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MoneyGram and Plaid Join Forces for Seamless Global Transactions

In a significant move to enhance the payment experience, MoneyGram has entered into a strategic partnership with Plaid, a leading data network utilized by numerous fintech applications. This collaboration is set to revolutionize the way customers manage their payments, regardless of whether they're domestic or international. With this partnership, MoneyGram aims to provide faster and more secure services, addressing the increasing demand for efficiency and security in financial transactions.

The New Payment Landscape

Starting immediately, MoneyGram customers in the U.S. can harness the power of Plaid’s advanced technology to authenticate their bank accounts. By doing so, the remittance process becomes expedited, making transactions smoother and more reliable. This enhancement to the MoneyGram Online (MGO) service is expected to expand into additional markets later this year, continuing to push the envelope in the area of global financial services.

Anthony Soohoo, the Chief Executive Officer of MoneyGram, emphasized the importance of this partnership, stating, "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." This initiative aligns perfectly with MoneyGram's mission of making international payments not only efficient but also accessible and safe for everyone.

Meeting Consumer Demands

As consumer expectations evolve, there is an increasing demand for seamless and integrated financial services. According to surveys, over 75% of U.S. consumers believe that linking their bank accounts with financial applications is crucial. Among fintech users, an impressive 85% express a preference for pay-by-bank options due to their convenience and enhanced security features.

Brian Dammeir, the Head of Payments and Financial Management at Plaid, remarked, "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." With such a robust network, MoneyGram can leverage Plaid’s capabilities to boost conversion rates significantly while minimizing bank returns and actively combating fraud, making the payment process even more secure for its users.

Enhanced Security Measures

The collaboration integrates Plaid’s extensive network with MoneyGram's payment infrastructure, connecting to thousands of banks and credit unions. This ensures that transactions are completed with unmatched security, thanks to Plaid's instant account verification system, complemented by MoneyGram's advanced compliance and anti-fraud measures. These enhancements are built upon MoneyGram's existing tech-powered, cross-border payment network, which spans over 200 countries and territories, boasting around 450,000 retail locations and a staggering 5 billion digital endpoints.

About MoneyGram

MoneyGram is committed to facilitating the flow of money across borders, making transactions seamless, affordable, and secure for everyone. Each year, this trusted network serves more than 50 million people, processing over $200 billion in remittances. Headquartered in Dallas, Texas, MoneyGram operates in 36 countries worldwide, earning accolades as a top workplace in the USA for four consecutive years.

The partnership between MoneyGram and Plaid represents a new chapter in the evolution of payment solutions, focusing on speed, security, and customer satisfaction. As both companies move forward, they remain dedicated to making international financial transactions more straightforward and efficient, thereby enhancing the overall consumer experience.