World Pay and MoneyGram agree partnership
A partnership has been agreed between global money transfer company MoneyGram and payments processor WorldPay.
MoneyGram's direct-to-account money transfer service is one of the products the money transfer company claimed will benefit from the deal. The agreement will see WorldPay managing the payout interfaces for MoneyGram, which the US-headquartered firm said will enables it to easily add new countries and financial institutions to its direct-to-account service.
It also said the service will benefit WorldPay affiliated financial institutions by giving them the opportunity to launch services to receive funds from MoneyGram's systems with increased speed.
Phil McGriskin, WorldPay's chief product officer, said: "The payment landscape is increasingly diverse and we work with a number of companies globally to offer the widest variety of payment services, including transaction capturing, merchant acquiring and transaction processing"
In November, the US Department of Justice agreed a deal with MoneyGram which will see the company pay USD100m over charges relating to wire fraud and money laundering.