Inc. (ASI), Lincoln, Neb., have announced the completion of a project that will bring affordable, real-time EFT solutions to community financial institutions. In the past, some community financial institutions were not able to offer real-time transaction processing due to the high cost of purchasing and maintaining the hardware and software necessary to support these functions. Now, financial institutions wanting to move from batch-EFT
processing to a real-time processing environment have a cost-effective solution available to them. "Real-time transaction processing offers financial institutions an opportunity to gain cost efficiencies, maximize savings and improve processes, ultimately resulting in better service to their customers," says Mike Hollinger, CEO, The Shazam Network.
SHAZAM and ASI have worked together to minimize the hardware and software
interface requirements for financial institutions to process in a real-time environment.
The unique configuration of hardware and telecommunications developed by SHAZAM
and ASI make it more cost-effective for community based financial institutions to get into real-time EFT processing.
For nearly 30 years, SHAZAM, a member-owned and âcontrolled EFT network, has been providing community financial institutions with cost-effective universal access to the electronic payments industry. Now, in partnership with ASI, they are continuing to level the playing field. By eliminating the need for financial institutions to purchase expensive in-house servers, switching from batch EFT processing to real-time processing is now an affordable reality for community financial institutions. Housing the ASI transaction servers on the SHAZAM network has significantly reduced the initial set up costs and
certification fees normally associated with switching to a real-time environment.