20 April 2018
Visit http://response.ncr.com

MoneyGram to buy Nexxo Financial kiosk-based money transfer business

31 July 2013  |  1473 views  |  0 Source: MoneyGram

MoneyGram (MGI), a leading global money transfer company, announced today that it has signed an agreement to acquire Nexxo Financial's full-service money transfer kiosk business and to become the preferred money transfer and bill payment partner for Nexxo Financial.

The transaction is expected to close in the fourth quarter of this year subject to closing conditions.

MoneyGram will acquire approximately 200 kiosks primarily located in California, Illinois and Texas. Today money transfers at the kiosks are through Nexxo Financial to 15 countries across Latin America. Upon closing, these kiosks will offer automated, self-service money transfers to MoneyGram agents worldwide. Consumers will also be able to pay bills utilizing MoneyGram's extensive bill payment network.

"Consumers want fast, convenient ways to transfer money," said MoneyGram chairman and CEO Pam Patsley. "These low maintenance self-service kiosks are a great way for retailers and financial institutions to provide one-stop-shop money transfer services to their customers. We are excited to be broadening our service offering and accelerating our growth with this dynamic, technology-driven product."

The move to expand MoneyGram's use of self-service channels is a strategy in line with recent statistics. The FDIC has estimated that 60 million U.S. residents do not use formal banking channels as the primary method for their day-to-day financial services. This points to a growing need for convenient and affordable means to transfer funds.

"This transaction is consistent with our mission to provide a turn-key option for consumers to handle all of their financial needs through a fast and reliable platform," said David Alvarez, Nexxo Co-founder and CEO. "By partnering with MoneyGram, we'll have the support of a trusted money transfer company to provide a more robust solution to retailers and financial institutions. This will enable us to reach more consumers in the future. It's a win-win for both companies." 

Comments: (0)

Comment on this story (membership required)

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit https://aciworldwide.webex.comvisit www.ebaday.comVisit www.nextgenbanking.co.uk

Top topics

Most viewed Most shared
Revolut launches spare change savings toolRevolut launches spare change savings tool
9617 views comments | 14 tweets | 19 linkedin
TransferWise becomes first non-bank to open settlement account with BofE RTGSTransferWise becomes first non-bank to ope...
8794 views comments | 17 tweets | 31 linkedin
Barclays Bank sets up tech venture unitBarclays Bank sets up tech venture unit
8372 views comments | 16 tweets | 22 linkedin
Top tier banks pass first transactions on trade finance blockchainTop tier banks pass first transactions on...
8343 views comments | 18 tweets | 23 linkedin
Goldman Sachs acquires PFM startup Clarity MoneyGoldman Sachs acquires PFM startup Clarity...
7933 views comments | 9 tweets | 10 linkedin

Featured job

Competitive base, double OTE
London, UK or Paris, France or Frankfurt, Germany (other major cities in Europe considered)

Find your next job