SHAZAM Announces Commitment to Support the Clearing House Real-Time Payments Network

posted on Friday, February 28, 2020 in Company News

DES MOINES, Iowa (Feb. 27, 2020) — SHAZAM, Inc., a national provider of financial services to community financial institutions, announces its commitment to bringing additional real-time payments capabilities to community banks and credit unions through the RTP® network developed by The Clearing House (TCH). By supporting access to the RTP network, SHAZAM will extend a new platform to community financial institutions that they can leverage to offer new real-time payments and settlement capabilities.

The RTP network delivers 24/7 clearing and interbank settlement, including the real-time movement of money and enriched data between participating financial institutions. As a national network, it’s important to SHAZAM that our client financial institutions have access to the RTP network and the data accompanying each RTP transaction. 

Founded in 1976, SHAZAM has historically been at the forefront of providing real time payment solutions of its debit card services for its community financial institutions. Integration into the TCH RTP network enables and extends its portfolio to a new set of account-based, real time payment transactions.

“SHAZAM is committed to building the infrastructure and support community financial institutions need, so they can in turn offer their customers ways to move their money as rapidly and efficiently as possible,” said SHAZAM senior vice president of processing, Bruce Hopkins. “Our work with TCH means we’ll make yet another real-time payments network available to our community financial institutions. Further, we fully intend to support the Federal Reserve’s FedNow real-time payments solution when it becomes available.” 

“Our member-owned structure means community banks and credit unions have a true payments partner, and they rely on us to build the solutions they need to compete,” continued SHAZAM president and CEO Paul Waltz. “SHAZAM is a nonprofit which means when community financial institutions partner with us for payments solutions we’re reinvesting profits to develop technologies to support their business goals rather than being concerned with shareholder returns.”
 

Tags

  1. banks
  2. credit unions
  3. real-time payments
  4. rtp
  5. tch

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