Monday, June 24, 2024

Frost Bank Partners With Plaid To Bring Open Finance Solutions To Nearly 400,000 Customers

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.

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