From pioneering the PIN-debit point-of-sale transaction, to introducing a national debit product, to helping financial institutions significantly reduce their fraud losses, SHAZAM® has been a payments leader for 50 years.

Throughout the organization’s history, they have delivered secure, reliable solutions for community financial institutions, helping them expand access, protect transactions and compete effectively in a rapidly evolving payments landscape.

HOW IT ALL STARTED

SHAZAM's story is rooted in ensuring everyone has access to payments technology. In the mid-1970s, a group of Iowa bankers realized they needed to find a way to access the same electronic funds transfer technology services the larger banks were offering to their customers.

These community bankers helped establish the Iowa Transfer System, now known as SHAZAM, as one of the first electronic funds transfer networks in the world. The network eventually became a state-authorized central routing unit for both ATM and POS debit transactions.

CEO Dale Dooley ably navigated the early years of SHAZAM. Dale was a craftsman, by trade as a bricklayer and carpenter, who later worked as a computer programmer. Dale had a passion for the banking industry and a strong vision for the payments system that was essential to the organization’s survival.

SHAZAM’s legacy of payments industry leadership includes several notable firsts, from launching the world’s first integrated point-of-sale pilot to pioneering fuel pump debit card transactions. Each advancement reinforced our belief that member-driven financial services can benefit both financial institutions and the communities they serve.

Today, SHAZAM is a full-service provider and leader in the payments industry. The organization continues to help community banks stay competitive in their market by offering them a high-performing debit card program, a core banking platform that provides higher value and better service and an online banking solution that gives accountholders a seamless digital banking experience.

BY BANKERS, FOR BANKERS

As a member-owned organization, SHAZAM is uniquely structured to put their clients first.

At the heart of this model are our financial institution clients who apply to become members. Every member financial institution, regardless of asset size, gets a vote. This ensures that everyone has an equal voice in the future of our company and the products and services we invest in. These members also select our board of directors. These directors are representatives from SHAZAM-member financial institutions and provide direction to executive leadership on strategic planning and major decisions on company business.

SHAZAM’s membership model is unique to the financial services industry,” says Paul Waltz, SHAZAM President and CEO. “Serving our members, and not shareholders, allows our organization to make long-term decisions that are in the best interests of community financial institutions.”

“SHAZAM is looking out for our members as much as we are,” says Michael Gathnam, CBI President and CEO. “They understand the essential role community banks play in Iowa’s social and economic well-being and it shows in their unwavering support of Iowa’s community banks.”

SETTING UP THE STAGE FOR CONTINUED SUCCESS

As SHAZAM celebrates 50 years of innovation, the organization continues to invest in payments and network innovation, research and development to meet the evolving expectations of tomorrow’s consumers. Their focus on payment security solutions, robust financial transaction security and advancing debit network standards ensures member institutions remain protected, compliant and future-ready.

“Our investment in our flagship products strengthens the systems our clients rely upon to run their entire institution,” says Terry Dooley, SHAZAM EVP and COO. “It gives them the reliability and efficiency they need to serve their customers and support their communities.”