The app offers even greater value to community financial institutions looking to provide expanded digital services, particularly P2P features, to their customers. According to research firm Forrester, P2P activity is expected to grow to $17 billion in volume by 2019.
The P2P money transfer feature allows SHAZAM BOLT$ cardholders to send money to other enrolled cardholders instantaneously. “While other P2P solutions use ACH to support their transactions, we’re using our SHAZAM debit rails, resulting in a much faster transaction,” said Terry Dooley, SHAZAM executive vice president and CIO. “A user can easily determine whether an intended recipient is enrolled simply by entering the recipient’s email address into the app.”
SHAZAM also integrated GPS technology into the mobile app to help cardholders in the U.S. locate nearby ATMs. Users can confirm if the ATMs are surcharge-free Privileged Status terminals and get directions.
SHAZAM BOLT$, originally launched in 2013 as an extension of SHAZAM’s fraud-prevention services, alerts debit cardholders about potentially fraudulent activity on their accounts. The alerts can be generated anytime a suspicious purchase is detected, based on:
- Purchases above amounts specified by the cardholder
- Card-not-present transactions
- Suspicious or high-risk transactions
The SHAZAM Network was founded in 1976 and is one of the last remaining member-owned and -controlled electronic funds transfer (EFT) networks and processors in the industry. SHAZAM provides choice and flexibility to community financial institutions throughout the U.S. SHAZAM is a single-source provider of the following services: debit card, core, fraud, ATM, merchant, marketing, platform, risk and automated clearing house (ACH). To learn more visit shazam.net and follow @SHAZAMNetwork.