U.S-based MoneyGram teams up with Plaid to bring Pay by Bank feature
MoneyGram Partners with Plaid to Enhance Cross-Border Payment Services
In a significant move, global money transfer company MoneyGram has announced a partnership with Plaid, a leading open banking connectivity platform. This partnership aims to improve the efficiency, security, and user experience of MoneyGram's cross-border payment services.
The $575 million fundraise by Plaid will help fuel this collaboration, enabling MoneyGram to leverage Plaid's technology to deliver faster, more secure payments for its customers. MoneyGram's network moves money for over 50 million customers each year, across nearly every country in the world.
One of the key benefits of this partnership is the improved speed and reliability in linking payers' bank accounts for funding cross-border transfers. Plaid's network covers thousands of financial institutions across the United States, Canada, Europe, and the United Kingdom, ensuring a wide reach for MoneyGram's services.
Enhanced security and reduced fraud risk are another significant advantage. Plaid's secure data aggregation and authentication layers will help MoneyGram quickly and securely drive conversion, reduce bank returns, and proactively prevent fraud.
The partnership also promises a streamlined user experience. MoneyGram customers will benefit from Plaid's instant account verification, making it easier for them to authenticate their bank accounts for funding domestic and cross-border payments.
Potential cost savings and efficiency gains are also on the horizon. By simplifying compliance and reducing manual intervention, MoneyGram could see significant improvements in operational efficiency.
MoneyGram's CEO, Anthony Soohoo, and Brian Dammeir, the head of payments and financial management at Plaid, are leading this strategic partnership. Plaid is a Platinum Partner of Open Banking Expo USA 2025, further solidifying its position in the industry.
This partnership is a clear step forward in MoneyGram's mission to make cross-border payments seamless, affordable, and secure for everyone. With over 75% of US consumers finding linking their bank accounts with financial apps important, this partnership is poised to meet the growing demand for convenient, secure, and efficient financial services.
For the most current, specific benefits announced directly by MoneyGram or Plaid, consulting their official press releases or news sources dated around mid to late 2025 may provide more precise insights.
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