MoneyGram (NASDAQ: MGI) and Post Office Limited celebrated a milestone in their successful long-standing business alliance by marking their 20-year relationship and their 20-millionth money transfer transaction today at a ceremony at London's British Museum.
Pam Patsley, MoneyGram's executive chairman, joined Paula Vennells, chief executive officer for the Post Office, to host the day's events.
As part of the celebration, MoneyGram and the Post Office also introduced a new "MoneyGram Plus" card program to enhance the customer experience, saving time and making transactions even more convenient. "MoneyGram Plus" allows both the sender and receiver information to be stored in the MoneyGram system, thereby simplifying the process for repeat transactions.
"This is a significant milestone and a very proud moment for all of us at MoneyGram. The 20-year business relationship we are celebrating today is a testament to the strength of a shared commitment MoneyGram and the Post Office have to each other and most importantly to our customers," said Patsley. "We are excited to continue working closely with the Post Office to provide customers with simple and convenient access to financial services they depend on and trust."
The Post Office, which serves over 17 million people a week, has been a MoneyGram agent since 1996, providing MoneyGram money transfer services in more than 11,500 branch locations across the UK. It is MoneyGram's largest agent network in Western Europe.
"Through our successful 20-year relationship with MoneyGram, we have made sending or receiving money around the world easier and, with the introduction of new services, this will get even easier," said Vennells, chief executive of Post Office. "With our 11,500 branches, Post Office is the largest UK retail network with extensive operating hours and over 3,000 branches open seven days a week making it convenient for MoneyGram customers to access a wide range of services at a time that suits them. We are delighted to be part of the new service launch on the same day as we celebrate our 20-millionth transaction together."
According to the World Bank, the UK is home to nearly 8 million immigrants. The biggest diaspora groups moved to the country from India, Poland, Pakistan and the Republic of Ireland. The World Bank data reveals that in 2014, an estimated $2.5 billion USD was sent from the UK and $1.8 billion USD flowed into the country.