Visa and MoneyGram announced a strategic agreement that will modernize and digitize the process of sending and receiving money overseas. Utilizing Visa Direct, Visa’s real-time (1) push payments platform, the agreement will enable secure cross border remittances; once live, MoneyGram’s service will enable its users to choose their preferred method of sending and receiving funds. (1 Actual fund availability depends on receiving financial institution and region. Visa requires fast-funds enabled issuers to make funds available to their recipient cardholders within a maximum of 30 minutes of approving the transaction.)
„The agreement with MoneyGram is the first cross-border use case for Visa Direct transactions originating in the U.S. The initial phase includes two priority corridors (United States to Mexico and United States to Philippines) and Visa and MoneyGram intend to later expand the agreement to enable MoneyGram to speed up transactions to additional markets.”, according to the press release.
“Visa Direct and MoneyGram share a common goal of helping consumers move money around the world with confidence, transparency and security,” said Cecilia Frew, senior vice president and head of North America Push Payments, Visa. “By pairing Visa Direct’s push payments technology with MoneyGram’s expansive network, we are giving consumers a more convenient payment choice when sending money to their loved ones around the world.”
“We are pleased to work with Visa Direct to offer another quick and convenient option when customers need to send money to family and friends around the globe,” said Alex Holmes, MoneyGram’s chairman and CEO. “The service is another example of how MoneyGram is delivering a true omnichannel experience – giving customers’ choice to transact any way and anywhere they want.”
MoneyGram’s money-transfer service allows customers to send money to more than 200 countries from their computers, their mobile devices or at one of MoneyGram’s thousands of locations worldwide. Backed by the security and scale of Visa’s global payment network, Visa Direct will help MoneyGram’s customers make fast, secure money transfers.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
