The SHAZAM ATM and card processing network has launched an app for debit card holders to access their accounts on smartphones and tablets.
The BOLT$ apps include balances and alerts capabilities and will eventually be able to initiate person-to-person transfers, the Des Moines, Iowa-based network said.
“Community banks and credit unions are searching for mobile solutions to help them compete in the growing financial services marketplace,” said Dan Kramer, the company’s senior vice president of marketing and merchant services.
He said SHAZAM BOLT$ is an extension of SHAZAM’s fraud-prevention services, alerting cardholders directly to potentially fraudulent activity on their accounts. The alerts are generated any time a suspicious purchase is detected, based on purchases above amounts specified by the cardholder, card-not-present and other suspicious or high-risk transaction.
“By providing nearly real-time transaction alerts via email – a communication vehicle cardholders are using for everyday interaction – community banks and credit unions will have a more direct line to cardholders, not only limiting fraud losses but potentially improving customer service,” Kramer said.
The new app can be branded and also is available in a Web browser version, the company said, adding the service is free to its network financial institutions, which operate about 4,600 ATMs in 33 states.
