21 September 2017
Find out more

MoneyGram to sell FSMC payment processing business

26 May 2009  |  2672 views  |  0 Source: MoneyGram International

MoneyGram International (NYSE: MGI) a leading provider of global payment services, announced today it will sell its FSMC business to Plymouth, Minn.-based Solutran, a move that reinforces MoneyGram's commitment to focus resources on its profitable money transfer and bill payment businesses. Terms of the agreement were not made public.

Through the agreement, which is expected to close in the third quarter, the vast majority of the 37 current FSMC employees will become employees of Solutran. Founded in 1984, Solutran is a privately owned company, providing a full range of treasury management and customized payment solutions to fulfillment and direct marketing companies, non profit organizations, publishers, retailers and grocers.

"This is a coming home of sorts for FSMC," said Barry Nordstrand, president and CEO of Solutran. "FSMC was founded by Elloyd Hauser who also started Solutran. These two organizations are a strategic fit and will create significant synergy. Together Solutran and FSMC represent an unbeatable solution in processing corporate disbursement and government WIC payments."

Said MoneyGram President and CEO Anthony Ryan, "This is a win-win for both companies. It's a move that enables MoneyGram to shift our organization closer to our core businesses and at the same time provides Solutran with an exceptional business that fits its growth strategy."
The FSMC business, which provides disbursement processing services to corporations, fulfillment companies and government agencies, represents less than 1 percent of MoneyGram's total revenue.

Comments: (0)

Comment on this story (membership required)

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.temenos.comvisit www.sibos.comvisit www.vasco.com

Top topics

Most viewed Most shared
HSBC switches on selfie payments in ChinaHSBC switches on selfie payments in China
12211 views comments | 26 tweets | 41 linkedin
Equifax hack: Visa and Mastercard flag 200k compromised credit cardsEquifax hack: Visa and Mastercard flag 200...
10855 views comments | 6 tweets | 17 linkedin
Dutch bank sentences teenage DDoS culprit to community serviceDutch bank sentences teenage DDoS culprit...
9476 views comments | 6 tweets | 3 linkedin
Apple P2P payments service nears launchApple P2P payments service nears launch
8076 views comments | 18 tweets | 26 linkedin
UAE banks pool cyber security dataUAE banks pool cyber security data
8050 views comments | 5 tweets | 4 linkedin

Featured job

Competitive
New York, NY - USA (some flexibility on location)

Find your next job