CUSTOMER Q&A: MoneyGram
Transforming the cross-border payment experience
A conversation with Anthony Soohoo, CEO of MoneyGram, about the need for seamless and secure transactions.

Goal
Improve user experience, enable cross-border transfers
Region
United States
Industry
Financial Services
The Cross-Border Payments Landscape: How Global Payments Networks are Embracing Digital Partnerships and Tools to Enhance Customer Value
The landscape of cross-border payments has undergone significant transformation in recent years. As the world becomes increasingly interconnected, the need for seamless, cost-effective and secure transactions is crucial. With consumers and businesses alike demanding faster and more convenient payment methods, the global financial sector is adapting to these challenges by embracing new technologies and partnerships that help to streamline the cross-border payment process.
MoneyGram, a leader in global payments and financial solutions, is a key player in the space. With a rich history of providing trusted and efficient services for over 80 years, the MoneyGram network has become synonymous with sending money across borders. The company is committed to innovation, continuously striving to deliver the most powerful, convenient and secure cross-border payment solutions for its customers.
One key strategy for MoneyGram? Partnering with fintechs like Plaid to enhance its offerings. In this conversation, Brian Dammeir, Head of Payments and Financial Management at Plaid, chats with Anthony Soohoo, CEO of MoneyGram, on industry advancements and how the MoneyGram and Plaid partnership is helping to reshape the cross-border payments experience.
Q1: Give us an overview of the state of the cross-border payments industry. How are customer preferences changing
Cross-border payments have long been vital for consumers, enabling them to support loved ones across borders. Companies like MoneyGram play a critical role in facilitating these transactions, ensuring they’re secure, efficient and affordable along the way. The majority of these types of funds is spent on essential needs like food and shelter, unexpected expenses like medical care and aid in times of natural disasters. With no signs of that behavior changing, this underscores the importance of the industry.
Today, one area of rapid transformation in cross-border payments is the growing demand for more seamless digital experiences, with an emphasis on real-time. As a result, consumers increasingly seek integrated solutions and digital tools that make cross-border transactions simpler and more accessible. The rise of fintech partnerships is further enhancing efficiency and accessibility, offering consumers greater flexibility and better access to financial services globally.
This is one of the many reasons that we at MoneyGram see incredible value in leveraging Plaid as an innovation partner.
"No single company can transform the global financial system on its own – and that’s where collaborations like our partnership with Plaid come into play. Together, we’re reimagining how money moves across borders, creating a more connected, convenient and secure global financial experience."

Chief Executive Officer, MoneyGram
Q2: Plaid and MoneyGram recently announced a partnership. Can you give us an overview of the partnership and how it enhances the cross-border payment experience?
Gladly. Plaid has become our new pay by bank partner in the United States. Together, we’re enhancing the experience for our millions of customers nationwide who use MoneyGram Online (MGO), our mobile app and website, to send money.
Through this partnership, we’re making it easier for customers to fund their domestic and cross-border transfers directly from their bank accounts. It’s all about removing friction from the user experience and enabling our customers to send money in the most seamless way possible.
Q3: What specific benefits does an integration with Plaid bring to U.S.-based MoneyGram customers who send money worldwide?
According to Plaid’s Fintech Effect Report, 86% of fintech users acknowledged the benefits of pay by bank options and cited convenience and security cited as the top benefits. With our Plaid integration, we’re delivering those benefits at the highest standard in the industry.
On the convenience front, our customers can link their bank account to their MGO profile in just a few clicks. Once linked, the account remains available for future transfers, creating a seamless and efficient experience. This integration optimizes our user experience, making it easier than ever for customers to fund transfers directly from their preferred bank account.
In terms of security, Plaid’s instant account verification process enables our customers to move money with even more confidence. Plaid's technology helps to authenticate customers’ bank accounts to quickly and securely fund their transactions, reducing the risk of fraud and transaction returns. This coupled with our industry-leading compliance program and anti-fraud measures creates unparalleled security – something that’s absolutely essential in today’s digital-first world.
Q4: How is MoneyGram thinking about innovating as the financial landscape evolves, and what does the future of the industry hold?
First of all, we’re building on our strengths, starting with our global payments network – which now spans over 200 countries and territories, 450,000 retail locations and 5 billion digital endpoints. Today, MoneyGram has evolved far beyond its roots as a remittance provider, as our robust infrastructure and global payment rails power a range of seamless, efficient transactions. That’s the foundation of our future innovation.
When it comes to creating value through innovation, collaboration is key. No single company can transform the global financial system on its own – and that’s where collaborations like our partnership with Plaid come into play. Together, we’re reimagining how money moves across borders, creating a more connected, convenient and secure global financial experience. And not to give away too much, but we’re already looking ahead to expand our work with Plaid into new markets and services – further unlocking the potential of our combined capabilities.
As we continue to push boundaries, we hope that our advancements won’t just benefit our customers – they’ll raise the bar for the entire industry. By increasing accessibility, optimizing speed and security, and ultimately driving competition, we’re helping to reshape the future of cross-border payments. And from where we stand, that future looks incredibly bright.
Read more in the recent Plaid and MoneyGram partnership press release here.
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