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SHAZAM partnership supports mobile payment technology

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DES MOINES, Iowa and FORT LAUDERDALE, Fla. (9/2/11)--The SHAZAM Network has partnered with Adaptive Payments to develop a new mobile point-of-service application. The application, called Pentagon, allows merchants to accept mobile PIN- and signature-based transactions using their iPhones. SHAZAM will make the technology available to its nearly 1,500 credit unions and community banks and its merchant customer base. The technology that supports the Pentagon mobile payments application uses Adaptive Payments’ five-factor, dual-channel authentication technology to verify PIN debit transactions. Pentagon also can process signature-based credit and debit transactions. Pentagon is “an open platform” designed to be accessible to all merchant acquirer processors, allowing financial institutions to use the product without changing processors and to customize it.