MoneyGram International has acquired Nexxo Financial, a supplier of alternative financial services technology.
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MoneyGram said that it will utilize Nexxo’s technology to strengthen and expand its money transfer kiosk platform and also broaden its service offerings for banks and credit unions.
Nexxo’s multi-channel platform enables financial institutions to easily deploy and manage an integrated suite of alternative financial services, including check cashing, prepaid cards, money transfer, and bill payments.
Pete Ohser, MoneyGram’s executive vice president of the US and Canada, said: "We are very excited about acquiring Nexxo’s additional technology assets and deepening our self-service talent and capabilities.
"MoneyGram’s strong brand, leading products and global reach provides market leverage for the talented Nexxo team. Together, we will deploy innovative products to provide consumers with greater access to critical financial services."
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By GlobalDataNexxo’s multi-channel platform is a key technology enabler for banks and credit unions looking to provide alternative financial service options to their customers in a seamless and compliant manner.
The system can be deployed with minimal integration costs across any channel by creating a unified user experience with integrated connectivity to major financial service providers.
MoneyGram believes that the acquisition is an important step toward achieving the company’s overall strategy of offering consumers more choices and new channels to access MoneyGram’s services.
