LendUp inked two service agreements with MoneyGram and will enable real-time offline payments for loans issued by LendUp using MoneyGram’s ExpressPayment Service® at 39,000 agent locations in the United States. By connecting LendUp’s mobile platform with MoneyGram’s extensive agent network, borrowers now have another convenient option for loan repayment. MoneyGram’s ExpressPayment Service is the first of several new products that will be available to LendUp borrowers as a result of this collaboration. In the future, LendUp and MoneyGram expect to introduce products and services that make access to credit products through LendUp quicker and more convenient, as well new payment services valued by LendUp customers.
MoneyGram announces its appointment of execs in two strategic growth areas. Yogesh Sangle has joined MoneyGram as senior regional director for Asia, and Andrew Typrin joins as the company’s vice president of the global MoneyGram Online business.Sangle has more than 15 years of experience in banking and payments solutions in online payments, digital marketing, and sales and product management. Typrin previously supported Amazon’s global expansion and led strategy development and execution for payments acceptance. He formerly founded a consumer payments company, National Payment Network, gaining extensive experience in building and executing new business ventures. Typrin will lead the expansion of MoneyGram Online, focused on building an exceptional and innovative online customer experience.
MoneyGram money transfer and payment services company and Canada Post extended their agreement to provide MoneyGram services at Canada Post locations through 2020. Through this collaboration, MoneyGram will continue to offer fast and convenient money transfer services at more locations in Canada than any other provider. In addition to domestic and international money transfers, MoneyGram also offers bill payment services at Canada Post locations, providing consumers the ability to make payments for necessities such as phone services, home mortgages or automobiles.
The MoneyGram Command Center is the first of its kind in the industry, offering insight into customer needs and market dynamics by monitoring and analyzing online comments in real time. The command center is an important step toward achieving MoneyGram’s vision of providing consumers with innovative options for moving money. Earlier this year, MoneyGram announced its goal to generate 15% to 20% of money transfer revenue from self-service channels in 2017. To reach this objective, the company will expand self-service to more markets, implement user enhancements, improve back-end processes and market more aggressively in self-service channels. The new command center will support these initiatives as more consumers turn to online, kiosk, and other self-service options.
MoneyGram announces a new channel to transfer money to Mexico at an unparalleled speed – in just 30 minutes. The launch of this near real-time service provides customers with a fast and secure option to send funds through the trusted MoneyGram network. This new offering complements MoneyGram’s strong bank account deposit network in Honduras, El Salvador and Guatemala.
Vodafone and MoneyGram announced their partnership allowing consumers to transfer funds directly from around 200 countries to the millions of users of M-Pesa. The agreement will allow consumers who visit MoneyGram’s 334,000 agents across the globe to send funds directly to M-Pesa accounts. MoneyGram customers can also transfer money to an M-Pesa user through moneygram.com or via a mobile app, available on iPhone, Android and Windows 8 phones. M-Pesa – which allows customers to pay bills and withdraw, transfer and deposit money easily – is now available in the Democratic Republic of Congo, Egypt, Fiji, India, Kenya, Lesotho, Mozambique, South Africa and Tanzania.
MoneyGram announced several operational and organizational changes to better support the Company’s corporate objectives, including its goal of reaching $2 billion in annual revenue in 2017. These actions include realigning the organizational structure and commencing a global transformation program designed to help MoneyGram lead the industry in compliance, fuel multi-channel growth and improve its cost structure. MoneyGram has made several changes to its executive committee to position the Company for continued growth. W. Alexander Holmes has been named chief operating officer, effective immediately. He will also maintain his current titles and responsibilities as executive vice president and chief financial officer. In his expanded role, Holmes will be responsible for oversight of all finance, technology and operations functions. The following executives have been named executive vice president of their respective positions and will continue to report to MoneyGram’s chairman and chief executive officer, Pamela H. Patsley: W. Alexander Hoffmann, Global Product Management and Emerging Channels; Grant Lines, Asia Pacific, South Asia and Middle East; and Peter Ohser, U.S. and Canada. The three-year global transformation program designed to strengthen MoneyGram’s competitive position consist of Enhancing compliance, Investing for growth, Reorganization and restructuring.
MoneyGram signed an agreement with Postal Savings Bank of China to provide money transfer services in over 3,700 locations. With the addition of PSBC to MoneyGram’s agent network, and the rollout of MoneyGram’s money transfer services to mainland locations, services are now available at over 20,000 locations in China. PSBC was part of China Post until its spin off in March 2007 as a separate entity. It is owned by China Post Group and has a strong network in the rural areas. PSBC offers a broad range of financial services including micro financing to rural and urban customers, Small and Medium Enterprise, in-branch service, Internet banking, telephone banking and mobile banking.
MoneyGram reached a new milestone by surpassing 10,000 locations in the Philippines. This makes MoneyGram one of the most widely networked global remittance companies in the country. With presence in nearly 200 countries and now over 10,000 locations in the Philippines, MoneyGram continues to bring families closer through its reliable services. Additionally, OFW family members can now send their remittances directly to loved ones’ bank accounts through MoneyGram’s cash to account service. This service enables customers to send needed funds directly into their family and friends’ bank accounts at any of the participating 20 banks in the Philippines.
MoneyGram signed agreements with MTS mobile phone retailer to offer money transfer services in MTS stores throughout the country. This lets customers transfer funds to friends and family at any of MoneyGram’s more than 334,000 worldwide locations. Customers can easily and conveniently complete transactions in MTS retail offices without having to visit bank branches. The signing is the result of collaboration between MoneyGram and the RNKO “Payment Center,” a settlement non-banking credit organization. MoneyGram and RNKO have worked together since 2008 to develop relationships with Russian Federation financial institutions.
PJSC “First Ukrainian International Bank” (FUIB) locations now facilitate MoneyGram global money transfers. FUIB is a large, privately owned bank with two decades of operations in Ukraine’s financial market. It is listed among the country’s top 10 banks serving more than 25,000 corporate customers and nearly 1.5 million individuals. Because of a high emigration rate, about 86 percent of customers in the country receive funds from family, friends and business associates. According to the World Bank, many Ukrainians are moving to countries including Russian Federation, Poland, the U.S., Kazakhstan, Israel, Germany, Italy and Spain, and often send and receive money to and from loved ones back home.
MoneyGram announced five year renewal of its agreement with Susquehanna Bancshares, a Pennsylvania-based commercial bank, to provide official check services through its PrimeLink Official Check program. MoneyGram’s PrimeLink Official Check outsourcing program provides banks with cost efficiencies through management of its clients’ official checks, including daily balancing and reconciliation, exception handling, inventory management, and real-time updates on official check transactions. MoneyGram provides a high level of service and responsiveness to bank personnel in support of their programs and helps prevent fraud losses by identifying fraudulent official checks.