MoneyGram and Plaid expand Open Banking partnership to Europe

Source: PR Newswire

MoneyGram, a leading global payments network for consumers, businesses and communities, and Plaid, the data network powering the fintech tools millions of people rely on to lead a healthier financial life, have announced the expansion of their Pay by Bank partnership to Europe.

Following its successful US launch, the integration now enables MoneyGram customers in Europe to easily connect and authenticate their bank accounts through Plaid’s trusted Open Banking technology, providing a new seamless and secure option to fund international payments across key European markets.

Creating a Borderless Financial World

MoneyGram’s expanded partnership with Plaid supports its vision of a borderless financial world by making it easier for customers in Europe to fund domestic and cross-border payments.

“The international expansion of our partnership with Plaid reflects our commitment to save customers time, effort and money by continuously improving their experience,” said Anthony Soohoo, chief executive officer of MoneyGram.

“We’re working with Plaid to build faster, more powerful tools that make cross-border money movement simple and reliable for everyone.”

This expansion further strengthens the MoneyGram global network, which spans more than 200 countries and territories, approximately 500,000 retail locations and over five billion digital touchpoints. As one of the few global omni-channel payment networks with both massive scale and worldwide cash access, MoneyGram is working to make cross-border payments seamless, affordable and secure for everyone, everywhere.

Beyond improving the customer experience, the partnership reinforces MoneyGram’s commitment to security. Plaid’s modern safeguards, combined with MoneyGram’s robust, data-driven compliance and consumer protection program, ensure customer information stays secure and confidential in every transaction.

Europe’s Open Banking Evolution

“The first phase of Open Banking was about enabling consumers. Now, it’s driving the direction of how innovation unfolds next,” said Brian Dammeir, head of payments and financial management at Plaid.

“When it comes to payments, Europeans want to move money across the continent and beyond, quickly and friction-free. MoneyGram provides increasingly in-demand experiences, powered by Plaid’s Pay by Bank.”

Plaid is an Event Partner of Open Banking Expo UK & Europe taking place at the Business Design Centre in London on 21-22 October. Click here to find out more about attending, exhibiting and sponsoring – and to get your ticket.

Further reading: MoneyGram partners with Plaid for Pay by Bank in the US