Global payment services company MoneyGram International has inked a strategic alliance agreement with WorldPay to enhance its direct-to-account money transfer service in up to 50 countries worldwide.
Under terms of the agreement, WorldPay will manage the payout interfaces for MoneyGram, providing the company with a single integration and connection point.
Apart from expanding service availability quickly and efficiently to add countries and financial institutions to its direct-to-account service, the offering will allow customers to send funds directly into a person’s account at a participating bank.
The collaboration will enable WorldPay affiliated financial institutions to more quickly launch services to receive funds from MoneyGram’s systems as they can connect easily and quickly.
WorldPay, which offers payment and risk services, is connected to over 50 local currency clearing systems and manages more than 400,000 merchants and 300 financial institutions globally.
MoneyGram International offers global money transfers, money orders and payment processing systems for financial institutions and retail customers, through 293,000 global money transfer agent locations in 197 nations and territories.