SHAZAM To Add FedNow to Its Faster Payment Services

DES MOINES, Iowa (June 26, 2023) — SHAZAM, Inc., a nationwide provider of financial services to community banks and credit unions, has spent the last two years helping guide the development of the Federal Reserve’s instant payments offering, the FedNowSM Service. “As a participant of the FedNow Pilot Program, SHAZAM’s collaborative input has helped shape the service and adoption roadmap, industry readiness approaches and overall instant payments strategy for community financial institutions who depend on SHAZAM to ensure they’re on the competitive edge of payments,” says SHAZAM President and CEO Paul Waltz.

Three of SHAZAM’s Core clients are scheduled to go live with our new FedNow Credit Receive service when the FedNow Service launches in Q3 2023.

The FedNow Service will offer financial institutions a competitive alternative to access the faster payments infrastructure when the Fed announces general market availability, which is expected later in 2023. Financial institutions and their service providers will be able to use the service as a springboard to bring the benefits of efficient instant payments to communities across the country.

SHAZAM has historically been at the forefront of providing innovative faster payment solutions. SHAZAM’s Credit Receive instant payments service, through integration with RTP® from The Clearing House®, has been available and in production with several financial institutions since early 2021. “The FedNow Service will provide another instant payment alternative to community banks and credit unions,” said Janet LaFrence, SHAZAM’s Faster Payments Program Manager. “Our clients have been eagerly awaiting the launch of FedNow, and we’re committed to providing a competitive offering.”

ABOUT SHAZAM
SHAZAM is the only nationwide independent, member-owned debit network, processor and core provider supporting banks and credit unions. Since we don’t answer to shareholders, we can reinvest profits in technologies our clients need as they serve the next generation of consumers. SHAZAM ensures our clients have the products and services they demand and expect in a cost-effective way. Founded in 1976 and headquartered in Iowa, we’re a leader in payments and financial technology, with a simple mission: Strengthening financial institutions. Visit us today at shazam.net.

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