Press Release
Innovest announced 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.
