Prepaid services provider Ceridian Stored Value Solutions (Ceridian SVS) has signed a deal with payment services provider MoneyGram to provide processing for its prepaid money transfers, spanning 40 countries around the world.
Moneygram’s latest prepaid money transfer product is expected to expand its previous offerings into non-traditional money transfers channels including retail and convenience stores.
Under the agreement, the processing relationship will cover countries such as: Canada, Hong Kong, Russia and the US. It is claimed this broad reaching deal is a first for the money transfer industry.
“We are excited to introduce this new product category, which we believe will allow our customers to have another convenient way to send money with MoneyGram,” said Tim Summers, MoneyGram’s vice president and global head of strategic partnerships.
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“We are thrilled about this proposed product and believe that it benefits not only the consumer who will be able to conduct a transfer at their convenience, but also our agents with a convenient way to offer money transfer services in-lane.”
The in-lane money transfer service is to be offered in multiple denominations in local currencies and plans to be available in stores during the first quarter of 2011.
