MoneyGram announced on Thursday that it has expanded its open banking partnership with Plaid to Europe, bringing pay-by-bank capabilities to customers across key markets following a successful rollout in the United States.
MoneyGram and Plaid Expand Open Banking Partnership to Europe
The integration enables MoneyGram customers in Europe to connect and authenticate their bank accounts through Plaid’s open banking technology.
The firms said this provides a faster, seamless and secure way to fund international payments, supporting MoneyGram’s ambition to build what it calls a “borderless financial world.”
“The international expansion of our partnership with Plaid reflects our commitment to save customers time, effort and money by continuously improving their experience,” said Anthony Soohoo, Chief Executive Officer at MoneyGram.
”We’re working with Plaid to build faster, more powerful tools that make cross-border money movement simple and reliable for everyone.”
The move strengthens MoneyGram’s global footprint, which already spans more than 200 countries and territories, around 500,000 retail locations and more than five billion digital touchpoints.
Security is said to remain central to the initiative. MoneyGram highlighted Plaid’s safeguards and its compliance and consumer protection systems, which aim to ensure sensitive information is kept safe throughout the payment process.
Brian Dammeir, Head of Payments and Financial Management at Plaid, said: “When it comes to payments, Europeans want to move money across the continent and beyond quickly and friction-free. MoneyGram provides increasingly in-demand experiences, powered by Plaid’s Pay by Bank.”
