MoneyGram and Plaid Join Forces to Deliver Seamless, Secure Global Payments

MoneyGram, a leading global payments network, has announced a strategic partnership with Plaid, the data connectivity platform behind some of the most widely used fintech tools, as stated in FF News. The collaboration aims to streamline the process of sending and receiving funds, especially across borders, by simplifying bank account authentication for U.S. customers.

Through this partnership, U.S.-based MoneyGram customers can now utilize Plaid’s technology to securely link and verify their bank accounts, ensuring quicker and more reliable transfers for both domestic and international payments. The new integration enhances the MoneyGram Online (MGO) experience and is set to expand to additional markets later this year.

“The MoneyGram network moves money for over 50 million customers each year, across nearly every country in the world,” said Anthony Soohoo, Chief Executive Officer of MoneyGram. “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.”

The integration arrives at a time when consumer demand for fast, secure, and connected financial services is at an all-time high. A significant 75% of U.S. consumers now consider linking their bank accounts to financial apps essential, and over 85% of fintech users prefer pay-by-bank options due to their speed, simplicity, and security.

“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,” said Brian Dammeir, Head of Payments and Financial Management at Plaid. “Now, MoneyGram can leverage the power of the Plaid network to quickly and securely drive conversion, reduce bank returns and proactively prevent fraud.”

The solution connects directly to Plaid’s robust ecosystem of financial institutions, offering secure, instant account verification. This complements MoneyGram’s comprehensive compliance and anti-fraud infrastructure, creating a seamless user experience for transferring funds globally.

Built on a technology-first payment platform, MoneyGram’s network spans over 200 countries and territories, with approximately 450,000 retail locations and access to 5 billion digital endpoints.

With this collaboration, MoneyGram continues to position itself at the forefront of innovation in the global remittance space, offering customers greater convenience and security through fintech-powered solutions.