MoneyGram, a leading global payments network for consumers, businesses and communities, today announced a new partnership with Plaid, the data network powering the fintech tools millions of people rely on to lead a healthier financial life.

MoneyGram customers in the United States can now use Plaid's technology to help authenticate their bank accounts, enabling fast and secure funding for both domestic and cross-border payments. This partnership enhances the MoneyGram Online (MGO) experience and is expected to scale to additional markets later this year.

"The MoneyGram network moves money for over 50 million customers each year, across nearly every country in the world," said Anthony Soohoo, MoneyGram Chief Executive Officer. "This partnership with Plaid expands our global capabilities to deliver faster, more secure payments for our customers. It's a clear step forward in our mission to make cross-border payments seamless, affordable and secure for everyone."

Meeting Consumer Demand with Plaid

Consumers increasingly expect seamless, connected financial services and products. More than 75% of U.S. consumers say linking their bank accounts with financial apps is important. Among financial technology users, over 85% prefer pay-by-bank options for their ease, speed and added security.

"Plaid provides the most widely used and trusted network across digital financial services, covering thousands of financial institutions across the United States, Canada, Europe and the United Kingdom," said Brian Dammeir, Head of Payments and Financial Management at Plaid. "Now, MoneyGram can leverage the power of the Plaid network to quickly and securely drive conversion, reduce bank returns and proactively prevent fraud."

The pay-by-bank solution connects to Plaid's extensive network of thousands of banks and credit unions. MoneyGram customers also benefit from unmatched security through Plaid's instant account verification, paired with MoneyGram's best-in-class compliance and anti-fraud systems.

This enhanced service is built on MoneyGram's tech-powered, cross-border payment network, which spans over 200 countries and territories, approximately 450,000 retail locations and 5 billion digital endpoints.