Texas-based Frost Bank has contracted with the Bank of New York for the provision of letter of credit processing and access to Internet-based trade finance products.
Howard Bascom, managing director of The Bank of New York's global trade financial services division, says: "This arrangement will enable Frost Bank and its customers to use our powerful Internet-based technology to increase their efficiency and to better service all of their trade finance needs."
Under the global trade services contract, the Bank of New York will also process Frost Bank's import letters of credit through its operation centres in New York and Asia.