Profile: MoneyGram International Inc (MGI.N)
10 May 2013
MoneyGram International, Inc. (MoneyGram) incorporated on December 18, 2003, is a global payment services company. The Company’s products include global money transfers, bill payment solutions and financial paper products. MoneyGram conducts its business through its wholly owned subsidiary MoneyGram Payment Systems, Inc. (MPSI). The Company operates in two segments: Global Funds Transfer and Financial Paper Products. The Company’s global money transfer and bill payment services are its primary revenue drivers. 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, ATM, receive cards and direct-to-bank account products in various markets worldwide. Effective July 8, 2013, MoneyGram International Inc acquired Latino Services, an Atlanta-based provider of money transfer services.
Global Funds Transfer
The Company’s Global Funds Transfer segment provides money transfer and bill payment services to consumers, who are often unbanked or underbanked. Unbanked consumers are those consumers who do not have a traditional relationship with a financial institution. Other consumers who use its services are convenience users and emergency users who may have a checking account with a financial institution, but prefer to use the Company’s services on the basis of convenience or to make emergency payments. MoneyGram offers services to consumers through third-party agents, including retail chains, independent retailers and financial institutions.
The Company provides Global Funds Transfer products and services utilizing a range of point-of-sale platforms. Its platforms include AgentConnect, which is integrated into an agent’s point-of-sale system, and DeltaWorks and Delta T3, which are separate software and stand-alone device platforms. Through its FormFree service, customers may contact its call center and a representative will collect transaction information over the telephone, entering it directly into its central data processing system.
The Company offers money transfers to consumers in a choice of local currency, United States dollars or euros, in certain countries. MoneyGram’s bill payment services allow consumers to make urgent bill payments, pay routine bills, or load and reload prepaid debit cards. These industries include the credit card, mortgage, auto finance, telecommunications, corrections, satellite, property management, prepaid card and collections industries.
Financial Paper Products
The Company’s Financial Paper Products segment provides money orders to consumers through its retail and financial institution agent locations in the United States and Puerto Rico, and provides official check services for financial institutions in the United States. It sells money orders under the MoneyGram brand and on a private label or co-branded basis with certain of its retail and financial institution agents in the United States. During the year ended December 31, 2012, MoneyGram issued money orders through its network of 54,000 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, 2012, the Company also provided official check outsourcing services at approximately 7,300 branch locations of more than 1,200 financial institutions.
The Company competes with The Western Union Company.
MoneyGram International Inc
15th Floor, 2828 N. Harwood St.
DALLAS TX 75201