MoneyGram and payments processor WorldPay have announced a strategic alliance to expand MoneyGram’s direct-to-account money transfer service in up to 50 countries globally.
The new service will complement MoneyGram’s current direct-to-account product that enables consumers in multiple countries to send funds to bank accounts. Under the agreement, WorldPay will manage the payout interfaces for MoneyGram, providing the company with a single integration and connection point. This will enable MoneyGram to quickly and efficiently add additional countries and financial institutions to its growing direct-to-account service, allowing customers to send needed funds directly into a person’s account at a participating bank.
The alliance will allow WorldPay-affiliated financial institutions to more quickly launch services to receive funds from MoneyGram’s systems as they can now be easily and quickly connected. The WorldPay integration will significantly reduce service launch times.
Phil McGriskin, chief product officer, WorldPay comments: “The payment landscape is increasingly diverse and we work with a number of companies globally to offer the widest variety of payment services, including transaction capturing, merchant acquiring and transaction processing. The alliance between WorldPay and MoneyGram combines WorldPay’s experience of working with multiple payment types and MoneyGram’s expertise in international money transfers to offer a globally competitive direct-to-account transfer service.”
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