The SHAZAM network said Monday that more than 200 financial institutions, including 12 credit unions, have gone live with its mobile app since its launch less than 60 days ago.
The brandable mobile app allows debit cardholders to check balances and set alert parameters via smartphone and tablets. Person-to-person payment functionality is planned, said Des Moines, Iowa-based SHAZAM.
“Mobile strategies are critical to providing the value financial institution customers demand,” said Dan Kramer, senior vice president of marketing and merchant services for SHAZAM. “Yet mobile products often take many months to become fully integrated and ready for consumer rollout.”
The company 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 parameters including purchase amounts, card not present and other suspicious or high-risk transactions.
The SHAZAM network was founded in 1976 and said it now provides EFT network processing, including about 4,600 ATMs, to institutions in 33 states.