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April 14, 2021

MoneyGram and Sigue partner to advance payments as a service offering

By Shalini mani

Money transfer company MoneyGram International has joined forces with peer-to-peer (P2P) and business-to-business (B2B) payment firm Sigue.

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The partnership is the latest integration in the new MoneyGram as a Service business line launched by the company last month.

This service looks to enable other companies use MoneyGram’s API-driven infrastructure and other technologies to access the global money transfer network.

The deal will allow Sigue’s clients in the US to access MoneyGram’s domestic and international receive network.

Commenting on the development, Sigue CEO and founder Guillermo Viña said: “We are very enthusiastic about our partnership with MoneyGram, as it allows us to scale further, quicker and keep our resources free to focus on creating the best money remittance experience in the business.

“It strengthens our market presence as the world’s leading privately owned remittance business and confirms our credentials as a leading technology innovator for the global money services industry.”

MoneyGram chairman and CEO Alex Holmes said opening its global platform to companies like Sigue allows it to increase payment volumes through network and process additive transactions.

Holmes said: “MoneyGram has built an extremely valuable, tech-enabled, and scalable global payments infrastructure that can absorb significant volume at very low marginal cost.

“As other companies plug into our platform, we have the opportunity to create meaningful processing revenue in the years ahead, and I’m excited about the momentum in the market leading to a strong partnership pipeline.”

Last week, MoneyGram extended its partnership with SBI Remit in Japan for additional three years to accelerate its expansion across the Asia-Pacific.

Free Report
img

Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

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