Concord EFS has teamed up with Travelers Express/MoneyGram to offer a person-to-person money transfer service via the Star ATM network.
The new service will enable Star cardholders to initiate `send' transactions at participating ATMs. Recipients will be able to collect the funds via a special Star MoneyGram card at any of the approximately 209,000 Star ATMs nationwide.
The ATM-to-ATM service is expected to pilot and begin rollout in the autumn of 2002. The `send' service will be initially available through ATMs that are processed by Concord and eventually opened out to all participating Star ATMs on an optional basis.
Edward Labry, Concord president, comments: "The Star MoneyGram money transfer service will be the first person-to-person payment alternative that allows every network member to participate in both the send and receive side of the transaction, creating many new opportunities for revenue."