MoneyGram and Plaid Expand Open Banking Partnership to Europe, Boosting Payment Innovations

MoneyGram, a global leader in payment solutions, and Plaid, a data network supporting fintech applications, have expanded their open banking partnership into Europe. This collaboration is designed to improve the speed, security, and convenience of financial transactions for consumers and businesses across the continent.

The partnership allows MoneyGram customers in Europe to link their bank accounts directly using Plaid’s open banking technology. This integration facilitates payments and money transfers without the need for traditional card networks, which can help reduce costs and shorten processing times.

Previously successful in other regions, the extension of this partnership to Europe is in response to growing demand for innovative payment solutions. David Lawee, Executive Chairman of MoneyGram, highlighted that integrating Plaid’s capabilities aligns with their strategy to leverage technology and expand their global reach. Similarly, Joel Perlman, Plaid’s General Manager for Europe, expressed enthusiasm about supporting easier and safer transactions through open banking.

Key Benefits of the Partnership

• Faster funds availability for users
• Lower transaction fees by bypassing traditional card networks
• Enhanced security through direct bank account connections via Plaid’s secure network
• Improved user experience by reducing friction in money transfers
• Compliance with regulatory standards like PSD2 in the European Union

The rollout of these enhanced services is planned to occur gradually across multiple European countries throughout 2024. Experts see this collaboration as a pivotal move to modernize payment infrastructure and offer consumers greater control and transparency in their financial transactions.

Combining MoneyGram’s extensive payment network with Plaid’s open banking technology, this partnership sets a new standard for both cross-border and domestic money transfers in Europe.

Stay tuned to Questiqa Europe News for the latest updates on this exciting development.

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