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Core Provider

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  • Functionality & Response to Areas of Focus

  • Quick Facts

Functionality & Response to Areas of Focus

Core Functionality

SHAZAM sates that SHAZAM Core Services includes loans, deposits, financial accounting, EFT and ACH processing, BSA/AML solution, core reports, digital banking, teller platform, new accounts platform and ancillary products. SHAZAM states that although its solution is capable of running at the FI (in-house) or hosted as a service by SHAZAM, the majority of current clients leverage the SHAZAM-hosted option. A SHAZAM-hosted option alleviates operational and maintenance burden from the client, allowing it to focus on its business priorities.

Firm's Response to Core Committee's Key Areas of Focus

  • SHAZAM states that clients own and have full access to their data within the SHAZAM Core Services. Dashboard and ad-hoc query reporting tools are available to access data.
  • Each SHAZAM Core Services client / financial institution has access only to their own data through an FI-hosted, or multi-tenant, SHAZAMhosted, core platform.
  • All SHAZAM Core APIs are open and accessible to a financial institution or the FI’s preferred third-party provider via an integration agreement.
  • Secure, RESTful APIs.
  • Current APIs are open and were developed pre-FDX formation. Plans are in place to develop to standards like FDX, and already developing APIs to ISO 20022 for access to faster payments services
  • SHAZAM states that they provide open APIs for integration, accessible via API portal and documented specifications library.
  • Banks and third-parties work with SHAZAM Core Services to obtain access to SHAZAM API specifications.
  • SHAZAM Core provides access to FI-chosen, third-party applications via its published, SHAZAM APIs. In some cases, depending on the business case, SHAZAM may develop to the third-party APIs. Minimal access fees apply

(Including Exclusivity, Coterminous Contracts, Deconversion Fees, Limitation of Liability, SLAs and Early Termination Penalties)

SHAZAM states the following: 

  • No exclusivity requirements.
  • Has specific language and/or sections that address coterminous provisions, particularly when multiple products/services are being executed.
  • Deconversion fees are based on time and materials on hourly rate to cover migration costs and producing data extracts/reports. No punitive exit barriers apply, in line with SHAZAM’s core values.
  • Limitations of liability: negotiated with customer.
  • Certain minimum levels of service stated in the rules and agreements.

Quick Facts

Quick Facts
Headquarters LocationDes Moines, Iowa
Year Established1976
Ownership ModelCo-op
Regionally Focused or NationalNationwide
Number of Cores Offered1
Name of Core SolutionSHAZAM Core Services
Number of US Banks on the Core80
Functionality Full core offering including GL, teller, lending, deposits, digital and ancillary products
Target Bank Asset SizeLess than $10 billion
Business Strategy
  • SHAZAM states thier strategy is to continue to strengthen SHAZAM’s Core Banking services foundation by providing a full financial services solution that remains integrated into the rest of SHAZAM’s enterprise products and services, including debit, credit, digital, brand and terminal driving services.
  • To support client-selected solutions that can integrate into SHAZAM’s core and EFT services via open APIs, thereby fostering choice and flexibility for our clients.
  • To continue focusing and strengthening customer service and support levels of excellence.
  • To grow SHAZAM’s clientbase and remain innovative and focused on customer service.
  • To ensure SHAZAM provides solutions that make community banks successful through innovative and competitive products and services, focused on customer experience, mobility and digital access, while maintaining the highest SLAs and business continuity.
  • To support financial institutions that have a digital and omnichannel strategy and want the ability to integrate cost-effectively with fintech firms.



ABA Core Platforms Committee interview with SHAZAM’s Paul Waltz

Interview with Paul Waltz, President & CEO, SHAZAM