Early Warning, the industry leader in real-time payments, authentication and risk mitigation, today confirmed San Antonio-based Frost Bank has joined Early Warning’s clearXchange network.
Through the network, Frost Bank is now able to offer person-to-person (P2P) payments directly through its online and mobile banking platforms.
Frost is focused on providing a convenient, customer-centric banking experience. When Frost customers indicated the need for payment capabilities outside more traditional services, like bill pay, the Frost team envisioned a product that would allow customers to “tap” their phones a few times and securely send money to anyone. Frost leveraged customer input to create an innovative user experience, and is leveraging Early Warning's extensive clearXchange network to provide customers with the ability to send money to anyone with a U.S. bank account.
“At Frost, we use technology to enhance the experience we provide to our customers, not to avoid them,” said Phil Green, chairman and chief executive officer at Frost Bank. “Frost’s relationship with Early Warning will enable us to provide a full mobile payments experience for our customers.”
With $29 billion in assets, Frost is one of the biggest banks in Texas. Its strong regional presence further expands the clearXchange network, and provides a new segment of consumers with a safe, convenient way to send and receive P2P payments. Early Warning’s clearXchange network is open to any bank or credit union nationally, and enables users to safely and easily send money to anyone with a bank account in the United States, using only the recipient’s mobile number or email address. In the first quarter of 2016, customers at banks in the clearXchange network completed more than 46 million P2P transfers, accounting for over $16 billion in combined transaction volume.
“Frost Bank exemplifies putting the consumer first, and the seamless, secure P2P payments experience it’s delivering illustrates this commitment,” said Ian Macallister, vice president of partner strategy, Early Warning. “Regional and community financial institutions are a key component of clearXchange’s future expansion plans. The addition of Frost Bank is particularly exciting as we bring on more regional and community financial institutions to expand our nationwide payments community.”