Visa and MoneyGram have announced a strategic agreement
The new relationship will streamline the process of sending and receiving money internationally.
Utilizing Visa Direct, Visa’s real-time  push payments platform, the agreement will enable secure cross border remittances; once live, MoneyGram’s service will enable its users to choose their preferred method of sending and receiving funds.
Visa Direct allows companies to leverage Visa’s global reach and scale to transform domestic and cross-border payments for businesses and consumers. The agreement with MoneyGram is the first cross-border use case for Visa Direct transactions originating in the U.S. The initial phase includes two priority corridors (United States to Mexico and United States to Philippines) and Visa and MoneyGram intend to later expand the agreement to enable MoneyGram to speed up transactions to additional markets. By collaborating with MoneyGram, one of the largest money transfer providers in the world, Visa is poised to enable the process of sending and receiving money internationally quickly and seamlessly for customers around the world, regardless of borders or location.