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.

“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.

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By GlobalData