Moneygram has made a partnership with Plaid to provide payment services for banks to American customers, with the aim of simplifying local and international payments.
It was announced on Thursday, the partnership allows Moneygram users in the United States to authenticate their bank accounts through Plaid Financial Network.
The service is expected to improve the Moneygram experience online. It is expected to expand to additional markets later this year.
“The Moneygram network transports money to more than 50 million customers every year, almost every country in the world,” said Anthony Suhoh, CEO of Moneygram.
“This partnership with Plaid expands our global capabilities to provide faster and safer payments to our customers. It is a clear step forward in our mission to make the cross -border payments smooth at reasonable and safe prices for everyone“
Plaid network is connected to thousands of banks and credit federations throughout the United States, Canada, Europe and the United Kingdom.
The company explained that integration will allow Moneygram to increase customer transfer, reduce bank revenues and improve fraud prevention by verifying the immediate account of Plaid.
“Now, Moneygram can take advantage of the strength of an engraved network to convert it quickly and safely, reduce bank returns and prevent fraud proactively,” said Brian Damir, head of payments and financial management at Plaid.
Companies claim that the data shows that more than 75 % of consumers in the United States express the preference of financial applications with banking capabilities that link the bank account, and more than 85 % of Fintech users prefer payment options.