MoneyGram, a leading global payments network for consumers, businesses and communities, has announced a new partnership with Plaid, a data connectivity platform known for powering FinTech applications that help users manage their financial lives.
The collaboration aims to enhance the user experience for MoneyGram customers by integrating Plaid’s bank verification technology into the MoneyGram Online (MGO) platform, according to FF News.
The goal is to enable fast, secure funding for both domestic and cross-border payments, beginning in the United States and expanding to additional international markets later in the year.
MoneyGram operates a technology-driven cross-border payments platform that supports over 50 million customers annually.
Its network covers more than 200 countries and territories, offering both digital endpoints and approximately 450,000 retail locations. Through this partnership, MoneyGram seeks to meet growing consumer expectations for seamless financial interactions, reduce fraud, and increase transaction speed.
Plaid provides a widely trusted data network that connects with thousands of financial institutions across the United States, Canada, the United Kingdom and Europe.
By leveraging Plaid’s pay-by-bank solution, MoneyGram customers can link their bank accounts more efficiently. The integration allows for instant account verification, which enhances the security and ease of funding payments. In addition, the service is designed to minimise bank returns and proactively detect fraud.
The partnership capitalises on the increasing demand for linked financial services, particularly in the U.S. market, where over 75% of consumers consider bank-account linking vital. For FinTech users, the appeal of pay-by-bank options lies in their speed, convenience and additional layers of security.
“The MoneyGram network moves money for over 50 million customers each year, across nearly every country in the world,” MoneyGram chief executive officer Anthony Soohoo said. “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.”
“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,” Plaid head of payments and financial management Brian Dammeir said. “Now, MoneyGram can leverage the power of the Plaid network to quickly and securely drive conversion, reduce bank returns and proactively prevent fraud.”
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