Profile: MoneyGram International Inc (MGI.N)

MGI.N on New York Stock Exchange

18.92USD
10 May 2013
Change (% chg)

$0.66 (+3.61%)
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MoneyGram International, Inc. incorporated on December 18, 2003, is a global money transfer and payment services company. The Company’s products include global money transfers, bill payment services, money order services and official check processing. The Company operates one primary customer care center in the United States, with regional support centers providing ancillary services and additional call center services in many countries. The Company has two operating segments: Global Funds Transfer and Financial Paper Products. The Company offers its money transfer services on the Internet via its MoneyGram Online service in the United States, United Kingdom and through agent Websites in Italy, Saudi Arabia and Japan. It also offers money transfer services via mobile phone, kiosks, automatic teller machine (ATM), receive cards and direct-to-bank account products in various markets worldwide.

Global Funds Transfer Segment

The Global Funds Transfer segment provides global money transfer services and bill payment services primarily to unbanked and underbanked consumers. The Company utilizes proprietary point-of-sale platforms including AgentConnect, which is integrated into an agent’s point-of-sale system, DeltaWorks and Delta T3, which are separate software and stand-alone device platforms, and MoneyGram Online.

Through the Company’s FormFree service, consumers are directed to one of its customer care centers and a representative collects transaction information over the telephone, entering it directly into its central data processing system. The Company’s MoneyGram xpress product enables consumers to pay for money transfers at a MoneyGram agent location, and provide the information necessary to complete the money transfer when and where it is convenient for them, via phone or any internet-enabled device. Through the Company’s MoneyGram Online service, consumers have the ability to send money from the convenience of their home or internet-enabled mobile device to any of its agent locations worldwide through a debit or credit card or three day service funding with a United States checking account.

The Company’s bill payment service offered is ExpressPayment service, which the Company offers at its money transfer agent and company-owned locations in the United Stated, Canada and Puerto Rico, and at certain agent locations in select Caribbean countries. The Company offers consumers same-day and two or three day payment service options. The Company offers over 13,000 payment options to billers in key industries, including the ability to allow the consumer to load or reload funds to nearly 300 prepaid debit card programs. These industries include the credit card, mortgage, auto finance, telecommunications, corrections, health care, utilities, property management, prepaid card and collections industries.

Financial Paper Products Segment

The Company’s Financial Paper Products segment provides money orders to consumers through its retail agents and financial institutions located throughout the United States and Puerto Rico, and provides official check outsourcing services for financial institutions across the United States. The Company’s investment portfolio consists of short-term United States government securities and bank deposits. The Company sells money orders under the MoneyGram brand and on a private label or co-branded basis with certain large retail and financial institution agents in the United States. As of December 31, 2013, the Company issued money orders through its network of approximately 51,000 agent and financial institution locations in the United States and Puerto Rico. The Company generates revenue from its official check outsourcing services by charging per item and other fees, as well as from the investment of funds underlying outstanding official checks. As of December 31, 2013, the Company provided official check outsourcing services through approximately 1,100 financial institutions at approximately 7,400 branch bank locations.

The Company competes with Western Union Company.

Company Address

MoneyGram International Inc

15TH FLOOR, 2828 N. HARWOOD STRE
DALLAS   TX   75201
P: +1214.9997640
F: +1302.6555049

Company Web Links

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