MoneyGram (MGI), a leading global money transfer and payment services company, has acquired the assets of Nexxo Financial Corporation, a premier supplier of alternative financial services technology.
MoneyGram will utilize Nexxo's technology to strengthen and expand its leading money transfer kiosk platform and also broaden its service offerings for banks and credit unions. Nexxo's multi-channel platform enables financial institutions to easily deploy and manage an integrated suite of alternative financial services, including check cashing, prepaid cards, money transfer, bill payments and more.
"We are very excited about acquiring Nexxo's additional technology assets and deepening our self-service talent and capabilities," says Pete Ohser, MoneyGram's executive vice president of the U.S. and Canada. "MoneyGram's strong brand, leading products and global reach provides market leverage for the talented Nexxo team. Together, we will deploy innovative products to provide consumers with greater access to critical financial services."
Nexxo's multi-channel platform is a vital technology enabler for banks and credit unions looking to provide alternative financial service options to their customers in a seamless and compliant manner. By creating a unified user experience with integrated connectivity to major financial service providers, the system can be deployed with minimal integration costs across any channel.
MoneyGram already provides quick and reliable access to financial services for millions of people who are not fully served by traditional institutions. This acquisition is an important step toward achieving the company's overall strategy of offering consumers more choices and new channels to access MoneyGram's services.
The follow-on acquisition enhances MoneyGram's existing banking solutions which currently serve more than 1,000 financial institutions and 7,000 bank branches throughout the U.S.