Shazam is going mobile.
The electronic funds transfer network based in Johnston, Iowa said Monday it has released "Shazam Bolt$," an app for smartphones and tablets that enables holders of the company's debit card to check their account balances, receive alerts of transactions and transfer funds directly to another person.
Shazam is offering the app, which can display a sponsoring institution's name and logo, without charge to each of the roughly 1,500 community banks and credit unions that participate in its network.
Dan Kramer, Shazam's head of marketing and merchant services, said in a news release that participants in Shazam's network "are searching for mobile solutions to help them compete in the growing financial services marketplace."
"It's no longer only the megabank strategies our network participants are competing with; it's also those from the Apples, the Googles and the Verizons of the world," Kramer added.
"Shazam Bolt$," which also comes in a web version, ties to the network's fraud prevention service and can warn users of unauthorized activity on their accounts, according to Shazam.
"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," Kramer said.
