May 19, 2014, Sacramento, CA – Innovest announced today that Frost Bank has successfully implemented and gone live with Innovest's Payment Solutions to better streamline its payments processing. Choosing Innovest's Payment Solutions enables Frost Bank to provide flexible, comprehensive offerings to its customers.
Innovest recently extended its product offering to allow clients to outsource the administrative tasks associated with payments processing and fulfillment as well as the challenges related to making remittances to federal and state taxing authorities. Frost Bank selected Innovest because of the firm's longstanding leadership in payments processing, superior technology, and unparalleled client service.
"We are pleased with our decision to implement Innovest's Payment Solutions, which integrates well into our current trust and wealth management platform," said Russ Morse, executive vice president, Frost Bank. "With Innovest's extensive expertise and technology in payments processing, Frost is able to leverage that technology to streamline and optimize our current business processes."
"We're thrilled to be working with Frost Bank," said Michael Panec, chief operating officer of Innovest's Payment Solutions business. "As the baby boomer generation retires and the volume and importance of making distributions increases, the need for scalability and increased efficiency in payments processing is growing rapidly. In implementing Innovest's Payment Solutions, Frost Bank is better positioned to grow its business and provide more comprehensive solutions to its clients." In addition to disbursing more than $24 billion annually on behalf of its clients, Innovest produces and mails the more than 1 million related tax forms each year.
Innovest is a leading provider of financial technology solutions delivered to forward thinking trust, wealth management, and retirement professionals. Innovest offers its clients a secure and integrated trust accounting and wealth management technology platform, payment solutions, and related fulfillment services delivered in a Software as a Service (SaaS) environment. Innovest has over $425 billion in assets under administration on its trust and wealth management platform, processes more than 4 million payments annually and provides fulfillment services for more than 10 million documents including checks, advices, and tax forms each year. For more information about Innovest, visit www.innovestsystems.com.
About Frost Bank
Frost is the banking, investments and insurance subsidiary of Cullen/Frost Bankers, Inc. (NYSE: CFR), a financial holding company with $24.7 billion in assets at March 31, 2014. One of 24 banks included in the KBW Bank Index and a top-50 U.S. bank by asset size, Frost provides a full range of business and consumer banking products, investment and brokerage services, insurance products and investment banking services to businesses and individuals in the Austin, Corpus Christi, Dallas, Fort Worth, Houston, Rio Grande Valley and San Antonio regions.
Founded in 1868, Frost has helped Texans with their financial needs during three centuries. For more information, visit http://www.frostbank.com.
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Media: Fraylie Nord