Payment services provider MoneyGram has signed a strategic agreement with Visa to streamline its overseas money transfer service.
The money transfer service supports remittances from computers, smartphones and MoneyGram locations to more than 200 countries.
Under the alliance, MoneyGram will integrate its service with the Visa Direct real-time push payments platform to ensure secure cross-border remittances.
Customers can also use the updated service for selecting their preferred method to send and receive money.
Visa Direct uses Visa’s global network and scale for carrying out domestic and cross-border payments of businesses and consumers. The latest partnership marks the platform’s first cross-border use case of transactions originating in the US.
Initially, the partners will focus on US to Mexico and US to Philippines transfers, with plans for future expansion into other markets.
Visa senior vice-president and head of North America push payments Cecilia Frew said: “Visa Direct and MoneyGram share a common goal of helping consumers move money around the world with confidence, transparency and security.
“By pairing Visa Direct’s push payments technology with MoneyGram’s expansive network, we are giving consumers a more convenient payment choice when sending money to their loved ones around the world.”