MoneyGram is committed to helping people and businesses by providing affordable, reliable and convenient payment services. An international company with more than 310,000 locations, MoneyGram allows your members to economically and efficiently move money around the world or close to home. One of our oldest alliance relationships, MoneyGram has been a trusted strategic alliance provider for more than 40 years.
MoneyGram's full-service, outsourced official check program will save your credit union time and money. By leveraging efficiencies, MoneyGram saves its customers an average of $14,000 annually. MoneyGram's diligence around daily reconciliation and positive pay also prevents millions of dollars in fraud every year.
Additionally, MoneyGram is well positioned to assist credit unions in meeting the needs of "unbanked" and "underserved" populations. The company is a global leader in wire transfers and the largest money order provider in the world. MoneyGram can help your credit union attract and retain new members, providing those critical first services to help turn them into loyal, profitable members.
Credit unions that outsource payment services to MoneyGram are able to offer comprehensive services that free up staff time and guarantee compliance. The MoneyGram program is supported by 310,000 agent locations in 197 countries and territories around the world.
MoneyGram has provided secure, efficient and convenient outsourcing of official check processing for more than 40 years. MoneyGram works with your credit union to offer an official check program that meets your unique needs. A worthwhile benefit of the program is fee income for your credit union. You earn investment income on outstanding official checks until they clear.
The MoneyGram program includes:
Money Transfer Services
MoneyGram stands out in the marketplace as the money transfer service that delivers the greatest value to credit union members. The service typically costs less than a Western Union transaction, which is important because people using this service are often the least able to absorb high transaction fees. For transactions in the Western Hemisphere, MoneyGram also offers additional value such as a free three-minute call and a 10-word message to accompany funds.
The credit union can conduct send, receive and express payment transactions, attracting new members and generating revenue through commissions paid by MoneyGram. Program features include:
The ExpressPayment service from MoneyGram gives your members a critical, last-minute cash payment option, helping members avoid costly late fees. Mortgages, credit cards, auto loans and more can be quickly paid from your credit union. Plus, members can easily load money onto hundreds of different prepaid cards. Notification of payment to the biller is made within minutes. Note: While bill payment notification is made within ten minutes, the actual payment posting time may vary by biller.