MoneyGram, a leading global payments network, and Plaid, the data network powering fintech tools, have expanded their pay-by-bank partnership to Europe following a successful U.S. launch. This integration allows MoneyGram customers to connect and authenticate bank accounts via Plaid's open banking technology, offering a seamless, secure method to fund international payments in key European markets.
The partnership simplifies domestic and cross-border funding for European customers, aligning with MoneyGram's goal of reducing time, effort, and costs. By leveraging Plaid's technology, users experience improved payment processes, contributing to MoneyGram's extensive global network that includes billions of digital touchpoints and widespread cash access.
The collaboration prioritizes customer protection, combining Plaid's modern security measures with MoneyGram's data-driven compliance framework to maintain confidentiality in transactions. This expansion builds on the U.S. success, reinforcing MoneyGram's omni-channel approach to make payments accessible and secure worldwide.
Europe's open banking phase focuses on innovation in payments, enabling quick, borderless transfers. Plaid's Pay by Bank powers MoneyGram's offerings to meet demands for efficient experiences across the continent.
"The international expansion of our partnership with Plaid reflects our commitment to save customers time, effort and money by continuously improving their experience," said Anthony Soohoo, Chief Executive Officer at MoneyGram. "We're working with Plaid to build faster, more powerful tools that make cross-border money movement simple and reliable for everyone."
"The first phase of open banking was about enabling consumers. Now, it's driving the direction of how innovation unfolds next," said Brian Dammeir, Head of Payments and Financial Management at Plaid. "When it comes to payments, Europeans want to move money across the continent and beyond quickly and friction-free. MoneyGram provides increasingly in-demand experiences, powered by Plaid's Pay by Bank."
This partnership advances MoneyGram's mission to connect global communities through efficient payments, benefiting consumers, businesses, and underserved areas.
MoneyGram connects the world by making the movement of money across borders seamless, affordable and secure for everyone. Each year, the company serves more than 50 million people in over 200 countries and territories. Headquartered in Dallas, Texas, with offices in 36 countries, MoneyGram is globally recognized for its high-performance culture and has been honored as a Top Workplaces USA award winner for four consecutive years.
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