DALLAS (3/21/12)--MoneyGram International, a global money transfer company, and Fiserv Inc., a global provider of financial services technology solutions, announced an agreement Monday to expand person-to-person (P2P) capabilities.
Money Gram is a CUNA Strategic Services provider. The agreement will add MoneyGram's money transfer services to the menu of money movement options available to financial institutions and consumers through Popmoney from Fiserv's P2P payments product (BusinessWire March 19).
Upon integration, the 1,400 financial institutions in the Popmoney network can offer member/customers the ability to send money through MoneyGram's network, which spans more than 267,000 locations in 192 countries and territories. Consumers receiving funds through Popmoney also can opt to receive cash payments in person at any MoneyGram agent location.
"This relationship provides MoneyGram with access to a wide number of financial institutions that have existing relationships with Fiserv, expanding our reach in an easily scalable way," said Tim Summers, MoneyGram global head of strategic partnerships.
"With Popmoney, financial institutions can provide their customers with a faster, easier and more secure way to send and receive money from their bank or credit union accounts," said Neil Platt, senior vice president and general manager of payments, CashEdge Division, Fiserv. "Working with MoneyGram will allow Fiserv to enhance the Popmoney service with cross-border and cash payment options, and expand consumer choices for managing their money."
Popmoney allows bank customers and credit union members to request, send and receive electronic payments using their existing financial institution account. Consumers only need the recipient's e-mail address, mobile phone number or bank account information to send money.