Frost neobank adopts Kani Payments for enhanced reconciliation & reporting

By Gloria Methri

Kani Payments has been selected by UK-based green neobank Frost as its preferred platform for settlement reconciliations and payment scheme reporting.

Established in May 2022 as an e-money institution, and with a mission to promote climate-conscious payment services, Frost allows users to open a digital e-money account through their phones and receive a UK account number, sort code, and IBAN in minutes. Frost’s product roadmap also includes a green savings account, auto-investing in green investments, and educating consumers on the carbon footprint of companies they purchase from.

Having raised £1.1 million in seed funding to further develop its platform and products, Frost has now turned to Kani Payments to speed up and simplify its transaction reconciliation capabilities. As a data-agnostic platform, Kani Payments can ingest data from any processor or source and can reconcile complex and contrasting data sets in minutes.

With its customisable workflows, the platform also simplifies and visualises data in an easy-to-use dashboard, with automated alerts that highlight any reconciliation breaks or inconsistencies straight away.

Pawel Oltuszyk, founder, and CEO of Frost, said, “After a thorough evaluation of several reconciliation and reporting platforms, Frost has chosen Kani for its exceptional performance, user-friendly interface, and robust reporting capabilities.”

“Kani’s advanced reconciliation engine and intuitive reporting tools will enable Frost to streamline our settlement processes, reduce errors, and improve accuracy. With Kani, Frost will be able to reconcile transactions quickly and efficiently, resulting in faster settlement times and improved cash flow management.”

Aaron Holmes, founder, and CEO of Kani Payments, said, “We are delighted to have been chosen by Frost, a dynamic UK start-up, to enhance its reconciliation and reporting processes, helping them in their mission to deliver smarter, more innovative ways for people to manage their money.”

To date, Kani Payments has reconciled more than €24 billion in processed payments volume by start-ups and scale-ups across the FinTech spectrum and has forged relationships with companies including Railsr, Sodexo, Osper, and Moorwand.