MoneyGram International Becomes SWIFT Network's First Global Money Transfer Company to Receive Worker's Remittance Member Status
DALLAS --(Business Wire)--
MoneyGram (News - Alert) International, Inc. (NYSE: MGI), a leading global money transfer company, announced today that it has joined the Society for Worldwide Interbank Financial Telecommunication (SWIFT), an industry-owned co-operative that supplies secure messaging services and interface software to financial institutions. MoneyGram is the first global money transfer company to receive worker's remittance member status.
By providing a single connection and uniform format, this alliance will increase the efficiency and reduce the start up costs of adding new members to MoneyGram's global agent network. It also will provide SWIFT member institutions the ability to offer their customers access to MoneyGram's global network for a convenient, fast and secure way to send money to their bank accounts.
"This is an exciting global business opportunity for MoneyGram. Our membership allows us to reach partner agreements with member institutions knowing our systems will connect and integrate into a single message format," said Alex Holmes, SVP, Head of Corporate Strategy & Investor Relations. "This efficiency alone will reduce integration times from months to weeks, and at a significant cost savings."
The agreement was announced at a special signing ceremony this week in Toronto at SIBOS, SWIFT's largest annual member conference. SWIFT has ties to more than 9,700 banking organizations, security institutions and corporate customers in 209 countries.
"We are delighted to welcome MoneyGram as a new SWIFT user and participant to the SWIFTRemit service," said Luc Meurant, SWIFT's Head of Banking, Supply Chain and Corporate Markets. "SWIFTRemit provides a business and operational framework that helps financial institutions extend their remittance activities on global level. MoneyGram's decision to join SWIFTRemit will definitely increase the reach for its service-users and further strengthen and expand its remittance business."
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