Global payments network MoneyGram has chosen data network Plaid as its Pay by Bank provider in the US.
Using Plaid’s technology, MoneyGram users in the US will be able to authenticate their bank accounts to enable funding for both domestic and cross-border payments.
The solution is expected to be rolled out to additional markets later this year.
The Pay by Bank offering connects to Plaid’s network, which comprises thousands of banks and credit unions.
MoneyGram customers will also benefit from Plaid’s instant account verification, combined with MoneyGram’s compliance and anti-fraud systems.
“The MoneyGram network moves money for over 50 million customers each year, across nearly every country in the world,” said Anthony Soohoo, MoneyGram’s chief executive officer.
“This partnership with Plaid expands our global capabilities to deliver faster, more secure payments for our customers. It’s a clear step forward in our mission to make cross-border payments seamless, affordable and secure for everyone.”
According to research by Plaid, more than 75% of US consumers say that linking their bank accounts with financial apps is important, while more than 85% of financial technology users prefer Pay by Bank for its “ease, speed and added security”.
Brian Dammeir, head of payments and financial management at Plaid, added: “Plaid provides the most widely used and trusted network across digital financial services, covering thousands of financial institutions across the United States, Canada, Europe and the United Kingdom.
“Now, MoneyGram can leverage the power of the Plaid network to quickly and securely drive conversion, reduce bank returns and proactively prevent fraud.”
MoneyGram’s cross-border payment network spans more than 200 countries and territories, approximately 450,000 retail locations and five billion digital endpoints.
Further reading: Plaid announces $575m fundraise after ‘seminal’ 2024
Plaid is a Platinum Partner of Open Banking Expo USA 2025, which takes place in New York on June 26. Click here to find out more about partnering, exhibiting and to register to attend.
