With the launch of mobile app SHAZAM BOLT$, financial institutions can provide SHAZAM debit cardholders with free, on-the-go access to their debit card accounts. The app, available to smartphone and tablet users, allows debit cardholders to check balances, set parameters for email alerts, and eventually, initiate person-to-person transfers.

"Community banks and credit unions are searching for mobile solutions to help them compete in the growing financial services marketplace," says Dan Kramer, senior vice president of Marketing and Merchant Services at SHAZAM. "It's no longer only the megabank strategies our network participants are competing with; it's also those from the Apples, the Googles and the Verizons of the world. SHAZAM is working hard to help our network participants remain the best choices for the cardholders in their communities."

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 transactions.

·               Suspicious or high-risk transactions.

According to Kramer, email alerts will help halt fraud attempts more quickly. "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."

SHAZAM BOLT$ can be configured to match a financial institution's branding, including name and logo. A web version is also available for cardholders who prefer to access the tool from a desktop computer or mobile browser. The mobile app is being offered to all SHAZAM network participating financial institutions at no cost.

[This article was posted on January 22, 2013, on the website of ABA Banking Journal, www.ababj.com.] 

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