Moneygram

Moneygram

The info about selected money transfer system is presented on this page, as well as how to send and receive a money transfer and limits on them.


MoneyGram money transfers

MoneyGram, the second largest provider of money transfers in the world, was founded in 1940. Its headquarters are located in Dallas, Texas. The company defines its mission as to connect friends and family throughout the world anyway that is convenient by providing a reliable financial connection for life's essentials and daily needs. Trust, reliability, innovation and convenience are the key values of MoneyGram. Compliance and security are top priorities of the company for quick and secure money transfers.

Some facts about MoneyGram

  • Approximately 350 000 global agent locations in more than 200 countries throughout the world;
  • 2 700 employees and thousands of agents;
  • $1.5B annual revenue.

In 2017 Ant Financial Service Group announced a deal to acquire MoneyGram International for $880 mln., but the deal was not approved by US Government regulator.

Products and Services

The Company operates through two segments: Global Funds Transfer and Financial Paper Products.. The Company's offerings include money transfers, bill payment services, money order services and official check processing. The Company's money transfer services enable its consumers to send and receive funds across the world through its global network of locations. The Company also offers Digital/Self-Service solutions, such as moneygram.com, mobile solutions, account deposit and kiosk-based services. It has a primary customer care center in Warsaw, Poland, with regional support centers providing ancillary services and additional call center services in various countries.

Global Funds Transfer Segment

The Company's Global Funds Transfer Segment provides money transfer services and bill payment services primarily to unbanked and underbanked consumers. The Company utilizes point-of-sale platforms, including AgentConnect, which is integrated into an agent's point-of-sale system; DeltaWorks and Delta T3, which are separate software and standalone device platforms, and MoneyGram Online. The Company offers full-service and transaction-staging kiosks at select agent locations across the world. Through its FormFree service, consumers are directed through phone to one of its customer care centers, and a representative collects transaction information, and enters it directly into its central data processing system. The Company's MoneyGram MobilePass product allows customers to stage a transaction on a mobile device or online and pay for the transaction at its locations across the United States.

The Company offers its money transfer services on the Internet through its moneygram.com service in the United States, the United Kingdom and Germany and through affiliate Websites. The Company also offers its money transfer services through virtual agents allowing its consumers to send international transfers from a Website or their mobile phone. MoneGram's money transfer agent network has approximately 350,000 locations. Its agent network includes agents, such as international post offices, formal and alternative financial institutions, as well as large and small retailers. It also has the Company-operated retail locations in the United States and Western Europe. Its primary bill payment service offering is its ExpressPayment service.

Through the Company's bill payment services, consumers can complete urgent bill payments, pay routine bills, or load and reload prepaid debit cards with cash at an agent location, the Company-operated locations or through moneygram.com with a credit or debit card. It offers consumers same-day and two or three day payment service options; the service option is dependent upon its agreement with the biller. As of December 31, 2016, it offered payment options to over 13,000 billers in key industries, including the ability to allow the consumer to load or reload funds to over 400 prepaid debit card programs. These industries include the credit card, mortgage, auto finance, telecommunications, corrections, healthcare, utilities, property management, prepaid card and collections industries. It has global marketing and product management teams located in multiple geographical regions.

Financial Paper Products

The Financial Paper Products Segment provides money orders to consumers through its agents and financial institutions located across the United States and Puerto Rico. The Company's Financial Paper Products Segment provides official check outsourcing services for financial institutions across the United States. The Company's investment portfolio consists of short-term United States Government securities and bank deposits. The Company sells money orders under the MoneyGram brand and on a private label or co-branded basis with retail and financial institution agents in the United States. As of December 31, 2016, the Company issued money orders through its network of over 44,000 agent and financial institution locations in the United States and Puerto Rico. As of December 31, 2016, the Company provided official check outsourcing services through approximately 850 financial institutions at approximately 5,700 branch bank locations.

The Company competes with The Western Union Company, Walmart and the U.S. Postal Service.

Compliance

After accusations of anti-money laundering violations in 2012, MoneyGram invested millions of USD in development of compliance and anti-fraud systems and customer awareness education. The company constantly emphasizes that compliance is its top priority because it protects consumers who use its products and services.

  • Global partner compliance policy. Agents and their employees are part of the first line of defense in protecting consumers and preventing criminal abuse and exploitation of MoneyGram products and services. The Policy outlines the responsibilities of Agents globally to comply with applicable laws and regulations, MoneyGram's policies and procedures, Required actions for effective implementation of strict anti‐money laundering and anti‐fraud standards. This Policy also reinforces MoneyGram's commitment to protecting its consumers and to preventing the use of its products and services by anyone for fraudulent purposes, money laundering, terrorist financing, or other illegal activities.
  • Report illegal and unusual activity. The company offers a variety of ways for its agents and their employees to stop fraudulent transactions, report any ethical violations and suspicious activities they are aware of. Agents and their employees have the ability to contact MoneyGram immediately by phone or online to report ethical violations (anonymously), report potentially suspicious or unusual activity such as suspected money laundering, consumer fraud, suspicion of terrorist financing, unusual activity that appears to be conducted by multiple individuals working as a possible network.
  • Fraud awareness and prevention. The company committed to educate its clients how not to become a victim of fraud. It decirbes most common types of fraud schemes on its site and gives advice how to avoid them.

Sources: moneygram.com, wikipedia, Reuters.



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