Source: Princeton eCom
Princeton eCom, a leading provider of electronic payment solutions, today announced that it has been selected by Frost Bank to provide its PayAnyone online bill payment services.
The PayAnyone solution will be integrated with the Bank's in-house bill payment warehouse providing processing efficiencies while increasing electronic rates and reducing claims with daily updates to biller directories.
Additionally, Princeton eCom's unique transaction-based pricing, will allow Frost Bank to gain significant cost reductions even with future growth of online bill payments. The Bank will also implement a bank draft model for increased check processing controls with checks drawn from their own checking accounts.
"When we decided to bring our bill payment warehouse in-house, we needed a payments provider that would seamlessly integrate with our system," stated Carl Bush, executive vice president of information services planning for Frost Bank. "Princeton eCom allowed us to maintain control of our own data while also helping us reduce our costs. We are confident that this combination will provide us with a strong foundation as we move forward and support exponential growth of our online payment customer base."
"Banks can support their own payment warehouse if they have access to daily updated biller directories," said Ron Averett, president and CEO of Princeton eCom. "We realized this was going to be critical to the industry and dedicated ourselves to providing a solution that would give the benefits of an outside payment processing solution with the data control and cost savings the Banks need."