaid's open finance API, Plaid Exchange. The initiative aims to improve account management and connectivity in response to customer demand for a unified platform. Frost Bank continues to invest in digital solutions after introducing features like early payday and expanded ATM access.

Positive

• Partnership with Plaid enhances customer account integration.
• Access to over 6,000 financial apps improves service offerings.
• Continued investment in digital solutions signals growth and commitment.

Negative

• None.

SAN ANTONIO, Feb. 28, 2022 /PRNewswire/ -- Frost Bank, one of the largest banks based in Texas, has teamed up with Plaid, a data network powering the digital financial ecosystem, to help Frost customers securely and easily integrate their accounts and finances online.

Through its highly ranked mobile app and online banking site, Frost customers will now be able to use Plaid's platform to seamlessly connect their Frost accounts to other financial accounts via Plaid. The cornerstone of the partnership is Plaid's innovative open finance API solution, Plaid Exchange, which helps institutions like Frost enhance connectivity on behalf of their customers.

"We wanted to take the time to create a system that's consistent with our award-winning customer service," said Jimmy Stead, group executive vice president and chief consumer banking & technology officer. "Our customers have been asking us to help them integrate their accounts under one platform, and now, by partnering with Plaid, they can control all of their accounts securely when they log in to our app or website."

Frost chose Plaid because of its strong industry reputation as being a secure, reliable open finance leader that has built collaborative integrations with more than 12,000 financial institutions.

"By leveraging Plaid's open finance solutions, nearly 400,000 Frost Bank customers will now have safe and seamless access to the more than 6,000 apps and services powered by our network," said Raja Chakravorti, Financial Access at Plaid. "At the heart of our partnership is the ability for Frost customers to have control and transparency into where and how their financial information is permissioned and shared, increasingly important as more people rely on a variety of digital financial tools to manage their financial lives."

The account integration is the latest in a series of steps Frost has implemented to enhance digital financial access and connectivity for its customers. In 2021, Frost introduced its early payday and overdraft grace features, and also announced a deal to give it Texas' largest ATM network.

About Frost:

Frost is the banking, investments and insurance subsidiary of Cullen/Frost Bankers, Inc. (NYSE: CFR), a financial holding company with $50.9 billion in assets at Dec. 31, 2021. One of the 50 largest U.S. banks by asset size, Frost provides a full range of banking, investments and insurance services to businesses and individuals in the Austin, Corpus Christi, Dallas, Fort Worth, Houston, Permian Basin, Rio Grande Valley and San Antonio regions. Founded in 1868, Frost has helped Texans with their financial needs during three centuries. For more information, visit www.frostbank.com.

For more information:
Bill Day
210-220-5427 office
210-288-5498 mobile

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SOURCE Frost Bank

FAQ

What is the significance of Frost Bank's partnership with Plaid?

The partnership enables nearly 400,000 Frost customers to securely integrate their accounts with over 6,000 financial apps, enhancing digital banking services.

How does Plaid's technology benefit Frost Bank customers?

Plaid's open finance API allows Frost customers to manage their accounts more efficiently and securely in one platform.

What features has Frost Bank introduced to improve digital access?

Frost Bank has implemented features like early payday and a grace period for overdrafts, alongside this partnership with Plaid.

How many customers will benefit from the Frost and Plaid partnership?

Nearly 400,000 Frost Bank customers will benefit from this partnership.

Which regions does Frost Bank serve?

Frost Bank serves regions including Austin, Corpus Christi, Dallas, Fort Worth, Houston, Permian Basin, Rio Grande Valley, and San Antonio.