MoneyGram International, Inc is an American cross-border P2P payments and money transfer company based in the United States with headquarters in Dallas, Texas.
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30 Facts About MoneyGram
1.
2.
MoneyGram businesses are divided into two categories: Global Funds Transfers and Financial Paper Products.
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3.
MoneyGram provides its service to individuals and businesses through a network of agents and financial institutions.
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4.
In 2014, MoneyGram was the second largest provider of money transfers in the world.
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5.
MoneyGram operates in more than 200 countries and territories with a global network of about 347,000 agent offices.
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6.
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.
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7.
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.
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8.
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.
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9.
MoneyGram was then folded into Viad's Travelers Express in Minneapolis.
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10.
MoneyGram had introduced additional services such as bill payment and online money transfers.
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12.
MoneyGram continues to maintain global operations and information technology centers in Minneapolis, Minnesota.
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13.
In 2014, MoneyGram lost a relationship with Wal-Mart Stores and then began restructuring to cut costs.
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14.
MoneyGram closed a call center in Lakewood, Colorado resulting in over 500 layoffs.
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15.
Furthermore, MoneyGram closed its 376-person Brooklyn Center operation in 2015.
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17.
On June 17th 2019, MoneyGram announced they were partnering with Ripple to utilize the digital asset XRP for cross-border remittance.
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18.
In July 2020, Digital Financial Services LLC and MoneyGram have collaborated to provide overseas remittance services in the UAE.
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19.
In February 2022, MoneyGram agreed to be acquired for $1 billion in cash by Madison Dearborn Partners, a private equity firm.
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20.
In November 2012, MoneyGram International admitted to anti-money laundering and wire fraud violations.
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21.
MoneyGram services were used by unrelated parties involved in mass marketing and consumer phishing scams that defrauded thousands of victims in the United States.
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22.
MoneyGram retained a corporate monitor who will report regularly to the United States Department of Justice for a five-year trial period.
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23.
MoneyGram terminated any agents complicit in the 2009 scams and invested more than $84 million in improvements to the company's consumer anti-fraud systems and consumer awareness education.
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24.
In February 2015, MoneyGram assisted a Houston reporter in shutting down a fraud scam after discovering a scheme that utilized an account with the company.
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25.
In February 2016, MoneyGram agreed it would pay $13 million to end a probe stemming from customer complaints that scam artists duped them into wiring funds via the money transfer service.
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26.
MoneyGram launched the MoneyGram Foundation in 2013, which focuses on distributing grants internationally to support education.
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27.
The MoneyGram Foundation distributed grants in 19 countries in its first year of operations.
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29.
In 2012, MoneyGram contributed to Hurricane Sandy relief efforts by pledging to donate $1 per transaction up to $200,000 to the American Red Cross.
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30.
MoneyGram has participated in the One Laptop per Child initiative and Habitat for Humanity through the MoneyGram Foundation.
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