MoneyGram, a global payments network for consumers, businesses and communities, announced a new partnership with Plaid, the data network powering the fintech tools people rely on to lead a healthier financial life.
MoneyGram customers in the United States can now use Plaid’s technology to help authenticate their bank accounts, “enabling fast and secure funding for both domestic and cross-border payments.”
This partnership enhances the MoneyGram Online (MGO) experience and is expected to “scale to additional markets later this year.”
Anthony Soohoo, MoneyGram Chief Executive Officer said:
“The MoneyGram network moves money for over 50 million customers each year, across nearly every country in the world. This partnership with Plaid expands our global capabilities to deliver faster, more secure payments for our customers. It’s a clear step forward in our mission to make cross-border payments seamless, affordable and secure for everyone.”
Consumers increasingly expect seamless, “connected financial services and products.”
More than 75% of U.S. consumers say “linking their bank accounts with financial apps is important.”
Among financial technology users, over “85% prefer pay-by-bank options for their ease, speed and added security.”
Brian Dammeir, Head of Payments and Financial Management at Plaid said:
“Plaid provides the most widely used and trusted network across digital financial services, covering thousands of financial institutions across the United States, Canada, Europe and the United Kingdom. Now, MoneyGram can leverage the power of the Plaid network to quickly and securely drive conversion, reduce bank returns and proactively prevent fraud.”
The pay-by-bank solution connects to Plaid‘s “network of thousands of banks and credit unions.”
MoneyGram customers also benefit from security through Plaid’s instant account verification, paired “with MoneyGram’s compliance and anti-fraud systems.”
This enhanced service is built on MoneyGram’s tech-powered, cross-border payment network, which spans “over 200 countries and territories, approximately 450,000 retail locations and 5 billion digital endpoints.
“MoneyGram connects the world by making the “movement of money across borders seamless, affordable and secure for everyone.”
Each year, the company reportedly serves more than “50 million people in over 200 countries and territories, processing over $200 billion annually.”
Headquartered in Dallas, Texas, with offices in 36 countries, MoneyGram is notes that it is globally recognized “for its high-performance culture.”
