MoneyGram

Summary
MoneyGram International, Inc., together with its subsidiaries, provides cross-border peer-to-peer payments and money transfer services in the United States and internationally. The company operates through two segments, Global Funds Transfer and Financial Paper Products. The Global Funds Transfer segment offers money transfer services and bill payment services through third-party agents, including retail chains, independent retailers, post offices, banks, and other financial institutions; and digital solutions, such as moneygram.com, account deposit, and kiosk-based services, as well as mobile app solutions. The Financial Paper Products segment provides money orders to consumers through its agents and financial institutions under the MoneyGram brand and on a private label or co-branded basis with various agents and financial institutions; and official check outsourcing services for banks and credit unions. MoneyGram International, Inc. was incorporated in 2003 and is based in Dallas, Texas.

History

MoneyGram International formed as a result of two businesses merging, Minneapolis-based Travelers Express and Denver-based Integrated Payment Systems Inc. MoneyGram was first established as a subsidiary of Integrated Payment Systems and afterwards became an independent company before it was acquired by Travelers in 1998. In 2004, Travelers Express became what is known today as MoneyGram International.

Travelers Express

The Minneapolis-based Travelers Express Co. Inc. was founded in 1940. In 1965, Travelers Express was acquired by The Greyhound Corporation and became the nation's largest provider of money orders before initiating a company reorganization plan in 1993.

MoneyGram Systems

MoneyGram was formed in 1988 as a subsidiary of Integrated Payment Systems Inc. Integrated Payment Systems was a subsidiary of First Data Corporation, which was itself a subsidiary of American Express. In 1992, First Data was spun off from American Express and publicly traded on the New York Stock Exchange. First Data Corporation later merged with First Financial, the owners of rival Western Union. In order to approve the merger, the Federal Trade Commission forced First Data to sell Integrated Payment Systems.Thomas Cook Global Foreign Exchange, under the stewardship of John Bavister, launched a re-engineered money transfer service in 1994. Branded as MoneyGram, the venture saw the partnering of the global travel giant with First Data Corp.

In 1996, Integrated Payment Systems, the nation's second largest non-bank consumer money transfer business, became its own publicly traded company and was renamed MoneyGram Payment Systems Inc. In 1997, James F. Calvano, former president of Western Union, became MoneyGram Payment Systems CEO. By the late 1990s, MoneyGram Payment Systems had served customers at over 22,000 locations in 100 countries.MoneyGram International Ltd. was established in 1997 by MoneyGram Payment Systems Inc. and Thomas Cook, a year after the company had gone public. At the time when MoneyGram International was established, MoneyGram Payment Systems owned 51 percent of the company, while the other 49 percent was owned by the Thomas Cook Group.

MoneyGram International

In April 1998, Viad Corp acquired MoneyGram Payment Systems Inc. for $287 million. MoneyGram was then folded into Viad's Travelers Express in Minneapolis. In November 2000, the MoneyGram brand and business was sold to Travelex as part of its acquisition of Thomas Cook Financial Services for £400m. In 2003, Travelers Express gained full ownership of the MoneyGram network, including MoneyGram International. Later that year, Viad spun off Travelers Express as an independent company. In January 2004 Travelers Express was renamed to MoneyGram International Inc. In June 2004, Viad sold MoneyGram and it became a publicly traded, individual entity.

By 2006, MoneyGram International had expanded internationally to include over 96,000 agents in regions such as the Asian-Pacific, Eastern Europe, and Central America. The company had also introduced additional services such as bill payment and online money transfers.

During the financial crisis of 2007–2008, MoneyGram's shares fell 96 percent from 2007 to 2009. It lost more than $1.6 billion from investments in securities backed by risky mortgages in 2008, and the losses led the company to sell a majority stake to Thomas H. Lee Partners and Goldman Sachs in exchange for a cash infusion. During the drop, U.S. Bancorp shifted its money transfer services to Western Union. The company became profitable again in 2009.Amid MoneyGram's turnaround, Pamela Patsley became the executive chairwoman of the company in January 2009 and was later named CEO in September of that year. In November 2010, MoneyGram officially relocated its global headquarters to the city of Dallas, Texas. The company continues to maintain global operations and information technology centers in Minneapolis, Minnesota.In 2013, MoneyGram began considering a sale. In 2014, MoneyGram lost a relationship with Wal-Mart Stores and then began restructuring to cut costs. From their peak in 2013 until late 2015, shares fell about 70%. MoneyGram closed a call center in Lakewood, Colorado resulting in over 500 layoffs. Furthermore, MoneyGram closed its 376-person Brooklyn Center operation in 2015. MoneyGram has moved numerous positions to Warsaw, Poland from its Colorado and Minnesota locations for cut costs further. In 2015, the company's agent network in Africa reached 25,000 locations, including an agreement with the Mauritius Post Office.Between late October 2016 and January 2017, MoneyGram's shares doubled in value. On January 26, 2017, Ant Financial Services Group announced a deal to acquire MoneyGram International for $880 million; the deal subsequently collapsed after it was rejected by the Committee on Foreign Investment in the United States.On June 17th 2019, MoneyGram announced they were partnering with Ripple to utilize the digital asset XRP for cross-border remittance.

In July 2020, Digital Financial Services LLC and MoneyGram have collaborated to provide overseas remittance services in the UAE. Through this partnership, eWallet consumers will enable real-time foreign money transfers to friends and families in more than 200 countries and territories around the world through an vast network of mobile wallet providers, bank account deposit facilities and more than 350,000 walk-in locations.In February 2022, MoneyGram agreed to be acquired for $1 billion in cash by Madison Dearborn Partners, a private equity firm.


Mission
MoneyGram International helps connect people through our global money transfer network. Our goal is to have this page enhance your experience with MoneyGram. We want to hear from you and are glad you’re here.

Vision
Our vision is to be the global leader in funds transfer, bill payment, and money services for individuals, businesses, and institutions.

Key Team

Mr. Andres Villareal (Chief Compliance Officer)

Mr. Grant A. Lines (Chief Revenue Officer)

Ms. Hilary Jackson (Chief Operating Officer)

Mr. Brian Johnson C.F.A., CVA (Chief Financial Officer)

Ms. Anna Greenwald (Chief Operating Officer)

Mr. Christopher H. Russell Jr. (Chief Accounting Officer)

Mr. Stephen Reiff (Head of Global Strategy & Corp. Communications)


Recognition and Awards
MoneyGram has been honored numerous times for its innovative business practices and high level of customer service. MoneyGram was named one of the World’s Most Ethical Companies by the Ethisphere Institute in 2020 and listed among the Top 10 Money Transfer Companies by Forbes in 2020.

References
MoneyGram
Leadership team

Mr. W. Alexander Holmes (Chairman & CEO)

Mr. Lawrence Angelilli (Exec. Vice Chairman)

Mr. Robert L. Villasenor (Chief Admin. Officer, Gen. Counsel & Corp. Sec.)

Products/ Services
Financial Exchanges, Financial Services, Payments
Number of Employees
1,000 - 20,000
Headquarters
Dallas, Texas, United States
Established
1940
Company Registration
SEC CIK number: 0001273931
Net Income
20M - 100M
Revenue
Above - 1B
Traded as
MGI
Social Media
Sun Mar 03 2024
About

businessabc offers a global business, SMEs wiki directory blockchain, NFTs, AI powered marketplace for businesses worldwide.

Follow Us
Produced by
In collaboration with
Logo

Copyright 2023 © businessabc powered by ztudium