MoneyGram International (NYSE: MGI), a leading global money transfer company, and Fiserv, Inc., a leading global provider of financial services technology solutions, announced today an agreement to add MoneyGram's money transfer services to the menu of money movement options available to financial institutions and consumers through the Popmoney® from Fiserv person-to-person payments product.
Upon integration, the 1,400 financial institutions that currently are part of the Popmoney network will have the opportunity to offer customers the ability to send money through MoneyGram's vast global network, which spans more than 267,000 locations in 192 countries and territories. Consumers receiving money via Popmoney will also have the option to receive cash payments in person at any MoneyGram agent location.
"This relationship provides MoneyGram with access to a wide number of financial institutions that have existing relationships with Fiserv, expanding our reach in an easily scalable way," said Tim Summers, MoneyGram global head of strategic partnerships.
"With Popmoney, financial institutions can provide their customers with a faster, easier and more secure way to send and receive money from their bank or credit union accounts," said Neil Platt, senior vice president and general manager of payments, CashEdge Division, Fiserv. "Working with MoneyGram will allow Fiserv to enhance the Popmoney service with cross-border and cash payment options, and expand consumer choices for managing their money."