Meet ICBM Endorsed Provider: SHAZAM
SHAZAM pioneered the PIN-debit point-of-sale transaction, still used worldwide today, and is the only nationwide independent, member-owned debit network, processor and core provider serving community banks. SHAZAM has long supported members of the Independent Community Bankers of Minnesota, and in 2021 we partnered with the ICBM to create the SHAZAM Education Center in Bloomington.
So, what makes SHAZAM different?
SHAZAM’s owned by our clients who can apply to become members, and most do. Our members then have a vote and voice in the direction of our company. We’re also owned by the community financial institutions we serve. Leaders from these organizations use our products and services and make up our board of directors. Every decision is made for the benefit of your bank.
SHAZAM’s structured as a nonprofit corporation. This isn’t nonprofit in the traditional sense because we definitely work to earn a profit. It’s what we do with the profits that’s unique. Since we don’t answer to outside shareholders, we can reinvest those dollars in new technology our clients need as they serve the next generation of consumers. SHAZAM ensures our clients have the products and services they expect in a cost-effective way.
SHAZAM’s standard pricing approach is to aim for the highest net program profitability for the banks we serve. We’re the only unaffiliated debit network that establishes and uses unique interchange rates for business debit card transactions, by global brand, designed to help you earn the highest net interchange in the industry. SHAZAM also doesn’t charge a separate processing fee and network issuer switch fee when single message transactions are routed through the SHAZAM network and we have the lowest published fees in the industry.
SHAZAM makes it our business to be a vocal advocate for community banks. We represent financial institutions in the payments industry, on Capitol Hill, at regulatory agencies like the FTC and the Fed, on national payments boards, and through other committees where it’s important your voice is heard. Community banks must have a voice in the future of the nation’s payments system.
Founded in 1976 and headquartered in Iowa, SHAZAM’s a leader in payments and financial technology, with a simple mission: Strengthening community financial institutions.
Contact SHAZAM to learn more about our products and services and how we can help you increase your bottom line.
Contact: John Peck
Tel: (866) 468-1497