MoneyGram, a global payments network for consumers, businesses and communities, and Plaid, the data network powering the fintech tools people rely on to lead a healthier financial life, announced the expansion of their pay-by-bank partnership to Europe.
After its U.S. launch, the recently announced integration enables MoneyGram customers residing in Europe to connect and authenticate banking accounts via Plaid’s open banking tech, providing a more secure option to fund payments across European markets.
MoneyGram’s expanded partnership with Plaid supports its vision of a more accessible, borderless financial ecosystem. This may be achieved by making it simpler for customers in Europe to fund local and cross-border payments.
Anthony Soohoo, Chief Executive Officer at MoneyGram:
“We’re working with Plaid to build faster, more powerful tools that make cross-border money movement simple and reliable for everyone.”
This expansion strengthens the MoneyGram global network, which reportedly spans more than 200 nations and territories, approximately 500,000 retail locations and numerous digital touchpoints.
As one of the global omni-channel payment networks with scale and worldwide cash access, MoneyGram is aims to make cross-border payments easier, affordable and secure.
Beyond improving the customer experience, the partnership reinforces MoneyGram’s commitment to security.
Plaid’s safeguards, along with MoneyGram’s data-enabled compliance and consumer protection program, ensure customer information remains secure and confidential.
Brian Dammeir, Head of Payments and Financial Management at Plaid:
“When it comes to payments, Europeans want to move money across the continent and beyond quickly and friction-free. MoneyGram provides increasingly in-demand experiences, powered by Plaid’s Pay by Bank.”
As covered this past month, MoneyGram has unveiled a mobile app, introducing a digital, USD-backed stored value account designed to work with both traditional fiat currencies as well as stablecoins.
Customers will reportedly be able to receive funds instantly into a secure USD balance, store those funds and cash out or spend. It will first launch in Colombia, according to a recent update from the Fintech company.