Service taps into country’s $3.2 billion remittance receive market
DALLAS, June 8, 2016 /PRNewswire-HISPANIC PR WIRE/ — MoneyGram (NASDAQ: MGI) and Earthport announce the launch of a new service that allows MoneyGram customers around the globe to send money directly to any RON bank account in Romania.
“This is an exciting and innovative opportunity for MoneyGram. We continue to expand our network and provide convenient ways for customers to send international remittances,” said Pete Ohser, MoneyGram’s executive vice president of Americas and Europe. “We look forward to working with an industry leader like Earthport. At MoneyGram we put the customer first in everything we do. We are certain that our customers will benefit from this continued expansion of our money transfer services.”
Earthport is connected to more than 60 local currency clearing systems and their market portfolio includes strategic corridors for MoneyGram’s service. Earthport enables this rich new product offering through a single technical integration, greatly speeding time to market. MoneyGram will be able to accelerate market development with the capabilities of Earthport’s global network and product suite.
“We are delighted to announce this collaborative deal with MoneyGram and tie together two powerful and expanding product sets to offer better services to customers worldwide,” said Daniel Marovitz, President and COO, Earthport. “We aim to “future proof” our clients through continuous investment in technology, compliance and reach. As MoneyGram expands its money transfer services to accounts, we are a natural partner for acceleration and innovation. We look forward to working together on this exciting new development.”
According to the World Bank, an estimated $3.2 billion was sent into Romania in 2015. More than $930 million was sent from Italy, $740 million was sent from Spain and another $422 million arrived from Germany.
About MoneyGram International, Inc.
MoneyGram is a global provider of innovative money transfer and payment services and is recognized worldwide as a financial connection to friends and family. Whether online, or through a mobile device, at a kiosk or in a local store, we connect consumers any way that is convenient for them. We also provide bill payment services, issue money orders and process official checks in select markets. More information about MoneyGram International, Inc. is available at moneygram.com.
MoneyGram Media Relations:
Director, Global Media Relations
Earthport is a regulated financial institution providing cross-border payments services to banks, eCommerce providers, money transfer companies and payment aggregators. Earthport is headquartered in London with regional offices in New York, Miami, Dubai and Singapore. Earthport provides its clients with access to a global network of banking partners, through which payments are settled directly via local clearing to beneficiaries in over 60 countries. Earthport’s worldwide network is revolutionising global payments, providing a more cost efficient, transparent and reliable solution to the industry. Through a single relationship, clients benefit from sophisticated validation, message transformation and compliance services, efficiently serving their customers with more innovative payment products. Earthport is a public company, traded on the London Stock Exchange (AIM: EPO) with an institutional investor base including World Bank IFC, Oppenheimer, Blackrock, Henderson. Please visit www.earthport.com for more information.
Earthport Media Relations:
Tel: 44 (0)20 7220 6286