San Antonio Texas based Frost Bank has entered a license agreement for InteliData's Enterprise Payment Suite of software solutions as it looks to bring online payment processing inhouse.
The InteliData software provides financial institutions with a full set of online payment capabilities, including the ability to warehouse and least-cost-route transactions, initiate inter-bank transfers, aggregate presented bills and support payment processing for other bank products such as credit cards, consumer loans, and insurance offerings.
Carl Bush, EVP, information technology at Frost Bank says: "Online bill payment has become an increasingly important service to our customers. We view the opportunity to bring our enterprise payment solution inhouse as a strategic necessity to compete in today's banking environment."
This project is expected to kick-off during the second quarter of 2004 with implementation to begin during the second half of the year and conversion set for the end of the first quarter of 2005.
Alfred Dominick, InteliData chairman and CEO of InteliData says Frost Bank's actions "demonstrate that mid-tier banks can and will implement the necessary internal payment infrastructure providing for long-term control and efficiency that are simply not available in an outsourced environment".