Frost Bank, which is one of the largest banks based in Texas, has partnered with Plaid, a data network powering the digital financial ecosystem, in order to help Frost clients “securely and easily integrate their accounts and finances online.”
Via its mobile app and online banking site, Frost clients will now be able to use Plaid’s platform to “connect their Frost accounts to other financial accounts via Plaid.” As mentioned in an update shared with CI, the cornerstone of the partnership is Plaid’s open finance API solution, Plaid Exchange, which “helps institutions like Frost enhance connectivity on behalf of their customers.”
Jimmy Stead, Group executive vice president and chief consumer banking & technology officer, stated:
“We wanted to take the time to create a system that’s consistent with our award-winning customer service. 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 reportedly chose Plaid because of its solid industry reputation as being “a secure, reliable open finance leader that has built collaborative integrations with more than 12,000 financial institutions.”
Raja Chakravorti, Financial Access at Plaid, remarked:
“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. 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.” Last year, Frost introduced its early payday and overdraft grace features, and also “announced a deal to give it Texas’ largest ATM network.”
As noted in a release, 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.”