SHAZAM Celebrates 50 YEARS of Innovation By PATRICK DIX, VP, Client & Association Engagement, SHAZAM This summer, SHAZAM®, the nation’s only core debit network and debit processor serving community banks, marks a significant milestone. Fifty years ago, a group of bankers decided they wanted a voice in the newly evolving electronic payments system. They created the network you know today as SHAZAM. In those five decades, SHAZAM pioneered the PIN-debit point-of-sale transaction, introduced a national debit product and was among the first to introduce a system to significantly reduce fraud losses. 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. SHAZAM’s first president and CEO, Dale Dooley, literally built the system from the ground up. He was the visionary who found efficiency and prioritized security 20 In Touch
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