SHAZAM Clients Among First in the U.S. To Implement FedNow Service
posted on Monday, September 18, 2023 in Company News
DES MOINES, Iowa (September 18, 2023) — SHAZAM, Inc., a nationwide provider of financial services to banks and credit unions, is pleased to announce that First Bank (Clewiston, FL), Wells River Savings Bank (Newbury, VT) and Westside State Bank (Westside, IA) are among the first financial institutions in the U.S. to implement the Federal Reserve’s new instant payments offering, the FedNow® Service.
Through the FedNow Service, these SHAZAM Core clients will enable their customers to receive payments instantly from other FedNow participants, around the clock.
“Our three FedNow pilot participants are leaders in faster payments. They’ve been key supporters of our faster payments program overall, willing to be the first to try something new, test it and offer feedback. We can’t thank these clients enough for their partnership,” says SHAZAM President and CEO Paul Waltz.
“I’m proud of SHAZAM. From our involvement with the Faster Payments Council through implementing the FedNow Service, SHAZAM’s provided leadership, expertise, and the voice of financial institution clients to help shape the future of faster payments. These successes are just the beginning,” says Waltz.
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. First Bank, Wells River Savings Bank and Westside State Bank were also SHAZAM’s beta banks with RTP and have been in production since 2021.
“As a nationwide network, it’s important to SHAZAM that our clients have access to both the RTP and FedNow networks and accompanying data so they can offer instant payments capabilities to their accountholders,” says Janet LaFrence, Faster Payments Program Manager at SHAZAM. “This is just another way we strengthen financial institutions as they serve the next generation of consumers.”
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.
Crista Herbert, Sr. Public Relations Specialist
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