Visa has signed a strategic agreement with MoneyGram that is aimed at modernising and digitising the process of sending and receiving money overseas.
Using Visa’s real-time push payments platform, Visa Direct, 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.
The agreement with MoneyGram is the first cross-border use case for Visa Direct transactions originating in the US. The initial phase includes two remittance corridors (United States to Mexico and United States to the Philippines), while the two firms intend to later expand the agreement to enable MoneyGram to speed up transactions to additional markets.
Cecilia Frew, senior vice president and head of North America push payments at Visa, said: “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.”
Latest News
-
Gemini to cut quarter of workforce and exit UK, EU and Australia as crypto slump forces retrenchment
-
Bank ABC’s mobile-only ila bank migrates to core banking platform
-
Visa launches platform to accelerate small business growth in US
-
NatWest to expand Accelerator programme to 50,000 members in 2026
-
BBVA joins European stablecoin coalition
-
eToro partners with Amundi to launch equity portfolio with exposure to ‘megatrends’
Creating value together: Strategic partnerships in the age of GCCs
As Global Capability Centres reshape the financial services landscape, one question stands out: how do leading banks balance in-house innovation with strategic partnerships to drive real transformation?
Data trust in the AI era: Building customer confidence through responsible banking
In the second episode of FStech’s three-part video podcast series sponsored by HCLTech, Sudip Lahiri, Executive Vice President & Head of Financial Services for Europe & UKI at HCLTech examines the critical relationship between data trust, transparency, and responsible AI implementation in financial services.
Banking's GenAI evolution: Beyond the hype, building the future
In the first episode of a three-part video podcast series sponsored by HCLTech, Sudip Lahiri, Executive Vice President & Head of Financial Services for Europe & UKI at HCLTech explores how financial institutions can navigate the transformative potential of Generative AI while building lasting foundations for innovation.
Beyond compliance: Building unshakeable operational resilience in financial services
In today's rapidly evolving financial landscape, operational resilience has become a critical focus for institutions worldwide. As regulatory requirements grow more complex and cyber threats, particularly ransomware, become increasingly sophisticated, financial services providers must adapt and strengthen their defences. The intersection of compliance, technology, and security presents both challenges and opportunities.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories